Federal Bank launched its credit card in association with Visa in a bid to to improve unsecured, high-yielding book and complete the suite of banking products it offers.

The private sector bank has launched three variants of the card — Celesta (for high net worth individuals), Imperio (for family oriented customers) and Signet (targeted at young, early professionals), a statement said.

According to the product brochure, the interest per month on the uncleared credit card dues starts from 0.49 per cent. This works out to an annualised percentage rate of 5.88 per cent.

Shyam Srinivasan, MD & CEO, Federal Bank said: “Our credit card is completely digital with a 3-click application approach which would make the card instantly available for use on FedMobile, our mobile banking application.”

Immediate availability on app

The card is immediately available for use in FedMobile, the bank’s mobile banking application, and the physical card will be delivered in due course.

The bank is also planning to launch variants of the RuPay credit card in association with the National Payments Corporation of India (NPCI).

TR Ramachandran, Group Country Manager, India and South Asia, Visa, said: “With the number of credit cards in the country currently far lower than credit eligible customers, we see great potential in partnering with the bank to scale up through such partnerships and offering consumers the convenience and benefits of paying by credit cards.”