Identifying the best combination of features and benefits for a cashback credit card

In the Indian Finance market, there are 74 credit card issuers which include the top-three private Indian banks (HDFC, Axis and ICICI Bank). Even though the industry is booming this segment remains largely underpenetrated.

Credit cards are gradually gained acceptance and are currently a preferred mode of payment among a large consumer base. Most cards provide some kind of points and rewards system. As consumers use credit cards for most of their purchases, they also expect better rewards and cashback programs.

A cashback card is a card that offers a fixed percentage of your card expenditure as credit for your next statement (or payment against the next bill) when redeemed after reaching a minimum threshold. Apart from the cashback benefit, cashback cards offer other features and benefits/points.

Thus it is crucial to identify the best combination of features and benefits that would allow it to generate optimal business from the new card.

Velocity MR's Conjoint Study method allowed our client's brand to identify the best package among the following: type of card (silver, gold, platinum), cashback percentage, leisure benefits (discounts at cinemas, restaurants), airport lounge access, emergency road assistance, discounts at live sporting events.

This case study will guide you on the following:

  • Gauge the most optimal combination of benefits for a credit card

  • Assess utility values for various levels of different attributes and benefits

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