Continuing a trend in which India’s card issuers targeting relatively low-risk, high-spend consumers, ICICI Bank Ltd. on March 21 launched another credit card targeting the country’s wealthy.
Calling the card ICICI Bank Sapphiro, the issuer is targeting the growing super-affluent demographic and the bank’s wealth-management clientele, the bank noted in a press release.
The product is third in the series of credit cards the bank is issuing for the premium segment, a spokesperson tells PaymentsSource. Earlier launches included the ICICI Bank Coral (
Qualified cardholders will receive two cards–the Sapphiro Platinum American Express Credit Card and the Sapphiro Platinum Chip MasterCard Credit Card, the spokesperson says. The MasterCard-branded product is both a magnetic stripe and chip-and-PIN card.
The issuer links the cards to a single card account with a single statement and a single fee, and it will give cardholders privileges from both Amex and MasterCard, according to the spokesperson.
Cardholders pay 25,000 rupees (US$440 or 375 euros) to receive the cards, and cardholders receive two free business class tickets on Jet Airways, he says. ICICI waives the 3,500-rupee annual the first year and will do so thereafter if the cardholder spends more than 500,000 rupees in the previous 12-month period.
Cardholders will receive complimentary membership to the exclusive Leaders Club of the Leading Hotels of the World Ltd. and worldwide airport-lounge access, the spokesperson says. They also will receive a minimum 15% savings at more than 550 restaurants across India with the ICICI Bank Culinary Treats program and 50% more rewards than the regular ICICI credit cards on all card spending, he says.
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