Deutsche Bank joins credit card bandwagon

Deutsche Bank today launched a suite of credit cards in India, the German bank's first credit card launch in Asia.

Credit card business is the first major initiative from the bank since it launched its retail banking operations in India earlier this year.

The bank is drawing up plans to launch consumer finance business in the next six to eight months either as part of the bank or through a non-banking finance company (NBFC) subject to regulatory framework.

The bank launched classic, gold, platinum and corporate cards offering flexible billing and savings plans on the cards.

For the first six months, balance transfers from other cards would be at zero per cent interest. The cards can be used at all petrol pumps without any surcharge.

Colin Grassie, CEO of Deutsche Bank Asia-pacific (ex Japan), said, "Today's credit card launch in India is a first for Deutsche bank in Asia and an important milestone for our business."

For the classic, gold and corporate cards there would be no annual fees. The annual fee on the platinum card would be Rs 10,000 and Rs 2,500 joining fees.