New Credit Card Launches in India: 2020–2021 Guide

Rumours and announcements about new credit card launches in India surface frequently. To help readers understand both the best credit cards available today and what may arrive soon, here’s a consolidated, updated overview of expected and suggested launches across major issuers.

The list below includes confirmed plans where sources are available, and reasonable speculation where they are not. If a source is cited, it reflects a public statement or report; otherwise the item is an informed expectation.

Disclaimer: Source links are included for confirmed plans. Absence of a source indicates a rumour or informed guess.

DBS Bank

DBS (Development Bank of Singapore) announced plans to launch credit card products in India, targeting an initial rollout around 2020 that was delayed. Given DBS’s experience serving affluent clients in Singapore, expectations are high for premium and super-premium credit cards tailored to Indian customers.

• Expected: Originally mid-2020; delayed and may arrive around early 2021.
• Source: Statement by Shantanu Sengupta, head of consumer banking for DBS in India — Mint, Aug 2019.

Federal Bank

Federal Bank has so far partnered with SBI Card for credit issuance but has indicated plans to launch independent credit card products. The bank has been innovative with debit card features—such as contactless cards offering international lounge access—so standalone credit cards are likely and may be issued on the Mastercard network.

• Expected: May–Aug 2021 (based on prior statements).
• Source: Nilufer Mullanfiroze, country head for deposit, cards and personal loans — PTI, Aug 2020.

SBICard

SBICard’s partnership with American Express signals plans for a super-premium Amex-network product, complementing Amex partnerships with other Indian issuers. SBICard also continues to pursue co-brand opportunities and may introduce one or two new co-branded cards annually as demand returns.

• Expected: Possibly early 2021 as demand recovers.
• Source: Ashwini Kumar Tewari, MD & CEO, SBI Card — BusinessLine, Sep 2020.

Jan 2021 Update:

SBICard AURUM was anticipated to launch around Feb 2021. While rewards were reported as modest, the card appears positioned to deliver a premium experience for customers seeking elevated benefits.

HDFC Bank

HDFC’s payments head, Parag Rao, indicated plans to launch multiple co-branded cards across sectors—mass market to ultra-premium—including partnerships in pharma, travel, FMCG, hospitality, telecom and fintech. Based on that, several launches and product refreshes are plausible.

Ultra Premium

HDFC used the term “ultra premium,” suggesting a high-end product above existing premium options. It has been years since HDFC introduced cards like Diners Black and Infinia, and a new luxury product positioned to compete with Amex Platinum-style benefits would fill a gap. Expect a higher annual fee and premium perks aimed at high-net-worth individuals.

• Expected: Late 2021 or early 2022 (assumption).
• Price range: Likely above INR 10,000 annually.

Rumours: Possible names mentioned include Infinia Reserve or a metal version; confirmation pending.

Co-Brand Airline

Documents have surfaced referencing an HDFC Bank Emirates Skywards Diners Club card with an annual fee around Rs. 5,000 + GST. Emirates would be a strong partner for international flyers, though the true value will depend on reward rates and benefits once the card is launched.

• Expected: Mid 2022 (assumption, timing subject to travel demand recovery).

Co-Brand Travel

HDFC may pursue hotel or travel aggregator co-brands—Marriott, Taj, Hyatt or platforms like MakeMyTrip/Goibibo—given the bank’s stated focus on travel and hospitality sectors. Such cards could combine hotel loyalty benefits or aggregator-centric rewards.

• Expected: Late 2021 or early 2022 (assumption tied to travel demand).

Other Co-brand Cards

• Pharma: Potential partners could include Practo or Apollo.
• Fintech: Possible tie-ups with Paytm or CRED (Paytm more likely given recent collaborations).
• Telecom: Airtel or Jio are natural candidates.
• FMCG/retail: Chains like DMart or platforms such as BigBasket could be considered.

American Express

Co-brand airline: Vistara

With the departure of some airline co-brand partners, Amex may target a new aviation partner. Vistara is a logical choice: Amex already supports point transfers to Vistara, making a co-branded credit card a natural extension. Singapore Airlines is another potential partner that could align with Amex’s global network.

• Expected: Mid 2021 (assumption, contingent on travel recovery).

Co-brand hotel: Marriott

A Marriott co-branded card in India has been expected for several years. The SPG-Marriott integration and shifting market conditions may have delayed a launch, but current promotional pushes for Marriott Bonvoy in India suggest a co-branded card could be viable as the hospitality sector seeks revenue.

• Expected: Possibly 2021 or later (assumption).

Reserve (Refresh)

American Express Reserve is Amex India’s top-tier credit card, but many view its current reward structure as underwhelming for its position. Recent additions like monthly vouchers and Taj Epicure benefits add value, but a refresh—minor or major—would be sensible to realign the product with premium customer expectations.

• Expected: Potential refresh in 2021 or sooner (assumption).

Bottomline

The disruption of 2020 gave card issuers and product teams time to rethink offerings. While new launches slowed during that period, many banks and networks used the pause to plan refreshed and new products. As travel and consumer activity recover, 2021 and beyond are likely to bring renewed activity in credit card launches, co-brand partnerships and premium product innovation.

What are your thoughts on upcoming credit cards in India? Share your views in the comments below.