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Punjab & Sind Bank (PSB), a public sector bank, has partnered with SBI Card, the country’s largest pure-play credit card issuer, to launch co-brand credit cards for the bank’s customers.
This collaboration also marks the entry of PSB into ‘credit cards’ as a new product segment under the bank’s portfolio. Both partners have rolled out three card variants – PSB SBI Card ELITE, PSB SBI Card PRIME, and PSB SimplySAVE SBI Card.
“This co-branding tie up will offer our customers a much rewarding and delightful shopping experience with attractive offers. This exciting proposition will help the Bank in better brand building and also in augmenting the business”, Swarup Kumar Saha, MD & CEO, Punjab and Sind Bank, said.
Saha said that PSB is in the transformation phase of diversifying into various third party products and the addition of credit card business to the existing bouquet of products, will assist the Bank in new customer acquisition as well as customer retention.
Access to more
“The card members will have an access to wide suite of exclusive privileges and we are confident that this card will prove to be the most preferred accessory for our customers”, he added.
SBI Card ELITE and PSB SBI Card PRIME have been designed to offer lifestyle privileges and best in class experience to premium and mass premium customers, respectively. PSB SimplySAVE SBI Card offers rewarding experience to value conscious customers through accelerated rewards and benefits on their spending.
These variants have been launched to cater to the spending needs of the customers of PSB across mass, mass premium and premium segments.
Growth strategy
Rama Mohan Rao Amara, MD & CEO, SBI Card said, “This is a significant partnership for us and marks further expansion of our bank co-brand portfolio which is a critical part of our growth strategy. We look forward to offering exceptional payments experience through our bouquet of world class products and services to Punjab & Sind Bank’s customers.”
PSB SBI Card ELITE will be offered at a joining fee of ₹4,999 plus taxes while PSB SBI Card PRIME will be offered at ₹2,999 plus taxes and PSB SimplySAVE SBI Card at ₹499 plus taxes respectively. Both PSB SBI Card ELITE and PSB SBI Card PRIME will be available on VISA platform and PSB SimplySAVE SBI Card on RuPay platform.
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