‘Sapnay’ card: Targets durables - Views on News from Equitymaster

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‘Sapnay’ card: Targets durables

Feb 16, 2001

Standard Chartered Bank has added one more credit card in their product portfolio and expanded its range by launching `Sapnay'. The new credit card is targeted at the mass market. The global credit card is launched in association with MasterCard and allows consumers to buy products and services of their choice in easy monthly instalments at zero per cent interest. The annual fee for the new credit card is Rs 400. The cardholder can buy a durable from any of the companies like BPL, Kinetic, Titan, SITA Holidays and others that Standard Chartered has tied up with, on a loan and repay it in 12 monthly instalments. Consumers are required to pay just 2% upfront as service fee and the remaining is divided over 12 months period. The bank is in the process of expanding tie-ups with other durables companies.

The new card is expected to increase the bank’s customer base. At present Standard Chartered Group is the largest issuer of credit cards in India with over 815,000 card member of its own and 235,000 Grindlays cardholders. The average card spend is Rs 2,400-2,500 per month while in the case of the Classic card, the average card spend is Rs 1,500 per month.

The new credit card ‘Sapnay’ appears to be an extension of ‘InstaBuy’ that allowed card members an unique and exclusive facility for availing convenient low interest EMI (equated monthly instalment) billing options for a wide range of high value purchases –durables, computers, 2 wheelers and cell phones.

The new card is beneficial to the consumers as it allows them to buy durables without any extensive credit check in terms of income proof, residential proof, bank identification details. These are the absolute minimum details that one needs to furnish to finance companies for availing any type of loan. But if you have ‘Sapnay’ in your hand you don’t need to arrange for these documents. You can buy the durable of your choice, by simply flashing the new credit card from Standard Chartered Bank.

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