New Delhi, Sept 11: Indian Oil Corp and Citibank, pioneers of the co-brand fuel credit cards, today marked a decade of successful partnership with the launch of a new co-brand card exclusively targetted at the burgeoning small business and professions (SBP) community.
The Indianoilo-Citibusiness card was formally launched here by IOC Executive Director (Retail Sales) A M K Sinha and Citibank Business Manager (Cards & Unsecured Loans) T R Ramachandran.
IOC and Citibank came together in 1997 to launch the country's first co-branded fuel credit card in the country. In 2003, they partnered to launch the Indianoil Citibank debit card, the gold card in 2004, and in 2006, both companies partnered Maruti to introduce the country's first 'loyalty cum rewards programme - the Maruti Suzuki autocard.
The co-branded cards to a business of Rs 24 crore a month which the two firms want to raise to Rs 400 crore by March 2008, Ramachandran said.
The credit cards would have higher credit limits ranging from Rs 5 lakh to 15 lakh.
This card would also has the richest rewards programme in the country and deliver upto 5 per cent savings on fuel purchase on the card at IOC petrol stations including a 2.5 per cent surcharge waiver, Sinha said.
Bureau Report
