Date:16/02/2006 URL: http://www.thehindu.com/2006/02/16/stories/2006021601721800.htm

Business

Tata group, State Bank launch credit card

Initially the card will be available across six cities

Multi-brand coalition programme

Ties up with MasterCard

JOIN HANDS: A. K. Purwar (right), Chairman, SBI, with Ratan Tata (centre), Chairman, Tata group, and Sonny Sannon, President, South Asia, Middle East and Africa, MasterCard International, at the launch of Tata Credit Card in Mumbai on Wednesday . — Photo: Paul Noronha

MUMBAI: The Tata Group and State Bank of India (SBI) Card, in association with MasterCard International on Wednesday launched Tata Credit Card.

Speaking on the new venture, SBI Cards and Payment Services CEO, Roopam Asthana, said they expected to touch a total of 20 lakh cards in the next five years with the first two lakh coming in by the end of the current calendar year.

Tata Group Chairman, Ratan Tata, and SBI Chairman, A. K. Purwar, along with other senior officials launched the card here.

To be initially available across six cities — Delhi, Mumbai, Kolkata, Jamshedpur, Bangalore and Hyderabad — it will be available in all locations where SBI Cards are sold by April-end, Mr. Asthana said.

On the distribution channel, Mr. Asthana maintained that various channels would be used, including the SBI Card counters, outlets of partners, existing data bases and also dedicated Tata Card outlets.

Profit sharing

On profit sharing, Mr. Asthana said it would be fairly equitable between all partners.

Tata Industries Managing Director, Kishore Chaukar, said the Tata Credit Card had all the attributes of a credit card along with membership of a multi-brand coalition programme, named Tata Privilege Programme. The Tata Credit Card will have dynamic point earning and instant point redemption across 12 spend categories and 18 brands.

Spend categories include airlines, hotels, automobiles, departmental stores, fuel, power, and telecom among others.

Brands include Bharat Petroleum, Indian, Jet Airways, Westside, Tata Indicom, Tata Motors, and Taj Hotels.

Asked about the interest charged on the card, Mr. Asthana said it would be in line with other players in the industry.

The card will be in three categories, Privilege, Premiere and Leaders, with the latter being available by invitation only. — PTI