• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Kamal Narang

Premium cards: Mr Roopam Asthana (right), CEO, SBI Cards & Payment Services Pvt. Ltd. and Mr. Nirupam Sahay, Vice-President, at a press conference in the Capital on Thursday. -

Our Bureau

New Delhi, Aug 9 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.

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.

More Stories on : Credit Cards & Debit Cards | Public Sector Banks | State Bank of India

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Foreign remittances — Growing with the flow

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line