October 1, 2023

Apple Card to Launch in India Through HDFC Bank Partnership


Apple Inc, the renowned technology company, is planning to introduce its credit card, Apple Card, in India. In collaboration with HDFC Bank, Apple aims to expand its financial services offerings to Indian consumers. This move comes after Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during the launch of Apple stores in India earlier this year.

Partnership and Regulatory Discussions:

Sources reveal that discussions have taken place between Apple executives and the Reserve Bank of India (RBI) regarding the necessary legal requirements for introducing the Apple Card in the country. The RBI has emphasized that Apple must adhere to the standard procedures for co-branded credit cards without receiving any special privileges. The central bank made it clear that no special concessions will be granted to the iPhone maker for bringing its credit card to India.

Features and Benefits of Apple Card:

Currently available exclusively in the United States, the Apple Card offers several benefits to its users. Customers earn cashback on their purchases, with varying percentages based on the type of transaction. Regular purchases made using the physical Apple Card earn up to 1% cashback, which increases to 2% when payments are made using Apple Pay. Transactions at Apple stores and selected partners qualify for a cashback percentage of up to 3%.

One of the distinguishing features of the Apple Card is its consumer-friendly fee structure. Apple does not charge late fees to Apple Card holders, and there are no fees for foreign transactions, returned payments, or annual credit card fees. However, users are responsible for paying interest fees on any balances carried. Furthermore, Apple Card owners have the option to open a savings account with a 4.15% interest rate (with no minimum balance requirement) to conveniently deposit their daily cash.

Enhanced Security Measures:

Each Apple device associated with the Apple Card is assigned a unique card number securely stored in a secure element. This card number is utilized by Apple Pay for transactions and on-device cryptographic functions, ensuring enhanced security during financial transactions.


Apple’s decision to introduce the Apple Card in India through a partnership with HDFC Bank reflects the company’s focus on expanding its financial services globally. The collaboration between Apple and HDFC Bank, coupled with discussions with the Reserve Bank of India, underscores the importance of adhering to regulatory requirements. As Indian consumers await the arrival of the Apple Card, they can anticipate a range of benefits, including cashback rewards, transparent fee structures, and enhanced security features.