Kotak Mahindra Bank launches Credit Cards

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Kotak Mahindra Bank launches Credit Cards

Kotak Mahindra Bank announced the launch of its suite of Simple and Powerful Credit Cards. The card range on offer at launch includes 2 Visa Gold Cards, a Visa Platinum Card and a Visa Signature Card. Kotak cards has also taken a fresh approach on card design, and has introduced India’s 1st vertical card

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Kotak Mahindra Bank today announced the launch of its suite of Simple and Powerful Credit Cards. Kotak Credit Cards is the newest addition to the wide array of financial services offerings of the Kotak Group. The card range on offer at launch includes 2 Visa Gold Cards, a Visa Platinum Card and a Visa Signature Card. Kotak cards has also taken a fresh approach on card design, and has introduced India's 1^st vertical card. With the launch of its credit cards, the Kotak Group now offers a complete range of financial services.

Speaking at the launch, Mr. Uday Kotak, Executive Vice Chairman and MD, Kotak Mahindra Bank said, "The launch of the credit card business is the next big step in the Kotak goal to provide a holistic suite of financial products that caters to every possible need of our customer." He further added, "We are firm believers in the Indian retail story, and our cards business will target the market of aspirational Indians by demystifying "credit" on card, and offering innovative credit solutions."

Kotak Credit Cards have been built on 3 core tenets - Relevant benefits that reflect what customers do most, Simplified credit that is easy to use and Transparent communication of charges. The Credit Cards will be available in 4 variants to cater to the specific needs of distinct customer segments.

Group COO, Kotak Mahindra Bank, Mr. Vikram Sud had this to say on the occasion, "Payment products are big business for banks. Our credit cards will drive acquisition of a large number of new customers for the bank. We have understood the credit card consumer's confusion and the resultant restricted usage of the category. Thereby, we are offering a suite of 4 distinct card propositions; each designed to foster informed buying across four diverse consumer segments - salaried, self-employed, mass affluent and affluent."

Mr. Subrat Pani, Business Head - Cards, Kotak Mahindra Bank said, "I am confident that Kotak Credit Cards will make a difference amongst Indian customers with its segmented approach to offering credit solutions. While on one hand, Indian customers are increasingly exploring better lifestyles through credit, on the other hand there is a constant apprehension on the charge structure. This has restricted usage of credit cards to just a payment tool. We as the credit cards industry have to do a lot more to make it easier for customers to understand and use credit cards. I am convinced that by keeping it Simple, Kotak Cards will transcend this and become a smart credit solution for the Indian consumer." 

Sourced From: Genesis Burson-Marsteller