IDBI Magic Card – What will you do to get it?
IDBI Magic Card – What will you do
to get it?
In
a single stroke, IDBI Bank has changed the rules of
1. Electronic Payments Industry
2. Salary Account acquisitions
3. Bank Brand Marketing
IDBI
Bank via its launch of ‘Magic Card’, has broken through the clutter of the Banking
products, and has raised the barrier for salary accounts acquisitions.
Yes,
other banks will launch similar products, but IDBI will be pioneer in this segment.
The
‘Magic Card’, is idea is so simple, that it was there for all Bankers to see
it, but only IDBI Bank could visualize it and bring it live.
The
highlights of IDBI Bank’s Magic Card are :
1) It encompasses the features of a Debit Card with a
credit limit.
2) The interest charges are less than a regular credit
card.
3) This
card incorporates the features of Debit Card as well as Credit Card. It will
work as a debit card till the account holder has balance in account, once
balance is zero it will start functioning as a credit card.
4) This combination will lead to massive reduction in
hassles faced by people in managing their transactions through multiple cards.
5) The card will be offered to eligible salary account
holders of IDBI Bank and the credit limit would be a multiple of the monthly
salary earned by the card holder.
6) The credit
limit will be either two or three times of net salary depending on the
rating of the organization.
7) There is no processing fee for the card, neither any
charge’s for cash withdrawal, with a
daily limit of Rs50, 000/- from any bank ATM or purchase transaction.
8) There would also be loyalty points for amount spent
for purchases and insurance cover for lost/stolen/counterfeit cards etc.
QUOTE
'The
card will work as a debit card till the account holder has balance in it but
once exhausted, any further withdrawal or expenditure on the card, magic card
will act similar to a credit card,' IDBI Bank Chairman and Managing Director R
M Malla said.
UNQUOTE
The
press release can be accessed @
Interesting post
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