Friday, June 6, 2008

StanChart launches card combining cash back and rewards

Global lender, Standard Chartered has launched ‘Manhattan Platinum Card’. The card has been designed to give maximum value to its customers, as well as offers both cash back and rewards as a standard feature on the same card to its customers.

The card is different from other cards in the sense that the cash back and reward benefits of this card can be enjoyed across merchants. Through online catalogues, card offers redemption of reward points on a wide range of gift articles, complimentary tickets for online bookings at PVR cinemas, and 10% off on purchase of books at all Odyssey book stores and gift vouchers for every purchase at Music World. Customers will also get all platinum card features like travel and dining benefits and superior service benefits which are identical with Standard Chartered.

Murali M Natrajan, Regional Head, Consumer Banking – India and Nepal, said “The Manhattan Platinum Credit Card adds a youth oriented dimension to the concept of Platinum credit cards with the perfect blend of lifestyle benefits that reflects the attitude of young urban India. Standard Chartered Bank is extremely proud to present this for the first time in India and we have always believed in catering to our customers every need. We have designed this card with the aim of giving our customers the unique experience of using many cards rolled into one.”

According to a bank press release cardholders will get 5% cash back on all departmental stores and supermarkets and five reward points per Rs 100 for all other spends.

R L Prasad, General Manager, Credit Cards & Personal Loans, said “After the success of our Manhattan credit card, The Manhattan Platinum Card provides our customers’ unmatched benefits through the cash back and rewards program. There is no other product available that offers flat rewards as high as 5% as a standard feature. This is not a promotional offer that lapses after a point in time but a benefit ingrained in the product; the customer will see the rewards as cash-back or reward points in his statement under each of his transactions.”

The card has been initially launched in the 5 metros Mumbai, Delhi, Kolkata, Chennai and Bangalore and later on will be launched in rest of India. In the beginning the card will carry an annual fee of Rs 2,000 and is being offered free for the first year as an introductory offer.

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