The credit cards wing of the largest lender of the country, State Bank of India along with public sector lender Bank of Maharashtra have tied up to launch a new co branded credit card for its customers.
"The credit card gives a sense of security for the customer but it is a challenge to run the business profitably," said Diwakar Gupta, MD and CFO of State Bank of India.
This SBI-BOM card will be coming in two variants namely platinum and gold for the customers of Bank of Maharashtra.
The platinum card will entail an annual fee of Rs 2999. It would give 10 cash points for every Rs 100 on lifestyle activities like dining, departmental stores etc. as well as on international spends amounting to 2.5% of the value back.
Customers will also be offered with a basic fare voucher for Kingfisher Airline return ticket as well as waiver on fuel surcharge across all fuel pumps.
The annual fees on the gold card is set at Rs 499 and 1 cash point for every Rs 100 worth card spend.