Andhra Bank, ICFAI launch co-branded credit card

Andhra Bank on Wednesday launched its first co-branded credit card in association with the city-based ICFAI University.

The card was jointly launched by Andhra Bank chairman and managing director T S Narayanasami and ICFAI University chancellor A Besant C Raj.

Narayanasami said on the occasion that the co-branded Credit Card was an extension of the bank's student credit card services. Andhra Bank was the first bank in the country to launch any credit card for the student community a year ago.

Raj said that around 50,000 students of distance learning programmes and 5,000 students in the regular stream would benefit from the new card.

He suggested that a similar offer be extended by the bank for the ICFAI employees as well, numbering 4,000. In this regard, he informed that Union Bank had also offered to extend loans to the ICFAI students.

Andhra Bank executive director R Balakrishnan said that in addition to the regular benefits of a student card, ICFAI students would be offered 0.5 per cent discount in services charges under roll-over facility at 1.25 per cent.

He reminded that Andhra Bank was already offering the lowest services charges at 1.75 per cent under the roll-over facility as compared to over 2 per cent charged by the competitors.

There is no admission fee and annual subscription fee is waived for the first year. The ICFAI students have to pay the annual subscription only from the second year at Rs 350 as against Rs 450 charged by the student card from the bank.

The ICFAI students would also be extended student loans at the prevailing benchmark prime lending rate only. At present, the bank's benchmark PLR is 10.5 per cent, Balakrishnan added.