New Delhi: Federal Bank has launched its credit card in the Indian market. The private sector lender has partnered with the global card network Visa for issuing its credit card to its existing customers.
Federal Bank has launched three variants of the new credit card - Celesta, Imperio and Signet. All three variants offer various benefits to customers. Each card caters to a different set of customers.
For instance, the Celesta card will be more suited for high net-worth individuals (HNIs). On the other hand, the Imperio card is targeted at family-oriented customers while the Signet will be aimed at young professionals.
The private sector pointed out that the launch of the credit card aligns with its strategy to improve its unsecured, yet high-yielding book. It also suites the suites of banking products, the bank said.
In a statement, Federal Bank said, “To equip the customers with the best facilities in the industry, the bank will offer them credit cards with lowest annual percentage rate (APR)—dynamic APR starting from 0.49% per month (5.88% per annum)."
The bank said that it’s adopting a ‘Digital First’ card approach by issuing instant credit cards. “Via a three-click approach, the card is immediately available for use in FedMobile, the bank’s mobile banking application and the physical card will be delivered in due course.” Also Read: Delhi HC asks Centre not to take coercive step against trust for non-filing of return under FCRA
Managing director and CEO of Federal bank Shyam Srinivasan said, “Our credit card is completely digital with a three-click application approach which would make the card instantly available for use on FedMobile, our mobile banking application. We are glad we could take this digital leap and provide the consumers with the convenience they expect. We are delighted to bring forth our credit card to customers in partnership with Visa. Also Read: Top 5 affordable electric cars available in India: Check price, range and specs
