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

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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:
• Premium Card
• Classic Card
• Travel & Shopping Card
• Exclusive Card
• Corporate Card