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SBICard on Thursday launched ‘CASHBACK SBI Card’, a cashback-focused credit card to boost online spends.
The new offering enables cardholders to earn 5 per cent cashback on all online spends without any merchant restrictions.
Targeted at customers from the mass to premium category, the card offers a simple, seamless, and completely digital joining experience.
Consumers across India, including tier-2 and 3 cities, can apply for the card on the digital application platform ‘SBI Card SPRINT’.
Rama Mohan Rao Amara, MD & CEO, SBI Card, told BusinessLine the new product (CASHBACK SBI Card) roll-out is driven by the consumer need for instant gratification, with a preference for cashback rewards over normal rewards. He said the new offering will be a win-win proposition for both the company and customers.
“Post Covid-19, consumers are comfortable spending online. They want benefits immediately. The unique value proposition in our new offering is that it will be merchant agnostic and will cover a range of merchants. This new product will be relevant for every customer segment, whether a value or convenience seeker. Or, whether you call it for mass or premium segment,” he said.
Amara highlighted that customers in Tier-2 and 3 towns are getting increasingly savvy in adopting digital means for their spends. This new product offering will help improve customer acquisition through the digital channel from these towns.
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According to an industry report (Source-Mintel), cashback offers drive a large percentage of Indians to shop online. ”At SBI Card, too, we have observed increased traction for cashbacks amongst the mass and mass affluent segments”,
As a special offer, the contactless card is free for the first year till March 2023 . Owing to its strong proposition, CASHBACK SBI Card customers will earn unlimited 1 per cent cashback on all spends, cashback will increase to 5 per cent on all online spends up to maximum of ₹ 10,000 per monthly statement cycle. It’s merchant agnostic nature will ensure that customers are not restricted to shopping with just a few merchants to avail the benefits.
The Card comes with auto-credit of cashback or the automatic credit of entitled cashback to the SBI Card account within two days of statement generation, Amara noted.
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