The co-branded card that has been launched in two variants—Reliance SBI Card and Reliance SBI Card PRIME—has been introduced on the RuPay platform
New Delhi: Reliance Retail, India’s largest retailer and SBI Card, India’s largest pure-play credit card issuer have come together to launch the co-branded Reliance SBI Card, the companies announced in a joint release on Tuesday. A unique feature of this card is that it is made of recycled plastic and has been introduced on the RuPay platform.
“We are excited to partner with SBI Card, a leader in the card industry, to offer Reliance SBI Card with a wide range of benefits, exclusive discounts and rewards for shopping with us online and at all our stores. Together with SBI Card, we hope to continue to exceed expectations and bring joy to our customers,” V Subramaniam, Director, Reliance Retail Limited, said.
The lifestyle-focused credit card enables cardholders to unlock rewards and benefits while transacting at Reliance Retail’s extensive ecosystem, ranging from fashion & lifestyle to grocery, consumer electronics to pharma and furniture to jewellery among others. Additionally, Reliance SBI Card users can also enjoy curated offers rolled out by SBI Card on an ongoing basis.
The co-branded card has been launched in two variants: Reliance SBI Card and Reliance SBI Card PRIME. The annual renewal fee of Reliance SBI Card PRIME is Rs2,999 plus applicable taxes and that of Reliance SBI Card is Rs 499 plus applicable taxes. Cardholders can avail renewal fee waiver upon achieving the annual spends milestone of Rs3,00,000 on Reliance SBI Card PRIME and Rs1,00,000 on Reliance SBI Card.
Abhijit Chakravorty, MD & CEO, SBI Card, said, “Reliance SBI Card has been developed as a holistic product that is relevant for 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) group. RRL and other subsidiaries and affiliates of RRVL, operate an integrated omni-channel network of over 18,650 stores (as of 30th September 2023) and digital commerce platforms across Consumer Electronics, Fashion & Lifestyle, Grocery and Pharma consumption baskets.
RRVL has partnered with over 3 million merchants through its New Commerce initiative. Reliance
Retail Limited is the only Indian retailer in the global Top 100 and amongst the fastest growing retailers globally as per Deloitte’s Global Powers of Retailing 2023. RRVL reported a consolidated turnover of Rs 260,364 crore ($ 31.7 billion) and net profit of Rs 9,181 crore ($ 1.1 billion) for the year ended March 31, 2023.
SBI Cards and Payment Services Limited (“SBI Card”) has over 18 million cards in force as of Q2 FY24.
