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City Union Bank has launched its first credit card, the Dhi CUB Visa Signature Credit Card, in partnership with credit cards-as-a-service provider 42 Card Solutions.
The private sector bank initially issued the cards to its employees in a trial run, and plans to have around 30,000 active cards by the end of March 2023. Existing customers will be given priority in the issue of credit cards
Customers can apply for the card by logging into the bank’s mobile application, and can get 1.25 per cent cashback on eligible spends. The bank will also offer a free CUB Keychain Debit Card to its credit card customers.
“Backed by the end-to-end credit card processing capabilities and technology of 42 CS and Pismo, we can now introduce newer payment methods and features to our customers with ease,” said MD and CEO Dr N Kamakodi, adding that he expects the new card programme to benefit over 5 lakh customers.
42 Card Solutions will manage the end-to-end credit card processing services for City Union Bank through a cloud-native card management system from Brazilian technology company Pismo.
The company will soon launch the card on the Visa Platinum network, and is in discussions with the National Payments Corporation of India (NPCI) to integrate the card into the Unified Payments Interface (UPI) platform.
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