The partnership between SBI Card and Reliance Retail has led to the introduction of the ‘Reliance SBI Card’, a co-branded shopping credit card. This partnership marks a significant development in the Indian retail and banking sectors. Here are the key details about the card and the partnership:
Overview of the Partnership and Card
- Partnership Entities: SBI Card and Reliance Retail have collaborated to launch the ‘Reliance SBI Card’.
- Card Variants: Two variants of the card have been introduced: Reliance SBI Card PRIME and Reliance SBI Card.
- Target Market: The card is designed to offer a holistic and rewarding shopping experience for customers across various segments, catering to a wide range of spending needs.
Features of the Reliance SBI Card
- Joining and Annual Fees: The Reliance SBI Card has a joining and annual fee of Rs. 499 plus GST. The Reliance SBI Card PRIME has an annual renewal fee of Rs. 2,999 plus applicable taxes.
- Welcome Benefits: Cardholders receive Reliance Retail Vouchers worth Rs. 500 and discount vouchers worth Rs. 3,200 upon joining.
- Reward Points: The card offers 5 Reward Points per Rs. 100 spent at Reliance Retail Stores, dining, and movies, and 1 Reward Point per Rs. 100 spent on other retail purchases. The value of 1 Reward Point is Rs. 0.25.
- Milestone Benefits: Cardholders can earn additional Reliance Retail Vouchers for achieving annual spend milestones. For example, spending Rs. 25,000 can earn vouchers worth Rs. 500.
- Annual Fee Waiver: The annual fee can be waived upon spending Rs. 1 lakh on the Reliance SBI Card in a card anniversary year.
Additional Aspects
- Rewards and Benefits: Cardholders can unlock various rewards and benefits while transacting across Reliance Retail’s extensive ecosystem, including fashion, lifestyle, grocery, consumer electronics, pharma, furniture, jewelry, and more.
- Card Material and Platform: The card is made of recycled plastic and introduced on the RuPay platform.
- Company Perspectives: Abhijit Chakravorty, MD & CEO of SBI Card, highlighted the partnership as a shared commitment to customer-centricity and providing a world-class customer experience. He emphasized the card’s relevance to major consumer segments and its potential popularity due to the universal usage avenues it offers.
- Reliance Retail’s Financials: Reliance Retail Limited, a subsidiary of Reliance Retail Ventures Limited, 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.
This partnership between SBI Card and Reliance Retail reflects a strategic move to tap into the vast customer base of Reliance Retail while offering diversified and rewarding financial products to Indian consumers.