SBI Card and Landmark
Group launch co-branded credit cards
~Three cards launched-
Lifestyle Home Centre SBI Card, Max SBI Card and Spar SBI Card ~
~Designed to offer
savings on purchases of the entire family across categories including fashion,
home furnishing and grocery
SBI Card has partnered with Landmark Group,
one of the largest retail and hospitality conglomerates in India, to launch a
unique set of retail co-branded credit cards. The three newly launched cards,
Lifestyle Home Centre SBI Card, Max SBI Card and Spar SBI Card, have been
introduced in partnership with four Landmark Group brands - Lifestyle, Home
Centre, Max and Spar.
Designed to be a one stop payment solution for
the entire family, these cards provide a rewarding shopping experience to
cardholders across categories that include fashion – premium and affordable,
home furnishing including furniture and grocery. The underlying value
proposition of all these cards is the same. Cardholders of any of these cards
can avail similar benefits at all participating Landmark brands, thus getting
savings and a host of other benefits across a spectrum of categories through a
single card.
 |
The new co-brand cards are available in three
variants – Base, SELECT and PRIME and cater to consumers across segments from
value-for-money to premium to super premium.
Speaking at the launch, Mr Hardayal
Prasad, MD & CEO, SBI Card, said, “We are pleased to partner with
Landmark Group to introduce Lifestyle Home Centre SBI Card, Max SBI Card and
Spar SBI Card. Through this tie up we will offer our cardholders a strong
savings proposition across key spend categories such as fashion, home
furnishing, furniture and grocery on a single card. The newly launched cards
bring a one stop payment solution to meet and reward purchase needs of
consumers in these segments. This launch will strengthen our retail co-brand
credit card portfolio which we have built to fulfil diverse consumer needs.”
According to Mr. Vasanth Kumar -
Managing Director, Lifestyle International Pvt. Ltd.: “As a leading retail
player in the country, we continuously endeavour to enable a joyful and
rewarding shopping experience for all our customers. The co-branded credit card
with SBI Card is yet another step taken to fulfil that promise. With
accelerated reward points and spend based benefits, these cards will be a
win-win for consumers as they shop across various Landmark brands. Offering the
best of both the players, the co-branded SBI credit card program will combine
the shopping experience, convenience and value that customers have come to know
and love from Landmark Group backed by the best-in-class service, benefits and
security of SBI Card.”
According to Mr. Shital Mehta -
Executive Director & CEO, Max Fashions, “As a leading fashion brand, we
want to bring more value to our customers through a co-branded card that
rewards users on their purchases. This co-branded card will provide additional
benefits to our valued customers thus enabling us to deepen our relationship
with them while providing them yet another reason to shop at our stores. Max is
very thrilled to be partnering with SBI Card.”
PRIME variant cardholders can avail total
savings of up to INR 30,000 annually on this card.
Cardholders enjoy complimentary loyalty
membership to Landmark Rewards Program and they also earn accelerated reward
points on the SBI Card rewards platform upon shopping with these cards.
Cardholders of the PRIME variant of the co-brand cards earn 15 reward points
per INR 100 spent at Lifestyle, Home Centre, Max and Spar; 10 reward points per
INR 100 spent on dining and movies; and 2 reward points per INR 100 spent on
other retail purchases. SBI Card Reward Points can be converted to Landmark
Rewards and redeemed across Lifestyle, Home Centre, Max, Spar and other
Landmark Brands in India thereby rewarding loyal customers.
The cards also reward customers for their
loyalty through various spend based milestone benefits as well as bonus reward
points upon card renewal. Customers of PRIME variant can avail savings of up to
INR 14500 on achieving milestone spends. The cards deliver value from the point
of enrolment itself, offering welcome benefits worth INR 3000 on the PRIME
variant. Renewal benefits worth INR 3000 can be availed upon card
renewal.
The joining and renewal fee for the Base
variant is INR 499 plus GST, SELECT variant is INR 1499 plus GST and PRIME
variant is INR 2999 plus GST.
Highlights of Lifestyle Home Centre SBI Card,
Max SBI Card and Spar SBI Card
·
Accelerated
Reward Points
o PRIME variant:
§ 15 Reward Points per INR 100 spent at Landmark
brands (Lifestyle, Home Centre, Max & Spar)
§ 10 Reward Points per INR 100 spent on Dining
& Movies
§ 2 Reward Points per INR 100 spent on other
retail purchases (Non-fuel)
o SELECT variant:
§ 10 Reward Points per INR 100 spent at Landmark
brands (Lifestyle, Home Centre, Max & Spar)
§ 10 Reward Points per INR 100 spent on Dining
& Movies
§ 2 Reward Points per INR 100 spent on other
retail purchases (Non-fuel)
o Base variant:
§ 5 Reward Points per INR 100 spent at Landmark
brands (Lifestyle, Home Centre, Max & Spar)
§ 5 Reward Points per INR 100 spent on Dining
& Movies
§ 1 Reward Point per INR 100 spent on other
retail purchases (Non-fuel)
·
Spend-based
milestone benefits
o PRIME variant: Cumulative milestone benefit up to
58,000 RP worth INR 14,500
o SELECT variant: Cumulative milestone benefit up to 34,400 RP
worth INR 8,600
o Base variant: Cumulative milestone benefit up to 16000
RP worth INR 4000
·
Welcome
& renewal benefit
o PRIME variant: 12000 bonus reward points equivalent to
INR 3000 on payment of annual fees and renewal fees
o SELECT variant: 6000 bonus reward points equivalent to
INR 1500 on payment of annual fees and renewal fees
o Base variant: 2000 bonus Reward Points equivalent to
INR 500 on payment of annual fees and renewal fees
·
Airport
lounge access on PRIME variant
o Complimentary Priority Pass membership – Up to 4 complimentary visits per
calendar year to International Priority Pass Lounges, outside India (maximum 2
visits per quarter)
o Domestic Lounge Membership – Up to 8 complimentary visits per
calendar year to Domestic VISA Lounges in India (maximum 2 visits per quarter)
·
Closed
Loop Reward Redemption
o Cardholders can redeem reward points at
Lifestyle, Home Centre, Max, Spar and other Landmark Brands in India
·
Fuel
surcharge waiver
o 1% fuel surcharge waiver across all petrol
pumps in India
About SBI Card
SBI Cards and Payment Services Limited
(formerly known as SBI Cards and Payment Services Private Limited) (“SBI Card”)
is a non-banking financial company that offer extensive credit card portfolio
to individual cardholders and corporate clients which includes lifestyle,
rewards, travel & fuel and banking partnerships cards along with corporate
cards covering all major cardholders’ segments in terms of income profile and
lifestyle.
It has diversified customer acquisition network that enables to
engage prospective customers across multiple channels. SBI Card is a technology
driven company. Visit www.sbicard.com for more details.
Disclaimer: “SBI Cards and
Payment Services Limited is proposing, subject to receipt of requisite
approvals, market conditions and other considerations, an initial public
offering of its equity shares and has filed the Red Herring Prospectus with the
Registrar of Companies, National Capital Territory of Delhi and Haryana at New
Delhi. The Red Herring Prospectus is available on the websites of SEBI, Kotak
Mahindra Capital Company Limited, Axis Capital Limited, DSP Merrill Lynch
Limited, HSBC Securities and Capital Markets (India) Private Limited, Nomura
Financial Advisory and Securities (India) Private Limited and SBI Capital
Markets Limited at www.sebi.gov.in, at www.investmentbank.kotak.com, at www.axiscapital.co.in, at www.ml-india.com, at www.hsbc.co.in/1/2/corporate/equities-global-investment-banking, at www.nomuraholdings.com/company/group/asia/india/index.html and at www.sbicaps.com, respectively.
Investors should note that investment in equity shares involves a high degree
of risk and for details refer to the Red Herring Prospectus, including the
section titled “Risk Factors”.”
This announcement does not constitute an
invitation or offer of securities for sale in any jurisdiction, including the
United States. The Equity Shares have not been and will not be registered,
listed or otherwise qualified in any other jurisdiction outside India and may
not be offered or sold in any such jurisdiction, except in compliance with the
applicable laws of such jurisdiction.
The Equity Shares have not been and will
not be registered under the US Securities Act of 1933 (“U.S. Securities Act”)
or any state securities laws in the United States and may not be offered or
sold within the United States, except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities
Act and in accordance with any applicable United States state securities laws.
Accordingly, the Equity Shares are only being offered and sold (i) to
“qualified institutional buyers” as defined in Rule 144A under the U.S.
Securities Act in transactions exempt from or not subject to the registration
requirements of the U.S. Securities Act; or (ii) outside the United States in
offshore transactions in reliance on Regulation S under the U.S.
Securities Act
and the applicable laws of the jurisdiction where those offers and sales occur.
About Landmark Group
Founded in 1973 in Bahrain, the Landmark Group
has successfully grown into one of the largest and most successful retail
organizations in the Middle East and India. An international, diversified
retail and hospitality conglomerate that encourages entrepreneurship to
consistently deliver exceptional value, the Group operates over 2200 outlets
encompassing over 30 million square feet across the Middle East, North Africa
and the Indian sub-continent.
The Group has also diversified in the leisure,
food and hospitality with Landmark Leisure, Balance Spa & Salon, Citymax
Hotels, Fitness First and Foodmark, the restaurant division, which operates the
Group's own and franchise food outlets.
In 1999, Landmark Group entered India, to
revolutionize retailing in the country with the introduction of Lifestyle
Stores. Currently in its 21st year of retailing in India, Landmark Group has
launched several innovative retail concepts in the country including Lifestyle,
Home Centre, Max and hospitality concepts, Spar Supermarkets and Hypermarkets,
Fun City, Citymax and Krispy Kreme.
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