SBI Card and Bharat Petroleum launch “BPCL SBI Card”
Bengaluru, 4th Jan 2018: SBI Card, the country`s second largest credit card issuer and Bharat Petroleum, the leading petroleum company in India announced the launch of the “BPCL SBI Card” – the most rewarding fuel co-branded credit card in the country. Offering up to 5% savings on fuel purchases, the BPCL SBI Card brings consumers the strongest savings proposition on fuel in the industry. Designed to offer maximum savings to the mass affluent consumer segment which spends a significant amount on fuel, the BPCL SBI Card will offer up to 70 litres of free fuel per year to cardholders. The BPCL SBI Card also bundles maximum value back on fuel with accelerated savings on other regular spends categories including Department Store & Grocery, Entertainment and Utility Bill payments, making it the most comprehensive and rewarding credit card in its segment.
Rajnish Kumar, Chairman, State Bank of India andD. RajkumarChairman and Managing Director, Bharat Petroleum Corporation Limited at the“BPCL SBI Card” launch along with dignitaries from SBI, SBI Card and Bharat Petroleum Corporation Limited
Cardholderscan earn rewards and save on fuel at 14000 Bharat Petroleum fuel stationsacross the country, making the BPCL SBI Card the only fuel co-brand card withsuch an extensive reach. Through Bharat Petroleum`s widespread network, SBICard customers across the country can enjoy the benefits of the BPCL SBI Cardand also get access to exclusive offers of Bharat Petroleum designed for SBICard users. There will be no minimum transaction threshold for fuel spends,enabling customers to save with every swipe of their card.
The cardcombines best in class fuel savings with value back on various regular spendscategories, thus addressing overall spending needs of cardholders. BPCL SBICard will offer 5X Reward Points on every Rs 100 spent atDepartmental Stores & Grocery, Movies & Dining and Utility Billspayment through Standing Instruction. Cardholders can avail instant redemptionof reward points for free fuel at select Bharat Petroleum retail outlets or inthe form of BPCL fuel vouchers valid at all Bharat Petroleum fuel stationsacross the country. Additionally, the reward points can be redeemed through SBICard’s exclusive rewards program, Shop and Smile, for other categories ofproducts.
Speakingon the launch of BPCL SBI Card Mr Vijay Jasuja, CEO, SBI Card said,“Our association with Bharat Petroleum is a landmark addition to our co-brandrelationships. The BPCL SBI Card further strengthens our robust andvaried co-branded card portfolio. Fuel is a key expenditure category in theconsumption basket and contributes between 7-10% to overall spend in our portfolio.Through the BPCL SBI Card, our cardholders will be able to derive directsavings on fuel expenditure. The card offers the highest savings proposition onfuel in the industry with up to 5% value back on fuel purchases. Togetherwith providing industry best fuel benefits, our endeavour has been to make thisa holistic credit card catering to all the major spending needs of acardholder. It offers accelerated reward points on major spend categoriessuch as Department Store & Grocery, Movies and Dining and Utility Bills,making it a well-rounded primary card for our customers.
We haveobserved that with the move towards cashless payments, fuel spends throughcashless modes are on rise. With an unmatched value proposition, we believethat the BPCL SBI Card will further encourage consumers to move their fuelspends to credit cards.
We expect tosignificantly increase customer acquisition through this product and believethat the BPCL SBI Card has the potential to become one of the largest sellingco-branded cards in the country.”
Mr ArunSingh, Executive Director (Retail), Bharat Petroleum while speaking on the launchsaid “Bharat Petroleum, with its robust network of more than 14,000 FuelStations spread across the length & breadth of the country, majority ofwhich are automated and ‘Pure for Sure’ certified, offers a co-branded creditcard with SBI Cards, with unmatched value propositions in the segment.
Now everyfuel purchase at Bharat Petroleum Fuel Stations will give our customers upto 5%savings, including digital transactions cashback, while 5X reward points inother major categories such as groceries and departmental stores, dining,movies, etc. through this card. The reward points can be instantly redeemed forfree fuel at our Fuel Stations throughout the country. BPCL SBI Card willinitially be accepted at 1,200 select pumps in major cities, graduallyexpanding to our network.
BharatPetroleum has been in the forefront to promote cashless payment options at ournetwork. Currently 22% of our total sales is through these options, which ishigher than the industry average. BPCL SBI co-branded card, catering to all themajor spending needs of a cardholder, will play a major role in enabling ourconsumers to use more cashless payment options, to build a cashless society.”
The cardbrings value from the point of enrolment itself, offering 2000 bonus pointsworth Rs 500 on payment of joining fee. BPCL SBI Card also offers annualmembership fee reversal on annual spends of Rs 50,000 or more on in theprevious year. The card comes at an annual membership fee of Rs 499/. It hasbeen launched on the Visa platform.