Federal Bank Launches Co- Branded Credit card in partnership with SBI Cards

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: