Tata credit card holders will soon be able to instantly use the reward points they earn to have a cup of coffee or snacks by swiping their card.
This value addition to the Tata Credit Card, a co-branded card of SBI Card, Tata group and MasterCard, is likely to be launched in a week or two.
At present, customers of most of the credit cards need to call up the company's call centre and after processing their vouchers are mailed, the entire thing takes about 20 days.
"Under the second phase of Tata Credit Card launch, customers can redeem reward points instantly online," SBI Card CEO Roopam Asthana told PTI.
For every Rs 100 spent, a customer can earn up to six Tata Reward Points from partner brands like Westside, Taj and VSNL, and one point when they shop anywhere else using the Tata Cerdit Card.
For example, if a customer buys a Voltas air conditioner, he can go to a hotel and swipe his card to have a cup of coffee by using reward points, Asthana said.
This is a new edge technology brought in by GE Money, Asthana said, adding that if it succeeds then this facility will be added to other SBI Card products. SBI Card, the second largest credit card company in India, is a joint venture between State Bank of India and GE Money.
Tata Credit Card, a credit-cum-coalition loyalty card, was launched in February to tap the huge customer base of Tata Group by rewarding them each time they shop.
For customers, who do not want to go for the credit card, but shop at Tata brands can go for Tata Privilege Card to enjoy the same loyalty benefit programme.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group