RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation, offering customers up to 8.5% savings on fuel purchases. The bank expects a moderate growth of 12-15% in its credit card portfolio this fiscal year. The card will be issued via the Mastercard network and offers significant fuel points for every ₹100 spent.
Mumbai: RBL Bank ' Xtra Credit Card ' customers will be saving 8.5% on fuel purchases, the highest in the segment as compared to other co-branded fuel credit cards in the industry, said senior officials of Indian Oil Corporation ( IOCL ). Apple iPhone 16 Launch iPhone 16, iPhone 16 Plus launched: Check price, discounts Apple Event 2024 Live Updates: iPhone 16 launch, Everything you need to know RBL Bank, after its partnership with IOCL, is expecting its credit card portfolio to moderately grow by 12-15% during the current fiscal year, compared to the industry growth of 20-25%. The bank has a current market share of 5.04% of the total outstanding credit cards, according to data from the Reserve Bank of India.
"We have a base of 5.2 million customers on our credit card and will continue to to moderately grow this base and increase banking relationship and have new customer acquisition at a moderate level," said Bikram Yadav, business head-credit cards at RBL Bank, at the launch event in Leh. RBL Bank will be issuing this new card via the Mastercard network.
This partnership with IOCL will offer up to 8.5% savings on fuel purchases to its customers who can earn 15 fuel points for every ₹100 spent, which will be capped at 2,000 points per month.
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