SBI Card, Vishal Mart launch credit card

Card to be free for the first year

SBI card today launched a co-branded card in association with leading retail chain Vishal Mega Mart to tap the booming organised retail market that is pegged to hit Rs 1,09,000 crore by 2010.

"SBI Vishal Mega Mart card is one of the best co-branded credit card that offers reward points and other benefits to frequent shoppers and will be free for those who spend above Rs 7,500 per annum," SBI card CEO Roopam Asthana said here.

Asthana said the card would be free of cost for the first year, but would charge Rs 700 per annum if purchase on the card was less than Rs 7,500.

Other SBI card holders could also flip their card for SBI Vishal Mega Mart card and use it like any other credit card.

"By partnering with SBI card, we are not just offering customers a convenient payment mechanism but a unique consumer loyalty programme that rewards them everytime they shop," Vishal Retail MD Ram Chandra Agarwal said.

Some of the features of the co-branded card include Rs 250 discount voucher on signing up for the card and a set-up by which the card holder earns five reward points on every Rs 100 spent that could go up to eight points on spends above Rs 7,500. The points are redeemed at any Vishal Mega Mart Store.

Other offers in the credit card are no transaction fee on fuel purchase at select IOC and IBP petrol pumps and balance transfer facility without any interest for 75 days and complementary personal accident insurance.

Vishal Mega Mart retails a large variety of household, FMCG and consumer durable goods at bargain prices at its 24 self-owned stores which are likely to increase to 50 by the end of 2006.