India’s largest private credit card issuer ICICI Bank Ltd. has launched a credit card for its premium customers that includes two, separately branded cards linked to a single line of credit, the Mumbai-based bank announced Dec. 20.
The Rubyx product includes the ICICI Bank Rubyx American Express Platinum credit card and the ICICI Bank Rubyx MasterCard Platinum credit card, according to a bank press release. Both chip-and-PIN cards link to the same account and share common statements and lines of credit, a customer service representative for the bank tells PaymentsSource.
The bank is positioning the product as being advantageous for cardholders, whose cards have enhanced acceptance because of the two brands. Cardholders also receive reward points and discounts from both Amex and MasterCard.
Cardholders may choose between three reward plans, including a third-party plan supported by loyalty-services provider Payback Pvt. Ltd., and earn points across more merchant categories than they would with just one of the two card brands, the representative says. “They would also have the flexibility to change their reward plan as and when they want,” he says.
Cardholders paying a registration fee of 5,000 rupees [US$95 or 72 euros] receive five air tickets free, or they can nothing and bypass the ticket offer, the representative says. Cardholders pay an annual fee of 2,000 rupees starting the second year, which the issuer will waive when cardholders spend 250,000 rupees the previous year.
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