SBI Cards and Payment Services announced that it has entered into a strategic partnership with Aditya Birla Finance (ABFL), the lending subsidiary of Aditya Birla Capital for the launch of 'Aditya Birla SBI Card'.
The card has been designed to give customers significant reward points on their spending around telecom, fashion, travel, dining, entertainment, and hotels, among others.
The said credit card has been launched in two variants, 'Aditya Birla SBI Card SELECT' and 'Aditya Birla SBI Card', on the Visa platform. Cardholders can avail greater value back in the form of reward points on their spends on Aditya Birla Group companies.
According to Rama Mohan Rao Amara, MD & CEO of SBI Card, "This partnership will enable us to issue credit cards to Aditya Birla Group's customer base, thereby providing them a great product for all their spending needs. This is in line with our strategy of enhancing value for both customers and co-brand partners. The customer acquisition process will be completely digital, thereby ensuring an enhanced customer experience.
Speaking on the launch, Rakesh Singh, MD & CEO, of Aditya Birla Finance said, "Consumers are adapting to digital payments today, and this offering will fuel the purchasing power of our consumers. It will enable us to engage deeper with them by ensuring an impactful consumer experience, best-in-class rewards, and hassle-free payment services."
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The joining/annual renewal fee for 'Aditya Birla SBI Card' and 'Aditya Birla SBI Card SELECT' is Rs 499 and Rs 1499 respectively, the company stated.
Aditya Birla Finance (ABFL), a subsidiary of Aditya Birla Capital is among the leading well-diversified non-banking financial services company in India. ABFL offers customized solutions in areas of personal finance, mortgage finance, SME finance, corporate finance, wealth management, debt capital markets and loan syndication.
SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients
The company reported a 231% jump in net profit to Rs 581 crore on a 22% rise in total income to Rs 3,016 crore in Q4 FY22 over Q4 FY21.
Shares of SBI Cards and Payment Services were down 0.69% to Rs 770.30 on the BSE.
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