SBI Card, India’s largest pure-play credit card issuer, and Tata Digital, the digital commerce arm of the Tata Group, today announced the launch of their highly anticipated co-branded credit cards – the Tata Neu SBI Card and the Tata Neu Infinity SBI Card. This strategic partnership aims to provide consumers with a premium and rewarding shopping experience, seamlessly integrating benefits across the vast Tata ecosystem and beyond.
The launch event, held virtually, was attended by key representatives from both SBI Card and Tata Digital. Speaking on the occasion, Ms. Salila Pande, MD & CEO of SBI Card, emphasized the evolving lifestyle needs of customers and expressed delight in partnering with Tata Digital to enhance their experiences. She stated, “The Tata Neu SBI Card is designed to offer a holistic experience that adds value in each transaction, elevating the shopping experience with a blend of unparalleled benefits and seamless convenience.”
Mr. Naveen Tahilyani, MD & CEO of Tata Digital, echoed this sentiment, highlighting the card’s alignment with Tata Neu’s vision of providing seamless and rewarding experiences to the modern Indian consumer. He added, “This partnership with SBI Card brings together the power of trusted brands to deliver real value and reimagine how India experiences loyalty and credit.”
The Tata Neu SBI Cards are launched in two variants – Plus and Infinity – catering to different spending patterns and lifestyle preferences. Both cards are equipped with contactless payment technology and are available on both the RuPay and Visa platforms, offering flexibility and wide acceptance.
Key Highlights and Benefits:
NeuCoins as Rewards:
The core of these credit cards lies in their unique rewards program centered around NeuCoins, the unified loyalty program of the Tata Neu ecosystem. Cardholders will earn NeuCoins on all their spends, both online and in-store, across domestic and international merchants. These NeuCoins can be seamlessly redeemed on the Tata Neu app and website, spanning a wide array of products and services offered by Tata brands and partner brands, including:
- Grocery: BigBasket
- Electronics: Croma
- Fashion: Tata CLiQ, Westside
- Travel: Air India, Air India Express, IHCL (Taj Hotels), Qmin
- Healthcare: Tata 1MG
- Jewellery: Tanishq, Titan
Accelerated Rewards on Tata Brands:
Cardholders will enjoy accelerated NeuCoin earnings when making purchases on the Tata Neu platform and with participating Tata brands:
- Tata Neu Infinity SBI Card: Earn 5% back as NeuCoins on non-EMI spends on Tata Neu and partner Tata brands.
- Tata Neu Plus SBI Card: Earn 2% back as NeuCoins on non-EMI spends on Tata Neu and partner Tata brands. Additionally, enjoy an extra 5% back as NeuCoins on select categories within the Tata Neu app and website (powered by Tata NeuPass).
Base Rewards on Other Spends:
Even on spends outside the Tata ecosystem, cardholders will continue to earn NeuCoins:
- Tata Neu Infinity SBI Card: Earn 1.5% back as NeuCoins on non-Tata and UPI spends.
- Tata Neu Plus SBI Card: Earn 1% back as NeuCoins on non-Tata spends and UPI spends (RuPay variant). Notably, the RuPay variant of the Tata Neu Plus SBI Card offers 1.5% back in NeuCoins on UPI transactions.
Welcome Benefits:
New cardholders will receive NeuCoins upon payment of the joining fee:
- Tata Neu Infinity SBI Card: 1,499 NeuCoins
- Tata Neu Plus SBI Card: 499 NeuCoins
Spend-Based Annual Fee Reversal:
To make the cards even more rewarding, the annual fees can be waived upon reaching specific spending milestones:
- Tata Neu Infinity SBI Card: Annual fee reversal on annual spends of ₹3,00,000. The joining and annual renewal fee is ₹1,499 plus applicable taxes.
- Tata Neu Plus SBI Card: Annual fee reversal on annual spends of ₹1,00,000. The joining and annual renewal fee is ₹499 plus applicable taxes.
Complimentary Lounge Access:
Both card variants offer complimentary access to airport lounges, enhancing the travel experience:
- Tata Neu Infinity SBI Card: 8 complimentary domestic airport lounge visits per year (2 per quarter, applicable on achieving ₹75,000 spends in the previous quarter) and 4 complimentary international airport lounge visits per year (1 per quarter). It also includes a complimentary Priority Pass Program membership worth $99.
- Tata Neu Plus SBI Card: 4 complimentary domestic airport lounge visits per year (1 per quarter, applicable on achieving ₹50,000 spends in the previous quarter).
Fuel Surcharge Waiver:
Cardholders can also benefit from a fuel surcharge waiver on transactions between ₹500 and ₹4,000 at all petrol pumps across the country:
- Tata Neu Infinity SBI Card: 1% fuel surcharge waiver, with a maximum waiver of ₹500 per statement cycle.
- Tata Neu Plus SBI Card: 1% fuel surcharge waiver, with a maximum waiver of ₹250 per statement cycle.
Other Features:
- Add-on Cards: Both cards offer the facility to get add-on cards for family members.
- Balance Transfer and Flexipay: Customers can transfer outstanding balances from other credit cards at potentially lower interest rates and convert transactions into easy monthly installments.
- Easy Bill Pay: Utility bills can be conveniently paid through the credit cards.
- Cash Access: The cards can be used to withdraw cash from ATMs worldwide.
- Enhanced Security: Both cards are chip and PIN enabled for enhanced security against fraud.
How to Apply:
Interested customers can apply for the Tata Neu SBI Cards through various channels:
- Digital Application: Via the SBI Card SPRINT platform on the SBI Card website (sbicard.com).
- Offline Application: By visiting SBI Card retail kiosks at select Croma stores.
Expert Opinion:
Financial analysts believe that the launch of the Tata Neu SBI Cards is a significant move in the co-branded credit card space in India. By leveraging the extensive reach of both SBI Card and the Tata Group’s diverse ecosystem, these cards offer compelling value to consumers who frequently engage with Tata’s products and services. The rewards in the form of NeuCoins provide a direct and tangible benefit within the Tata Neu platform, fostering customer loyalty.
The two variants cater to a broad spectrum of users, with the Plus variant offering an accessible entry point and the Infinity variant providing premium benefits for higher spenders, especially those who travel frequently. The spend-based annual fee reversal is also an attractive feature, encouraging card usage.
However, it remains to be seen how these cards will compete with existing co-branded offerings in the market, particularly the HDFC Tata Neu Credit Cards, which have already gained considerable traction. The success of the SBI cards will likely depend on their ability to offer unique value propositions and seamless integration with the Tata Neu ecosystem.
Conclusion:
The Tata Neu SBI Card and Tata Neu Infinity SBI Card represent a powerful collaboration between a leading credit card issuer and a major digital conglomerate. With their attractive rewards program centered around NeuCoins, coupled with lifestyle benefits like lounge access and fee waivers, these cards are poised to become a popular choice for consumers seeking a rewarding and integrated shopping experience within the Tata universe and beyond. As the Indian credit card market continues to evolve, this launch underscores the growing trend of co-branded cards that cater to specific consumer ecosystems, offering tailored benefits and enhanced value.