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 (see story) and the ICICI Bank Rubyx cards (see story).
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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