SBI Card and Flipkart form strategic alliance - Launch Flipkart SBI CoBranded Credit Card

SBI Card, India's largest pure-play credit card issuer and Flipkart, India's homegrown e-commerce marketplace, jointly announced the launch of 'Flipkart SBI Credit Card'. This one-of-its-kind co-branded credit card got launched in the presence of Mr. Challa Sreenivasulu Setty, Chairman, State Bank of India (SBI) and Mr. Ashwini Kumar Tewari, Managing Director, SBI. The Flipkart SBI Card has been meticulously designed with curated cashback benefits to offer a rewarding shopping experience for discerning customers on majority of their purchases. The launch reflects SBI Card and Flipkart's ongoing efforts to empower shoppers with greater value, flexibility, and access to formal credit while enhancing their overall shopping journey. Customers can seamlessly apply for the credit card digitally via the Flipkart App, and SBI Card SPRINT, by visiting the SBI Card website SBI Card.com.

With the Flipkart SBI Card, customers can earn 7.5% cashback on spends made on Myntra, and 5% cashback on spends made on Flipkart, Shopsy, and Cleartrip. Customers can utilise the rewarding value proposition to make purchases across a broad range of products and services across the Flipkart ecosystem, including mobiles, electronics, grocery, fashion, furniture, appliances, home furnishings, travel bookings, and more. Moreover, customers can earn 4% cashback on select brands like Zomato, Uber, Netmeds, and PVR, and 1% unlimited cash back on all other eligible spends. The Flipkart SBI Card comes with an auto-credit of cash back facility which allows automatic credit of entitled cashback to the SBI Card account within two days of statement generation, ensuring a hassle-free experience.

Salila Pande, Managing Director & Chief Executive Officer, SBI Card, said, "At SBI Card, we continuously strive towards delivering best-in-class products that align with the evolving needs and aspirations of our customers. Launch of the Flipkart SBI Card in partnership with Flipkart is one more step in this direction. With the rapid growth of e-commerce in India, customers are increasingly seeking seamless and rewarding experiences in every purchase. Flipkart SBI Card has been thoughtfully designed to provide a rewarding and seamless payment experience."

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "At Flipkart, we have always placed the customer at the centre of everything we do. Our focus has been on creating shared value for the wider ecosystem. Over the years, we have introduced several innovative financial offerings. This co-branded credit card, in partnership with SBI Card, is another important step in that journey. It reflects our commitment to democratizing and expanding access to formal credit in India. With solutions designed to deliver maximum value, we aim to empower millions of households across Bharat to fulfil their aspirations with confidence."

The joining and annual renewal fee of the Flipkart SBI Card is Rs. 500 plus applicable taxes. Upon successful application, cardholders can avail welcome benefits worth Rs. 1,250. Additionally, they will be able to enjoy a renewal fee reversal of Rs. 500 on reaching the milestone of Rs. 3,50,000 annual spends during the card membership year. The credit card also offers a 1% fuel surcharge waiver in a statement cycle. The contactless card is available on Mastercard as well as VISA payment platforms.

To mark the launch, Flipkart and SBI Card are introducing a limited-period launch offer*, giving applicants the chance to win 10 Samsung Galaxy Smartwatches and 100 Ambrane wireless power banks every day upon successful completion of the card application process on the Flipkart app.

Shares of SBI Cards and Payment Services Limited was last trading in BSE at Rs. 822.00 as compared to the previous close of Rs. 820.40. The total number of shares traded during the day was 30828 in over 1850 trades.

The stock hit an intraday high of Rs. 827.10 and intraday low of 815.15. The net turnover during the day was Rs. 25370453.00.

Source : Fortis Securities

Keywords

SBICardsandPaymentServices INE018E01016 FlipkartSBICreditCard