Mumbai, August 12, 2016: South Indian Bank, leading private sector bank, and SBI Card, one of India’s leading Credit Card issuers, today announced their collaboration to launch co-branded credit cards for the customers of South Indian Bank. Through this alliance South Indian Bank and SBI Card will launch two variants of credit card on VISA platform, namely South Indian Bank Platinum SBI Card and South Indian Bank SimplySAVE SBI Card.
While the South Indian Bank Platinum SBI Card has been designed keeping in mind the premium customers and offers features in line with their lifestyle habits, the South Indian Bank SimplySAVE SBI Card is aimed at the value conscious consumers and offers rewards and features that take into account the spending requirements of customers who want accelerated rewards from their credit card.
The South Indian Bank Platinum SBI Card offers distinct and rewarding benefits to the customers of the bank. The card will have features such as:
- 5X Accelerated Reward Points on International, Dining & Departmental Store Spends
- Gift vouchers worth Rs.3000 on joining from Bata, Hush Puppies, M&S, Shoppers’ Stop, Westside and Yatra.com
- Gift vouchers worth Rs.3000 on crossing spends of- INR 4 lakhs and 5 lakhs, from Bata, Hush Puppies, M&S, Shoppers’ Stop, Westside and Yatra.com
- Complimentary fraud protection of up to INR 1 lakh in case of card theft or fraud
The South Indian Bank SimplySAVE SBI Card, on the other hand will have features, such as:
- 2000 welcome reward points on making spends of INR 2,000, within the first sixty days
- 10 Reward Points on Rs.100 spent on spends incurred towards dining, watching movies and on departmental and grocery spends
- Fuel surcharge waive off, of 2.5% on all petrol filling stations
- Cardholders will be eligible for reversal of annual fee on total spends of INR 75,000
Launching the co-branded cards, Mr. Thomas Joseph K, Executive Vice President (Admin), South Indian Bank, said, “The Co-branded credit card offering in association with SBI Card would be a perfect value addition for our customers, who can now enjoy enhanced facilities under the wide range of services offered under its ambit. We believe that while the South Indian Bank Platinum SBI Card will provide our customers with a privileged lifestyle experience, the SimplySAVE SBI Card will cater to those who are looking for a rewarding experience”.
Speaking about the launch, Mr. Vijay Jasuja, CEO, SBI Card said, “Offering banking co-branded cards is an important part of our overall growth strategy. We envisage this partnership with South Indian Bank to be mutually beneficial as it will help us grow our customer base, while introducing South Indian Bank customers to some of our most thoughtfully designed credit cards.”
The Platinum and SimplySAVE credit cards will be offered at a joining fee of INR 2,999 and INR 499 respectively.