Business Line, 10 Aug 2007
Abstract:
Jumping on to the premium segment cards bandwagon, SBI Cards has launched two new cards – the ‘SBI Platinum Card’ and ‘SBI Gold & More Card’. With this, its card portfolio is now at 17 different cards.
Article:
SBI Card, a joint venture between State Bank of India and GE Money, on Thursday announced its foray into the premium credit card space through the launch of the ‘SBI Platinum Card’, in association with Visa International.
The SBI Platinum card would allow a customer certain international and domestic travel benefits, including Concierge services, waiver of the 3.5 per cent surcharge on spends made abroad in foreign currencies, privileges on restaurants and spas and travel insurance.
The SBI Card CEO, Mr Roopam Asthana, said that he expects at least 1,00,000 SBI Platinum Cards to be issued this fiscal.
In addition to the Platinum Card, SBI Card also announced the launch of the ‘SBI Gold & More Card’, in association with MasterCard Worldwide. Under this product offering, SBI Card will offer assured 2 per cent cash back on any purchase at departmental stores, restaurants etc besides utility payments. Another benefit is the waiver of the 2.5 per cent surcharge on fuel purchases at any petrol pump in any city.
Prior to the launch of these two products, SBI Card’s product portfolio comprised 15 different cards.
Additional capital
On capital raising to fund business growth, Mr Asthana said that SBI Card was looking at raising additional capital of Rs 100 crore in the next 12-14 months.
In March this year, SBI Card & Payment Services had increased equity capital from Rs 100 crore to Rs 250 crore.
