SBI Card Expects 35% Growth in Spend this Year

SBI Card Expects 35% Growth in Spend this Year

Kolkata: SBI Card, one of the leading issuer of credit cards, is expecting its spend growth to be between 30-35 per cent this financial year, an official of SBI Cards and Payment Services said.

“The spending in credit cards industry is witnessing a growth of 20 per cent. For SBI Card, we are expecting a spending growth of 30 per cent to 35 per cent this financial year”, SBI Card CEO Vijay Jasuja told reporters on Wednesday.

Launching the SimplyCLICK SBI Card here, he said that the company would go for more co-branded credit cards to increase penetration.

The future co-branding would be private sector banks, Jasuja said, without divulging the names.

So far, SBI Card was having co-branded credit cards with Oriental Bank of Commerce, Bank of Maharashtra, Karur Vysya Bank, Federal Bank and Bharatiya Mahila Bank.

In terms of SBI Card’s market share, he said that it is 15 per cent, with net growth of around 10 per cent each year. Jasuja said that SBI Card had so far issued 3.2 million credit cards.