The Hindu : Business : Toyota, ICICI Bank launch co-branded credit card

Online edition of India's National Newspaper
Friday, Mar 17, 2006

Business

Business

Toyota, ICICI Bank launch co-branded credit card

Special Correspondent

Card offers benefits in several aspects of motoring

— Photo: Kamal Narang

RIDING PIGGYBACK: Chanda Kochhar (right), Executive Director, ICICI Bank, with K. K. Swamy, Deputy Managing Director, Toyota Kirloskar Motor, launching the co-branded credit card in New Delhi on Thursday.

NEW DELHI: Toyota Kirloskar Motors (TKM) and ICICI Bank have announced a new tie-up to launch a co-branded credit card offering special benefits to customers. On the occasion, TKM Deputy Managing Director, K. K. Swamy, said, "This will be another value addition for our customers in our efforts to boost sales and retain existing customers." The card will offer benefits on all aspects of motoring from car to fuel purchases and its user will earn four reward points for every Rs. 100 spent on the credit card at Toyota dealership and one reward point for every Rs. 200 spent on credit card at merchant establishments.

Consolidating further

PTI reports:

ICICI Bank Executive Director, Chanda Kochhar, said the tie-up was a part of the bank's initiative to further consolidate its market position.

"We have the leading position in housing and automobile finance. Our share is 35 per cent in credit cards market, and 33 per cent in total credit cards spend. The new partnership with Toyota will further strengthen our position,'' she said.

The benefits offered by the card include, five per cent discount on standard Toyota accessories purchase, multiplier reward scheme, which provides customers the option to multiply existing reward points by ten times and use it for down payment of a new Toyota car purchase, and also the option to convert down payment to equated monthly instalments, among others.

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