Date:14/09/2005 URL: http://www.thehindubusinessline.com/2005/09/14/stories/2005091401620600.htm

Back Tri-brand credit card launched

Our Bureau

(From left)Mr Sandeep Bakhshi, Managing Director & CEO, ICICI Lombard General Insurance Company Ltd; Mr K. L. Murlidhara, Vice-President & Country Manager, American Express; and Mr P.T. Suresh, Head, Allied Retail Business, Hindustan Petroleum Corporation Ltd, at a press conference in Mumbai on Tuesday. - - - - Shashi Ashiwal

Mumbai , Sept. 13

AMERICAN Express has launched a general insurance tri-brand credit card in association with ICICI Lombard and Hindustan Petroleum Corporation Ltd (HPCL).

The American Express RPM (Rewards, Points and More) credit card allows customers to pay their motor insurance premium over a period of 3, 6, 9 or 12 months as interest-free equated monthly instalments (EMIs). Members can avail of cashless car insurance claim settlement at 400 select automobile garages in around 70 cities.

Mr Sandeep Bakhshi, Managing Director and CEO, ICICI Lombard, said that the card would best meet the needs of car owners in every aspect — service level, first EMI and auto renewal.

The card also offers 5 per cent savings on fuel bills whenever members use the card to purchase fuel at HPCL outlets. While the 2.5 per cent service charge will be waived off, savings will also be accumulated as rewards points. These points can be redeemed into fuel vouchers. To become a member, the customer should have a gross taxable income of at least Rs 4 lakh per year. The annual fee is Rs 2,000.

American Express in India has registered a 40 per cent growth year-on-year in India, said Mr K.L. Murlidhara, Vice-President and Country Manager, American Express.