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SBI Cards is a subsidiary of the State Bank of India (SBI), one of the largest banks in India. SBI Cards and Payment Services Limited (SBICPSL) is the second-largest credit card issuer in India after HDFC Bank, providing a wide range of credit card products and services to customers. The company has the huge advantage of the Large Customer base of SBI. The company was listed in March 2020. SBI Cards offers various types of credit cards tailored to suit different customer needs and preferences.
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SBI Cards and Payment Services Limited, formerly known as SBI cards, is a payment solutions provider in India. SBI Card was launched in October 1998 by the State Bank of India. On May 15, 1998, SBI Cards and Payment Services, Limited was started as a private limited company with SBI Cards and Payment Services Private Limited. SBI Cards and Payment Services Limited added new types of cards & got several accolades and recognitions for its performance, quality and service.
The name was changed to 'SBI Cards and Payment Services Limited' on converting the Company to a public limited company according to a special resolution passed by the shareholders on August 2, 2019. It was registered as a non-public deposit-taking Non-Banking Finance Company according to a certificate of registration issued by the Reserve Bank of India. SBI Cards and Payment Services Limited added new types of cards & got several accolades and recognitions for its performance, quality and service.
SBI Cards is the 2nd largest credit card issuer in India, with a 17.6% & 18.1% market share of the Indian credit card market. The main objective of the SBI Card is to provide Indian customers access to an extensive array of world-class, value-added payment products as well as services. The state-of-the-art products & services of the SBI Card, along with its responsible corporate citizenship practices, build the foundation of delivering on this promise.
It has a comprehensive product portfolio that comprises classic, premium, travel, and shopping, exclusive and corporate cards to serve individuals and corporate requirements. Its dedicated & customer-oriented approach has received several industry awards & recognitions for customer service, product innovation, branding, & marketing.
State Bank of India & The Carlyle Group attained GE Capital`s stake in SBI Card in December 2017, post which SBI held 74% & Carlyle held 26% in the Company.
SBI Cards and Payment Services Limited have different cards for different requirements that best suitable to customers, such as:
Lifestyle Cards
Reward Cards
Shopping Cards
Travel & Fuel Cards
Banking Partnership Cards
Business Cards
In 1998: SBI Card entered the credit card space.
In 2003: It has set up eight Cities Affinity Cards with special tie-ups & offers.
In 2006: It set up SBI Railway Cards for Indian Railway travellers. It has set up co-brand cards, SBI Spicejet Card, and TATA Cards, India’s first loyalty cum credit card.
In 2010: It has launched SBI Platinum Card launched.
In 2011: It has launched chip-based EMV Cards.
In 2012: It has launched SBI Signature Card for HNIs.
In 2013: it launched the Air India SBI Signature Card and the Air India SBI Platinum Card.
In 2014: It has launched the fbb SBI STYLEUP Card.
In 2015: It has launched SimplySAVE and SimplyCLICK SBI Card.
In 2016: It has launched SBI Card ELITE.
In 2018: It has launched the Doctor’s SBI Card & Apollo SBI Card.
In 2019: It has launched SME Business Card, OLA Money SBI Credit Card, Etihad Guest SBI Card, and Allahabad Bank SBI Card.
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