SBI Card partners with Reliance Retail to launch 'Reliance SBI Card'

SBI Card and Reliance Retail have joined hands to launch the co-branded 'Reliance SBI Card'. "This one-of-its-kind lifestyle-focused credit card offers a holistic and rewarding shopping experience to customers across segments with varied spending needs, right from mass to premium," a joint statement said.

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The card enables cardholders to unlock rewards and benefits while transacting at Reliance Retail's extensive ecosystem, ranging from fashion and lifestyle to grocery, consumer electronics to pharma, furniture to jewelry, and many more, the statement said, adding that 'Reliance SBI Card' users can also enjoy thoughtfully curated offers rolled out by SBI Card on an ongoing basis.

They have launched two cards - Reliance SBI Card PRIME and Reliance SBI Card. The annual renewal fee of Reliance SBI Card PRIME is Rs 2,999 plus applicable taxes and that of Reliance SBI Card is Rs 499 plus. Cardholders can avail renewal fee waiver upon achieving the annual spending milestone of Rs 3,00,000 on Reliance SBI Card PRIME and Rs 1,00,000 on Reliance SBI Card. "This card is made of recycled plastic and has been introduced on the RuPay platform."

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Commenting on the partnership, Abhijit Chakravorty, MD & CEO, SBI Card, said the company was delighted to partner with Reliance Retail which had redefined India's organised retail. "This partnership is a result of our shared focus on customer-centricity and commitment to provide world-class customer experience."

Chakravorty said that the Reliance SBI Card has been developed as a holistic product that is relevant to major consumer segments. "It is a powerful addition to our robust co-brand portfolio, and we expect this to become a popular credit card given the universal usage avenues that it offers."

Reliance Retail Limited is a subsidiary of Reliance Retail Ventures Limited (RRVL), the holding company of all the retail companies under the RIL (Reliance Industries Limited). RRVL reported a consolidated turnover of Rs 260,364 crore ($ 31.7 billion) and a net profit of Rs 9,181 crore ($ 1.1 billion) for the year ended March 31, 2023.

On Saturday, shares of SBI Cards declined by 0.53 per cent to close at Rs 746.55 on the BSE.