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SBI Card and Aditya Birla Finance to launch 'Aditya Birla SBI Card'

Posted On: 2022-06-30 22:33:37 (Time Zone: IST)

SBI Card, India's largest pure-play credit card issuer, today announced the launch of 'Aditya Birla SBI Card', a highly rewarding lifestyle credit card, in a strategic partnership with Aditya Birla Finance Ltd (ABFL), the lending subsidiary of Aditya Birla Capital Ltd. The card has been designed to give customers significant reward points on their spending around telecom, fashion, travel, dining, entertainment, and hotels, among others. This makes 'Aditya Birla SBI Card' one of the most compelling cards for customers across segments, offering exciting benefits on both premium and mass brands that belong to the Aditya Birla Group.

The rewards-centric 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, be it on telecom bills through Vodafone Idea (Vi) or on lifestyle stores such as Louis Philippe, The Collective, Van Heusen, Allen Solly, Peter England, American Eagle, Polo, and Pantaloons among others. In fact, this card provides an added advantage of accelerated Reward Points on spends in hotels, a key benefit for travel savvy consumers.

According to Mr. Rama Mohan Rao Amara, MD & CEO, SBI Card, "We are delighted to join hands with Aditya Birla Finance, one of the leading NBFCs in India. 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. Aditya Birla SBI Card's unmatched benefits coupled with Aditya Birla Group's extensive and diversified brand portfolio will be a striking proposition for customers looking to spend across varied lifestyle categories."

Speaking on the launch, Mr. Rakesh Singh - MD & CEO, Aditya Birla Finance Ltd said, "We are delighted to collaborate with SBI Card to launch the 'Aditya Birla SBI Card', which will immensely benefit the 35 million customers of Aditya Birla Capital and help us leveraging the customer ecosystem of the Aditya Birla Group. 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."

Mr. Sandeep Ghosh, Group Country Manager, India and South Asia, Visa said, "This exciting partnership of Visa, Aditya Birla Finance and SBI Card for the co-branded credit card is a great example of delivering simple yet customized offerings, for various brands of Aditya Birla Group and in categories like dining, entertainment, and fuel. We are confident the proposition will appeal to consumers and help build loyalty."

Through 'Aditya Birla SBI Card SELECT', customers can avail 20 Reward Points on every Rs 100 spent in Aditya Birla stores and 10 Reward Points on every Rs 100 spent in dining, entertainment, and hotels. As a welcome gift, the card offers 6000 Reward Points to customers upon payment of card membership fee. They also earn 3000 Reward Points on achieving annual spends milestone of Rs 1.5 lakh and an additional 3000 Reward Points when they reach Rs 3 lakh annual spends milestone.

The joining/annual renewal fee for 'Aditya Birla SBI Card' and 'Aditya Birla SBI Card SELECT' is Rs 499 and Rs 1499 respectively.

Shares of Aditya Birla Capital Limited was last trading in BSE at Rs. 89.35 as compared to the previous close of Rs. 89.35. The total number of shares traded during the day was 164107 in over 2117 trades.

The stock hit an intraday high of Rs. 90.00 and intraday low of 88.15. The net turnover during the day was Rs. 14622720.00.

Shares of SBI Cards and Payment Services Limited was last trading in BSE at Rs. 768.30 as compared to the previous close of Rs. 775.65. The total number of shares traded during the day was 32203 in over 2404 trades.

The stock hit an intraday high of Rs. 779.00 and intraday low of 759.55. The net turnover during the day was Rs. 24748099.00.

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