SBI - Visa Platinum International Card

You asked and they listened. The State Bank of India, one of the largest Credit Card users in the country with very low frauds [CardBhai Recommends SBI Cards] has finally answered its customers requests.

Just a while ago, we were told that they have launched "SBI Platinum Card" in association with VISA international. Platinum is higher than Gold card. This card will allow a customer certain international and domestic travel benefits, including concierge services, waiver of surcharges during foreign trips, privileges in restaurants, spas and provide travel insurance.

SBI hopes to issue 100,000 Platinum cards to its premium customers this fiscal.

Kindly note that, Platinum Cards are by invitation only at Citibank and American Express. So if you do not have substantial Income on your IT returns, you need not apply as it will be rejected and you may have a negative impact in CIBIL records. [Making a Credit Inquiry lowers your score, atleast in Western Countries, I am not sure how it works here in India].

SBI Launches Gold International Debit Card

India's largest Bank, the State Bank of India just a while ago launched SBI Gold International Debit Card in association with VISA international.

Mr. O.P.Bhatt, Chairman of SBI also announced the banks intention to install 1 Million Credit/Debit Card Point of Sale Terminals at retail establishments throughout the country. He said - "It will act as a source of revenue for the bank. However, the customer will not be charged for the same."

How does SBI make money installing POS systems ?
SBI pays the Merchant or retail establishments on behalf of the Credit card issuing bank. SBI will discount the merchant/retail bill by a very small percentage and thus make money in the process. It is only because of this fact that large retailers like Reliance want to establish their own Financial Network and tie-up with the bank to save on such transactions once their retail roll out is complete.

SBI, which currently has 7,200 ATMS plans to take the number to 25,000 by 2010.