Mukesh Ambani Is Working With SBI To Launch “Reliance SBI Credit Card”, Set To Enter Rs 133000 Crore Indian Credit Card Market…

The brand new product from Asia’s wealthiest person Mukesh Ambani, which is expected to be dubbed ‘Reliance SBI Credit Card’. It will offer clients who purchase the card with “exclusive” benefits.

The rapidly growing co-branded credit card market may soon welcome a new competitor which is the most valuable company.

Reliance has partnered with SBI, a state-owned lender. SBI to introduce two co-branded credit cards that will be available on the RuPay network, which is owned by the company itself. RuPay network, as per documents that were reviewed by CageHeaven.

New reliance SBI credit card launched

India and Asia’s most wealthy man Mukesh Ambani has been expanding the business interests of his company in the financial and online retail sectors. Ambani’s Reliance is currently looking for another major change by launching a co-branded credit card.

Reliance has partnered with India’s most renowned bank which is of the State Bank of India (SBI) in order to introduce two credit cards to RuPay, the Indian local RuPay network, as per an announcement to CageHeaven.

Two cards that are being launched by Reliance credit cards are in collaboration and with SBI are expected to be co-branded and are likely to be named “Reliance SBI Cards’.

The Reliance SBI card offers customers “exclusive” benefits, the report noted. The benefits will include vouchers for Mukesh Ambani’s venture in retail, Reliance Retail, as well as discounted items from RIL’s various offerings such as JioMart, Ajio, Urban Ladder, and Trends.

SBI (or State of Bank of India has announced two brand new SBI Reliance Credit Cards (RuPay) and offers several interesting rewards and benefits. However, how it compares to other credit cards, is an important question to be answered.

SBI (or State of Bank of India has introduced two newly launched SBI Reliance Credit Card (RuPay) and offers various interesting benefits and rewards. Although some users aren’t so enthusiastic about these cards, it is important to be aware of all the details and then decide whether or not you’d like to apply for the SBI Reliance credit cards.

Reliance SBI Credit Cards Details

New Reliance SBI RuPay Credit Card information Reward, Fees, Rewards and more

The report also stated it was reported that SBI briefly confirmed that it had this Reliance SBI credit card on its website, which was later removed.

This major move marks the entrance of India’s largest conglomerate into the rapidly expanding Indian credit card market that saw transactions worth 13,000 crore last year, as compared to the debit card market, which was closed to Rs 53,000 crore worth of transactions.

Credit cards are expected to increase Ambani’s involvement in the finance sector following Ambani’s financial division, Jio Financial Services, which recently made its debut in the insurance and lending market. Jio Financial Services also has plans to launch debit card products.

Reliance’s investment in this credit card business comes at the same time that Jio Financial Services, a Reliance-backed finance company has started insurance and lending companies. in its report for the year earlier in the month, Jio Financial Services said it was planning to introduce debit cards.

Financial services are the newest segment of business for Mukesh Ambani. Asia’s most wealthy man, who is the owner of Reliance Industries.

In the past two years, Reliance has entered and increased its presence in several industries, including telecom and retail to the position of a tentpole. Reliance Retail was recently valued at $100 billion in capital from several investors which included KKR.

Reliance’s involvement in the credit card business also follows Indian salt-to-steel giant Tata Group launching its own cards, in conjunction with HDFC. Tata Neu credit cards have gained popularity over the last year due to the fact that Tata lets customers of one company to the other.

Numerous companies from India such as Paytm, Zomato, Swiggy, and Ola have also introduced co-branded credit cards in recent times. The cards offer the companies the opportunity to diversify their sources of revenue make more efficient use of customer information, and encourage spending.

These cards, which are often loaded with a variety of benefits, increase customer loyalty and offer an attractive entry point to the nation’s growing middle-class market, helping to boost the growth of an aggressive market, say analysts.

However, they have typically offered limited credit limits for consumers, which has sparked a rift with their highest-spending customers. The Pune-based fintech giant OneCard is among the few companies in India that has managed to gain traction with powerful users of the country by offering co-branded credit cards.

SBI recently announced its biggest-ever quarterly net profit of 16,884 crores in April-June 2023. The bank also granted loans for the Ola Electric EV business ahead of their IPO. Overall it’s been a successful year for the state-owned bank.

In a recent report by our reader, two brand fresh SBI Reliance Rupay credit cards were discovered one of which can be described as SBI Reliance RuPay Credit Card and SBI Reliance Prime Rupay Credit Card.

The Reliance SBI co-branded credit cards provide a variety of voucher benefits. However, the problem is that the vouchers can only be used for companies owned by Reliance or in which Reliance holds an interest.

Let’s review these SBI Reliance Credit Card Welcome benefits to get a better understanding of the following:

SBI Reliance Credit Card Welcome Benefits
RewardsSBI Reliance Rupay Credit CardSBI Reliance Prime Rupay Credit Card
Reliance TrendsRs.500 voucher with minimum purchase Rs.2499Rs.100 voucher with minimum purchase Rs.3999
AjioRs.250 vouchers for the purchase of a minimum of Rs.1499Rs.750 vouchers with a minimum purchase of Rs.3999
CentroRs.500 vouchers with a minimum purchase of Rs.3000Rs.1000 voucher for purchase of minimum Rs.6000
Zivame / CloviaRs.300 voucher with minimum purchase Rs.1199Rs.500 vouchers with a minimum purchase of Rs.1999
ConverstoryRs.250 voucher with minimum purchase Rs.1499Rs.2500 (max 10 percent of the bill value)
JioMartRs.100 voucher on purchase minimum Rs.500Rs.250 voucher with minimum purchase Rs.1250
Urban LadderRs.500 vouchers for the purchase of a minimum of Rs.4999Rs.2500 (max 10 percent of the value of the bill)
FashionFactoryRs.500 vouchers with a minimum purchase of Rs.1499Any denim Rs.999 (using promo code)
Netmeds OnlineRs.200 voucher with minimum purchase Rs.1499Rs.500 vouchers for the purchase of a minimum of Rs.1999
Reliance JewelsNARs.2000 voucher on purchase with a minimum amount of Rs.49,999 Diamond Jewellery

In addition to these benefits for welcome In addition to these welcome benefits, SBI Reliance also offers a welcome bonus.

SBI Reliance co-branded credit card provides a 3,000 Reliance Retail voucher to pay for joining costs for cardholders with Prime variants. It also offers 500 INR worth of Reliance Retail vouchers for non-prime cardholders.

If you look at the rewards looking at the rewards SBI Reliance Credit Card benefits aren’t exactly the most attractive. The worth of one reward per point amounts to 0.25 INR for the prime and non-prime versions of the Reliance SBI Credit Card.

But, with the prime variant of the card, users can receive 10 reward points per 100 dollars spent, compared to 5 reward points for every 100 spent in the regular version. If we look at it in comparison to other credit cards such as Axis Ace, Flipkart Axis as well and Amazon Pay ICIC You can earn higher rewards you earn by using these cards.

Here’s an example to get a better understanding of this:

SBI Reliance Rewards Price Comparison (Savings on transaction value of Rs.10,000)
SBI Reliance Prime RuPay Credit CardSBI Reliance RuPay Credit CardFlipkart Axis Bank Credit CardAmazon Pay ICICI Credit Card (non-prime + LTF)Axis Ace Credit Card
1 RP = 0.25 (10 RP/100)1 RP = 0.25 (5 RP/100)1.5%1.1 percent (2 percent for Prime members)2%
250125Rs.150Rs.100Rs.200

It is evident that when using Reliance SBI Cards, you could save Rs.125 for an amount of 10,000 in a single transaction. Using other cards, you could earn higher reward points of 200 or more.

For this card, the SBI Reliance Prime credit card you can earn higher rewards compared to other cards listed within the table.

But, wait a moment We need to tackle the issue first which is two 1.) the cost associated with the co-branded SBI Reliance cards.

There is a fee for the SBI Reliance Credit Card fee is Rs.499 + GST. The annual fees are the same however you can use the SBI Reliance Prime Credit Card is charged at Rs.2999 plus GST.

2.) The reward points mentioned above can only be used on transactions, with the exception of UPI. When UPI-based transactions are used, the reward points are less.

Customers can now connect their RuPay credit card to UPI to allow UPI transactions, however, this restriction on reward points for UPI payments is less favorable.

Concerning the eligibility criteria for the SBI Reliance credit card, there aren’t any specifics yet available. You can however visit this thread to find out more about other advantages, features, and milestone rewards of this SBI Reliance card.

Please share your thoughts about this innovative SBI Reliance credit card. Do you have a view about these cards? Are they worthy of applying for? If not, what’s an alternative to these?

Dibyajyoti Bordoloi (CS, MBA Finance & Accounting) is the founder of CageHeaven.com. He is a Practising Company Secretary and a real estate and stock market investor. He is the owner of CS Bordoloi and Associates. He is a commerce graduate from Darrang College, Tezpur, Assam. Later on, he pursued his higher studies at the Institute of Company Secretaries of India (ICSI), and completed his MBA (Finance) degree from Guwahati University. With over 16 years of experience in finance and accounting, he teaches personal finance to non-technical common people like you how to do it the right way. He is a proud member of the Chamber of Real Estate and Builders Association (North-East India). He is also a successful Investor and Trader in Equities and Real Estate.