SBI Cards, the third largest credit card issuer in the country on sunday said it has launched a 'signature' card targeted at the high net-worth individuals.
"SBI Signature Card is another product innovation from our side and comes with a distinct value proposition. This product is in line with our plan to expand our presence in the premium customer segment," SBI cards and payment services chief executive officer Kadambi Narahari said in a release.
Its competitors HDFC Bank and ICICI Bank already have offerings in niche segment but which are by invitation only.
The SBI Signature Card is available at an annual fee of Rs. 5,000. The card holders will also be entitled to a full fare airline ticket or gift vouchers worth Rs. 5,000 from leading lifestyle brands upon enrolment, the release said.
The card company is a joint venture between State Bank of India and GE of the US and already has a presence in 50 cities.
Set up in January 1998, SBI Cards is the third largest card issuer with a customer base of 2.2 million and a market share of nearly 13 percent% in a 17-million cards market.
The average spend per card in India is one of the lowest at $755. It is as high as $3,352 in Australia and $2,084 in Thailand.