India’s largest private lender, ICICI Bank, on Monday announced the launch of a new range of co-branded credit cards with Italian luxury sports car manufacturer, Ferrari.
The bank will issue two types of cards: A Ferrari Platinum and Signature Credit Cards. The platinum card would have a joining fee of Rs 999 plus service tax; it would also have an annual fee of Rs 499 each year which would be waived off if spends in the previous year are of Rs 125,000 or above.
For the signature card, the joining fee is Rs 3,999 plus service tax, while the annual fee of Rs 999 each year would be waived off if spends in the previous year touch Rs 250,000 and above.
“This is the first ever Ferrari range of credit cards in the country,” says Kusal Roy, general manager, ICICI Bank.
The top spenders, each year, on the signature card could avail of an all-expense paid trip to an official Ferrari Challenge race and other events in Italy. On the signature card, customers would receive a Scuderia Ferrari watch on joining.
Cardholders would also get discounts on Ferrari branded products at the Ferrari Store in Maranello, Italy, and select merchandise. The cardholders will get complimentary access to domestic airport lounges in India and a ‘buy one get one’ offer on bookings through bookmyshow.com.
ICICI Bank had over 34.69 lakh outstanding credit cards as of November 2015 with transactions of over Rs 2, 379 crore, according to Reserve Bank of India data.
India, though an exciting market for premium and luxury cars, has yet to see demand pick up for super luxury sports cars. Last month, Ferrari launched its 488GTB in India, priced at Rs 3.88 crore (ex-showroom, New Delhi).