SBI Card partners with Fabindia to launch a co-branded credit card
SBI Cards & Payment Services announced on Thursday that it has partnered with Fabindia to launch an exclusive co-branded contactless credit card – Fabindia SBI Card.
The card is designed with selected benefits and privileges to provide a rewarding shopping experience to its premium customers. The card comes in two variants – Fabindia SBI Card SELECT and Fabindia SBI Card.
The new co-branded contactless credit card combines reward points on retail spending with added value on various spending categories, thereby meeting the premium cardholder’s overall spending needs. The Fabindia SBI card customer benefits from direct access to Fabindia’s FabFamily loyalty programs at higher levels (Gold and Platinum) which are moreover provided to customers only after having qualified the minimum annual expenditure of Rs 30,000 and Rs 75,000 respectively.
Fabindia SBI Card SELCET offers a 10% value to customers purchasing in Fabindia stores as well as free access to national airport lounges. The card also offers significant benefits worth Rs 1,250 over quarterly spending of Rs 200,000, in the form of gift certificates.
Speaking on the partnership, Rama Mohan Rao Amara, Managing Director and CEO of SBI Card, said, “At SBI Card, we have always strived to provide the best products, services and unparalleled experience to our customers. We are delighted to have Fabindia as partners to bring another powerful and unique value proposition to our affluent and premium consumer segment.The introduction of the new Fabindia SBI card further strengthens our premium portfolio, reinforces our commitment to enable to our customers to embrace digital payments and contribute to the digital economy. ”
SBI Cards and Payment Services is a non-bank financial company that offers an extensive portfolio of credit cards to individual cardholders and corporate clients that includes lifestyle, rewards, travel and fuel cards and banking partnerships. as well as corporate cards covering all major cardholder segments in terms of income profile and lifestyle.
On a stand-alone basis, SBI Cards and Payment Services net profit climbed 109.95% to Rs 175.42 crore on a 1.68% drop in total revenue to Rs 2,468.14 crore in Q4 FY21 compared to Q4 FY20 .
Shares of SBI Cards rose 1.98% to Rs 952.10 on BSE.
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