The SBI cards and the retail chain, Lifestyle announced the launch of their co-branded card to target the frequent shoppers today. This is in line with the strategy to tap the lucrative retail market. The launch comes within days of SBI Cards' launching its co-branded card with LG Electronics. | |
| Besides offering four reward points for every Rs 100 spent at any of the eight Lifestyle stores, the card offers transaction fee waivers and reward points on fuel purchases above Rs 400 on IndianOil and IBP petrol pumps. |
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| "Developing new partnerships is the key to our card business strategy and retail sector offers one of the highest growth potential for card spends," said Roopam Asthana, chief executive officer, SBI Cards. |
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| SBI cards, a joint venture between SBI and GE Money has over 1.9 million cards and co-branded card tie-ups with LG, Hero Honda, United Bank of India and Apna Bazaar. |
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| Replying to queries on plans for a possible tie up with a telecom player for offering credit card on the mobile - on the lines of the recent Airtel-ICICI Bank deal, Asthana said, "The mobile payment mechanism has limited application as of now. Is it not simpler and more convenient to just swipe your credit card than to wait for the vendor to key in the details on his phone and send you an SMS and then respond through the SMS?" |
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| He said the mobile payment mechanism was more suited when the purchase was not face to face but on phone order etc. |
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| Elaborating on the benefits to the customers, Kabir Lumba, president, buying and merchandising, Lifestyle International said, "The card has an instalment plan 'Flexi pay' at one of the industry's lowest interest rate of 10 per cent besides exclusive benefits for the 3.4 lakh members of Lifestyle's Inner Circle." |
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| Lifestyle plans to add four new stores this year to grow its tally to 12 by March 2006. |
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