Axis Bank and Vistara have come together to launch their contactless credit card on the VISA network platform. The co-branded credit card from India’s third largest private sector bank and India’s fastest growing carrier service has a range of benefits for the business class and leisure travellers.
The co-branded credit card has three types: Infinite, Signature and Basic. All the three cards offer benefits associated with the Club Vistara frequent flyer program. However, these benefits will depend on cardholders’ travel frequency and preferences. Some of the special features of the card include enhanced insurance coverage and lost card liability. The offered limit of air accident cover is up to Rs 2.5 crores and that of liability protection is up to the value not exceeding the card’s credit limit.
With over 2.5 million of credit cards in circulation, Axis Bank is currently the fastest growing card issuer both in terms of spends and the number of cards. The bank does all its credit card business with its existing customers and is now the 4th largest based on cards in circulation. According to the Executive Director of the bank, Mr. Rajeev Nandan, about 70% of the cards from the bank are issued to the first-time users. Also, 50-60% of the issued cards are actively used.
When asked about the latest addition of the contactless Axis Vistara Credit card to the wide range of cards, Mr. Rajeev said that the range will help Axis strengthen its foothold in the travel domain, a key spend area that requires special cards.