Bank of Maharashtra Ltd. became India’s newest credit card issuer on June 28 when it announced a partnership with State Bank of India Ltd.
The institution will issue a cobranded card with the Mumbai-based bank for its own customers beginning July 1, a spokesperson for the Pune-based Bank of Maharashtra told PaymentsSource in an interview. “The partnership is based on the extensive experience that State Bank of India has in the credit cards space, which not only lends its brand name to us but will also support us in setting up the back end for card issuance,” he said.
The card will be available in platinum and gold versions, according to the spokesperson.
The platinum card carries an annual fee of 2,999 rupees (US$67 or 46 euros) and offers 10 cash points per 100 rupees spent on dining, at departmental stores and internationally, which equates to 2.5% in actual cash back, he said.
The gold card comes with an annual fee of 499 rupees and offers one cash point per 100 rupees spent and 2.5% cash back on purchases made at all departmental stores and groceries, he added.
The bank’s goal is not to capture card market share but to offer the products to its most creditworthy banking customers, the spokesperson added.
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