SBI Card has unveiled retail co-branded credit cards, in a tie-up with retail conglomerate Landmark Group.
The offerings are the result of SBI Card’s partnership with Lifestyle, Home Centre, Max as well as Spar, which are Landmark brands.
The products of the alliance are Lifestyle Home Centre SBI Card, Max SBI Card and Spar SBI Card.
The cards come in Base, SELECT and PRIME versions and can be used across multiple categories including furniture and grocery, among others.
Users of the PRIME variant can gain total savings of up to INR30,000 ($416.79) on a yearly basis, according to SBI.
The Base, SELECT, and PRIME variants incur joining and renewal charges of INR499, INR1499 and INR 2,999 plus GST, respectively, Financial Express reported.
Moreover, those using the new credit cards can get loyalty membership to Landmark Rewards Program.
They can also avail accelerated reward points on the SBI Card rewards platform.
SBI Card Reward Points can be converted to Landmark Rewards and redeemed across various Indian Landmark Brands.
According to Financial Express, those using the PRIME version can get 15 reward points for every INR100 spent at Lifestyle, Home Centre, Max and Spar. For every INR100 spent by PRIME users on dining and movies, the reward is 10 reward points.
Users of this variant can also earn two reward points for every INR100 spent on other retail purchases.
Financial Express further reported that PRIME users can gain welcome benefits of INR3,000, renewal benefits of INR3,000 following card renewal and savings of up to INR14,500 on attaining milestone spends.
SBI Card MD and CEO Hardayal Prasad was quoted as saying by The Times of India: “The newly launched cards bring a one stop payment solution to meet and reward purchase needs of consumers in these segments.”