SBI Cards, a joint venture between SBI and GE Capital launched SBI Signature Credit Card in India. This Card is exclusively meant for the High Networth Individuals [HNI] Category and is by invitation only like any other Signature Card in the Market.
SBI Signature Card will be marketed to premium customers of the Bank across India including Tier-II and Tier-III Cities who have very high income limits and solid balance sheets. Signature Card comes with an Annual fee of Rs 5,000. SBI will compensate the Annual fee by way of Gift Vouchers or Air Tickets. Anyway, the significance of Signature Cards is it is fully loaded with Offers, especially in the Luxury / Premium Segment.
Speaking on the occasion of the launch, Mr. Narahari, CEO of SBI Cards said,
With the SBI Signature Card, we now have an enhanced offering for the affluent customer segment. SBI Signature Card is yet another product innovation from our side and comes with a distinct value proposition.
SBI is the fourth largest credit card issuer in India after HDFC, ICICI and Citibank has a customer base of 2.2 Mn Card Holders with the size of the portfolio pegged at Rs 2400 Cr. The company plans to add another million customers by 2014, mainly customers of its own bank.