Federal Bank announce the launch of its credit card, in association with Visa, the global leader in digital payments.
The card, which comes in three variants, is packaged with a range of powerful offers, and is presently offered to existing customers of the Bank.
The launch of this product aligns with the Bank’s strategy to improve unsecured, high yielding book and completes the suite of banking products offered by the Bank.
The three variants of the card are named Celesta, Imperio and Signet, each of which is designed to cater to the needs of different segments of customers. Celesta card is targeted at HNIs, Imperio is for family oriented customers and Signet is targeted at young, early professionals.
To equip the customers with the best facilities in the industry, Bank will be offering them credit cards with lowest Annual Percentage Rates – dynamic Annual Percentage Rate (APR) starting from 0.49% p.m. (5.88% p.a.).
There are also exclusive offers like Amazon Gift vouchers as welcome benefits, attractive reward points, Buy One Get One free offer at INOX, Complementary membership programs, Fabulous dining giving minimum 15% discounts, 1% fuel surcharge waiver at all fuel stations across India, complimentary lounge access at airports and much more.
For issuance of credit cards, the Bank has adopted a ‘Digital First’ card approach by issuing an instant credit card, through a 3 click approach. The card is immediately available for use in FedMobile, the Bank’s Mobile Banking application, and the physical card will be delivered in due course.
The Bank is also on course to launch variants of the Rupay Credit Card in association with National Payments Corporation of India (NPCI).
Deliberating on the capabilities of the card, Federal Bank MD & CEO Shyam Srinivasan said the bank’s Credit Card is completely digital with a 3- click application approach which would make the card instantly available for use on FedMobile, mobile banking application.
“We are glad we could take this digital leap and provide the consumers with the convenience they expect. We are delighted to bring forth our Credit Card to customers in partnership with Visa,” said Shyam Srinivasan.
Federal Bank Group Country Manager India and South Asia T R Ramachandran said consumers often turn to credit cards when planning big ticket purchases but more recently, the bank has seen this usage extend to more segments, geographies and categories.
“We are delighted to partner with Federal Bank and extend credit card services to the Bank’s different consumer segments and needs,” said T R Ramachandran
With the number of credit cards in the country currently far lower than credit eligible customers, T R Ramachandran said Federal Bank finds great potential in partnering with the bank to scale up through such partnerships and offering consumers the convenience and benefits of paying by credit cards.
