Federal Bank launches credit cards with Visa

Card issuances will be ‘Digital First’ through a ‘three-click’ instant credit card approach and the cards will be immediately available for use in the bank’s mobile app – FedMobile, Shyam Srinivasan, MD & CEO of Federal Bank said. (Representative Image)

Federal Bank announced the launch of its credit card in association with digital payments major Visa on September 5. The launch was aligned with the bank’s strategy to “improve unsecured and high yielding books” and complete its suite of offerings, the bank said in a statement.

The cards will have three variants—named Celesta, Imperio and Signet– designed to cater to the needs of different customer segments and would be offered to customers with a “range of powerful offers”, it added.

Card issuances will be "digital first" through a "three-click" instant credit card approach and the cards will be immediately available for use in the bank’s mobile app FedMobile, the bank's MD & CEO Shyam Srinivasan said.

The physical card will also be delivered in due course.

Celesta is aimed at high net worth individuals (HNIs), Imperio is "family- oriented" and Signet is for young professionals. The cards have “lowest annual percentage rates” (APR), with dynamic APR starting from 0.49 percent per month (5.88 percent per annum), the statement said.

Among the offers are Amazon Gift vouchers and reward points, BOGO (buy one get one) at INOX, complimentary membership programme, 1 percent fuel surcharge waiver, minimum 15 percent dining discounts, and complimentary lounge access at airports.

TR Ramachandran, Group Country Manager–India and South Asia at Visa said, “With the number of credit cards currently far lower than credit eligible customers in India, we see great potential in such partnerships…”

Federal Bank is also in the process to launch credit card variants in association with the National Payments Corporation of India’s (NPCI) RuPay.