New Delhi: Private sector Federal Bank along with card issuing company SBI Card today launched co-branded credit cards. Besides, the board of the bank has also recommended raising the capital base by way of issuance of bonus shares to shareholders in 1:1 ratio of face value Rs 2 each.
Every shareholder would get one bonus share for every share held. As far as co-branded credit card is concerned, the bank launched two new variants of Visa credit cards– Platinum and Gold ‘N More.
Federal Bank SBI Platinum Credit Card with credit limit of Rs 5 lakh will offer exclusive benefits to customers, especially for fuel payments, dining etc, Shyam Srinivasan MD Federal Bank told reporters here. The credit cards will be chip-based cards providing a high level of security to the cardholders, he said, adding, the Gold card will have credit limit of Rs 1.75 lakh.
Distribution of the cards is planned in two phases, in the first phase the card will be available at select branches of Federal Bank and more branches will be added in the second phase. Commenting on the launch, Vijay Jasuja, CEO, SBI Card said, “through this collaboration we hope to extend our bouquet of best in class services and rewarding offers to Federal Bank customers.”