SBI Cards & Payment Services on Thursday announced that it has tied up with Fabindia to launch an exclusive co-branded contactless credit card - Fabindia SBI Card.
The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers. The card comes in two variants - Fabindia SBI Card SELECT and Fabindia SBI Card.The new co-branded contactless credit card combines the rewards points on retail spends with value back on varied spends categories, thus addressing overall spending needs of premium cardholder. The Fabindia SBI Card customer gets direct entry to Fabindia's FabFamily loyalty programmes at higher tiers (Gold and Platinum) which is otherwise provided to the customers only after qualifying the minimum annual spending of Rs 30,000 and Rs 75,000 respectively.
Fabindia SBI Card SELECT offers 10% value back to customers buying in-stores at Fabindia along with complimentary domestic airport lounge access. The card also offers milestone benefits worth Rs 1250 on quarterly spends of Rs 200,000, in the form of gift vouchers.
Speaking about the partnership, Rama Mohan Rao Amara, MD & CEO of SBI Card, said, "It has always been our endeavor at SBI Card to bring bestin-class products, services and an unmatched experience to our customers. We are delighted to have Fabindia as our partners to bring yet another powerful and unique value proposition to our affluent and premium consumer segment. Introduction of the new Fabindia SBI Card further bolsters our premium portfolio, reinforces our commitment to enable our customers to embrace digital payments and contribute to the country's digital economy."
SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.
On a standalone basis, SBI Cards and Payment Services' net profit soared 109.95% to Rs 175.42 crore on 1.68% decline in total income to Rs 2,468.14 crore in Q4 FY21 over Q4 FY20.
Shares of SBI Cards were up 1.98% at Rs 952.10 on BSE.
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