Kalyan Jewellers, Rak Bank launch co-branded credit card

Loyalty points are earned at a rate of up to 7% on purchases; can be redeemed at Kalyan Jewellers showrooms in UAE

Rak Bank, the national bank of Ras Al-Khaimah and Thrissur-based jewellery retail brand, Kalyan Jewellers announced the launch of a 'Goldback' co-branded credit card in the United Arab Emirates [UAE]. This is the first instance of a jewellery brand partnering with a leading bank for a co-branded credit card.

Kalyan Jewellers Master Card can be used globally for purchases and cash withdrawals. The unique feature of this card is the Gold back scheme, under which  loyalty points are earned at a rate of up to 7 per cent on purchases and international cash withdrawals.

The quantum of loyalty points depend on the nature and geography of purchases. The accumulated points are valid for 15 months and can be redeemed at any of the Kalyan Jewellers showrooms in the UAE towards purchase of jewellery. To ensure customer convenience, this card will also offer a zero per cent easy payment plan on diamond and gold jewellery purchases.

Existing Kalyan Jewellers customers in the GCC region will also benefit from the credit card as they will be able to collect Gold back from various other purchases and redeem the same at Kalyan shops.

Kalyan Jewellers also offers zero per cent payment plan option on diamond and gold jewellery purchases at Kalyan showrooms in UAE. Customers can pay by installments over a period of 3 months when buying gold and over a period of 6 months when buying diamond products, a press release said.

Kalyan Jewellers entered the GCC region in December 2013. Currently it has nine showrooms in UAE and three in Kuwait. The firm has a total of 77 showrooms across India and West Asia.