"We wanted to launch a card with special benefit meant for online purchases. In this card, whatever the spending be, we will offer a five times more reward than in case of normal cards," Vijay Jasuja, CEO SBI Card told reporters after the launch of the new product.
Other online partners for the initiative are Ola Cabs, LensKart, Food Panda and Fab Furnish.
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"And for the seven online partners, spending on those platform will attract ten times more reward. So the consumers will get 10 times more reward (points)," he said.
SBI Card said the company is focusing on online shopping across diverse categories as the e-commerce sector in India is growing at an exceptional pace.
"With this new product, SBI Card is poised to leverage the popularity of online shopping and e-commerce in India," it said.
Also, the Card will reward loyal customers by offering them with up to Rs 4,000 worth of vouchers if they spend Rs 2 lakh via online medium annually.
For possessing a card, customers will have to spend a one time fee of Rs 499. But they will also get an Amazon e-gift welcome voucher worth Rs 500.
However, the cardholders will receive a reversal of the renewal fee on crossing annual spends of Rs 1 lakh, the company said.
"Amazon is focused on transforming the way India buys and sells and are continually looking for ways to provide customers the best experience. We look forward to SimplyCLICK customers...Experience an easy and convenient access to over 22 million products across hundreds of categories," said Kishore Thota, Head of Consumer Marketing, Amazon India.
Ashish Garg, Co-founder, FabFurnish said: "e-commerce is changing the way people are shopping these days and SBI Card's latest offering catches the pulse of its audience and gives them exactly what they are looking for."
The SimplyCLICK SBI Card can also be used at all merchant outlets within India and worldwide.
Further, the company will extend card's value proposition to offline retail spends by way of offering fuel surcharge waiver of 2.5 per cent across all petrol pumps in India, SBI Card said.