SBI, Future Group launch credit card for Central stores

The State Bank of India and Future Group have launched a co-branded credit card, jointly for the lifestyle departmental store Central. The card will offer benefits to premium lifestyle and fashion consumers. Since demonetization, card transactions have gone up from 61 per cent to 85 per cent at Central. The Future Group is looking to much more growth, says Future Group CEO Kishore Biyani. The Group is targeting a revenue of Rs 3,500 crores for 2017-18 and adding 16 more stores next year.

Earlier, SBI Card introduced a co-branded card with Future Group’s affordable fashion store under Big Bazaar. The card named SBI StyleUp Card targeted the value-conscious consumer looking for affordable fashion. The Central SBI Select and Select + cards offer an accelerated reward points structure where cardholders will earn 20 reward points for every Rs 100 spent at Central stores. Dining and entertainment spend will earn the cardholder 10 points per Rs 100 spent while all other categories will earn them 2 reward points per Rs 100. It also offers up to Rs 5,000 to cardholders.