Financial Daily from THE HINDU group of publications
Tuesday, Jan 11, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 11, 2005 |
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Money & Banking
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Credit Cards & Debit Cards Marketing - Strategy Andhra Bank, HPCL offer co-branded card Our Bureau
The Executive Director of Andhra Bank, Mr R. Balakrishnan (left); and the Executive Director of HPCL, Mr. S. P. Chowdhury, launching the co-branded credit card in Hyderabad on Monday. - - A. Roy Chowdhury
Hyderabad , Jan. 10 ANDHRA Bank has launched a co-branded petro credit card in alliance with Hindustan Petroleum Corporation Ltd (HPCL) to provide value-added services to the bank's 1.2-crore credit card customers across the country. The Andhra Bank Executive Director, Mr R. Balakrishnan, and the HPCL Executive Director, Retail Products, Mr S.P. Chaudhry, unveiled the co-branded card here on Monday. According to Mr Balakrishnan, there would be nil service charge for petrol purchases at HPCL bunks through the credit card. The card, which comes under the VISA Classic and VISA Gold categories with global validity, also provides accidental insurance coverage of Rs 2 lakh and Rs 5 lakh, respectively. Mr Balakrishnan said the cash withdrawal limit on these cards is 50 per cent of the total card limit and the free credit period ranges from 21 days to 50 days depending on the date of purchases. Under the rollover facility, a low interest of 1.75 per cent is charged. The Andhra Bank credit card division, which has recorded business volumes of over Rs 200-crore, plans to come out with a Smart Card in alliance with HPCL soon. An application will be submitted to the Reserve Bank of India for permission, Mr Balakrishnan said.
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