SBI Card, India's largest pure play credit card issuer, and American Express, the globally integrated payments company, have entered a strategic partnership. With this partnership, SBI Card's top end products - SBI Card ELITE and SBI Card PRIME will be available on American Express' global network.

SBI Card ELITE and SBI Card PRIME cardholders will benefit from American Express' local and global network offers, access to Elite tier membership, complimentary domestic lounge program, access to VIP upgrades and privileges at hotels, restaurants and retail outlets around the world and unique experiences like pre-ticketing access to sporting and entertainment events such as Wimbledon and US Open.

SBI Card ELITE and SBI Card PRIME on American Express platform will come at a joining fee of Rs 4999 and Rs 2999 respectively. Currently, the cards have been launched in Delhi NCR and Mumbai and will gradually be extended to other cities in the American Express network. The announcement was made during trading hours today, 29 September 2020.

Shares of SBI Cards & Payment Services rose 0.65% to Rs 846 on BSE. It has soared 70.82% from its 52-week low of Rs 495.25 hit on 22 May 2020.

SBI Card is the second largest credit card issuer in India, at present. Its net profit rose 13.8% to Rs 393.29 crore in Q1 June 2020 compared with Rs 345.60 crore in Q1 June 2019. Total income fell 4.7% year-on-year (YoY) to Rs 2,195.60 crore during the quarter.

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