Federal Bank forayed into credit card segment through the launch of co-branded credit cards in partnership with SBI Cards, a leading credit card issuer.
Federal Bank SBI Credit Card :
- This is for the first time that Federal Bank is entering the credit card segment.
- In the first year, Federal Bank aims to issue as many as 1.5 lakh credit cards to its customers
- This alliance with SBI Cards will help fill a striking gap that existed in product portfolio.
- It will help to meet clients’ retail needs
- Initially, two variants—Platinum and Gold’ N More—will be issued under the Visa platform for a specified fee.
- The Platinum card variant will come with a fee of ₹ 2,999.
- The Platinum variant will offer a credit limit up to `5 lakh
- The benefits to card members in terms of joining gift (exclusive gift voucher) and reward points for use will outweigh the expense incurred towards the fee for the Platinum card.
- International airport lounge access and golf course access are the other benefits available under the Platinum variant.
- The Gold N’ More card will come with a fee of ₹ 499.
- This variant will offer a credit limit up to ₹ 1.75 lakh
Co-branded Credit Cards :
Any credit card that is offered by a credit card company that is jointly sponsored by both a bank and a retail merchant. This type of card can generally be issued more cheaply than private label retail cards.
Co-branded cards often come with a variety of incentives, such as discounts or rebates of various types.
Federal Bank :
- Major Indian commercial bank in the private sector.
- Headquarters : Kochi
- It is the fourth largest bank in India in terms of capital base.
- Managing Director & CEO : Shyam Srinivasan
- Slogan : Your Perfect Banking Partner
SBI cards :
- It is a payment solutions provider in India.
- A joint venture between the State Bank of India and GE Capital.
- Headquaters : Gurgaon
- SBI Card had 2.171 million credit cards.
- SBI Card offers a number of cards under each of the following categories:
• Classic Card
• Travel & Shopping Card
• Exclusive Card
• Corporate Card