Axis Bank launches co-branded credit card for the affluent

Axis Bank launches co-branded credit card for the affluent Axis Bank in Tuesday announced the launch a new co-branded credit card that offers a blend of insurance and a number of travel benefits for international frequent flyers.

Available in two versions, viz. World Select and World, the card will allow holders to enjoy reward points redeemable with Europe-based international frequent flyer program Miles & More's partners across various sectors like flights, hotels, car rentals and retail stores.

The private sector lender will provide card holders with a discount of 20 basis points on home loans and 50 per cent concession on processing charges.

However, the card comes at a considerable cost. The joining fee for World Select and World versions of the credit card is Rs 10,000 and Rs 3,500, respectively; while annual fee for the two versions is Rs 4,500 and Rs 3,500, respectively.

Jairam Sridharan, head of consumer lending & payments at Axis Bank, said that the bank launched the new card as customer interest and usage of credit cards had been on the rise.

Speaking on the topic, he said, "Over the past 12 months, customer interest and usage of credit cards has increased with overall card spends in the industry going up by over 30 per cent last year."

Axis Bank has nearly 1.1 million credit card customers, and the loan outstanding on its credit cards is currently at Rs 1,200 crore, which accounts for around 2 per cent of its retail book.