In an attempt to make inroads into the young consumer segment, the State Bank of India (SBI) launched a new SimplySAVE credit card on 30 March.
The latest product from the SBI stable offers its users a chance to earn 10 points on every Rs 100 spent on dining out, purchasing movie tickets and shopping for grocery. Additionally, the SimplySAVE card offers a chance to earn a maximum of 2000 points within 60 days of issuance by spending an equal amount using the card. The card also comes with a 2.5% waiver on fuel surcharge at all fuel stations across the country.
“We realized that today’s generation has different aspirations and looks towards experiencing new things with enthusiasm and excitement,” said Vijay Jasuja, CEO, SBI Card, at the launch of SimplySAVE SBI card.
The SimplySAVE SBI card is predominantly targeting young spenders because the banks perceive the Gen-Next to drive their growth, given their spending patterns.
Adding further, Jasuja said, “Their needs and spending patterns have evolved with time. Keeping this in mind, we designed a smart product that resonates with their lifestyle and aspirations while taking care of their savings and enhancing their lifestyle.”
SBI has given the card a chic look by incorporating the design of ‘Mandala’ (a symbolic representation of the Universe) in blue to enhance its visual appeal among today’s young credit card users.