ICICI Bank and American Express together signed an agreement in 2003 under which the ICICI Bank can issue American Express branded cards that can be used on American Express’ global merchant network.
ICICI Bank India’s second largest bank and American Express bank one of the world's leading financial services companies, in a joint venture launched two credit cards the “ICICI Bank Ascent American Express® Card” and the “ICICI Bank Business Ascent American Express® Card” .
The ICICI Bank Ascent American Express® Card offers customers a powerful value proposition of accelerated rewards and exclusive privileges for the sophisticated, affluent Indian consumer.
The second card ICICI Bank Business Ascent American Express® Card has been designed exclusively for entrepreneurs who will benefit from the Business Advantage Program featuring attractive savings on business related expenses.
Addressing at the launch, Mr. Sachin Khandelwal, Head Cards Group, ICICI Bank said, “Over time a card reflects upon the purchasing power and the changing lifestyle of a customer. Currently ICICI Bank has over 9.5 million customers and the increasing usage of credit cards in India makes it vital for us to meet the diverse needs of our customers.
The tie up with American Express will provide us with the platform to extend our offerings and the enhanced rewards program will assure our customers greater value every time they use the card.”
Mr. Kula Kulendran, Senior Vice President, Head of Global Network Services for Japan, Asia-Pacific and Australia region, American Express said, “We are delighted to have partnered with ICICI Bank to develop a very relevant and differentiated value proposition and I am confident that customers will be thrilled by this suite of products. Around the world, American Express partners with banks that share our commitment to superior customer service and providing quality products to customers. With ICICI Bank we have found the right partner to meet the needs of the Indian consumer.”
A comprehensive rewards program is attached to the ICICI Bank Ascent American Express Card that offers up to 6% of the value of transactions on the card. ICICI Bank and American Express have aligned with Taj Hotels Resorts and Palaces, Yatra.com and Provogue to create a world class rewards program and attractive year long privileges to card members. The card also offers various services like a personal concierge service, comprehensive travel insurance and the American Express Selects SM program providing exclusive discounts and privileges to card members in India and when traveling overseas.
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