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SBI widens credit card portfolio

— PHOTO: R. V. MOORTHY

NICHE SEGMENT: Nirupam Sahay (left), Vice-President-Marketing, and Roopam Asthana, Chief Executive Officer, SBI Cards, launching the new More and Platinum cards in New Delhi on Thursday.

NEW DELHI: SBI Cards, a joint venture between State Bank of India and GE Money, on Thursday announced its entry into the premium card segment with the launch of the SBI Platinum Card in association with Visa International. The card will offer unique benefits and services aimed at meeting the lifestyle needs of customers.

SBI Cards also announced the launch of the SBI Gold and More Card scheme in association with Master Card Worldwide. This new scheme will offer assured two per cent cash back on any purchase at departmental stores, groceries, restaurants, utility bill payments and waiver of the 2.5 per cent charge on fuel purchase at any petrol pump in any city. The SBI Platinum Card allows the members to experience exclusive bouquet of offers and benefits with no joining and annual fees.

Addressing a press conference at the launch function here, SBI Cards and Payment Services Limited CEO Roopam Asthana said SBI Cards had always been in the forefront of offering distinctive value to its cardholders. The latest product of the company was targeted at meeting the travel and lifestyle needs of customers. He said the Indian credit card market had been growing at a rate of over 30 per cent over the last few years with the premium card segment growing at over 50 per cent and the growth was likely to continue in the next five years.

Speaking on the occasion, company Vice-President Nirupam Sahay said extensive customer research across the country helped the company identify customer needs and build a strong differentiated value proposition on the new offers.

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