India’s largest credit card issuer, SBI Cards Pvt. Ltd., has launched a cobranded card with an online travel-booking company in an attempt to corner a larger share of the travel-payments market.
The card issuer announced March 28 the launch of the Yatra-SBI Card in collaboration with Yatra.com, a Gurgaon-based travel-bookings firm that enables customers to book air and bus tickets and holiday packages from its website.
With the card, consumers can take advantage of discounts across Yatra.com travel and holiday packages, a spokesperson for the travel operator tells PaymentsSource.
“Cardholders also get exclusive previews to our best deals and reward-point conversion against Yatra.com holiday vouchers,” he says. “They also get vouchers worth 8,000 rupees (US$190 or 117 euros) on joining.”
Customers earn reward points each time they use the card, and the more a cardholder swipes his card, the closer he gets to holiday vouchers. Cardholders earn one point for every 100 rupees spent on purchases, and each 500 points earned equates to 16 rupees of discounts on bookings.
Customers pay 499 rupees to receive a card plus an annual fee of 499 rupees, he adds.
SBI Cards also issues two other cobranded cards, one with the Indian Railways and the other with Spicejet Airlines Ltd.
Barclays Bank India Pvt. Ltd. previously issued cards cobranded with Yatra.com. But that discontinued when Kotak Mahindra Bank Ltd. (see story) and Standard Chartered Bank India Pvt. Ltd. (see story) purchased parts of the British bank’s Indian card unit portfolio.
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