Future Group Ventures into Credit Card biz with ICICI Bank

It could be a venture that could bring one of the most innovative companies in their respective businesses to launch a co-branded credit card.

Future Group’s financial services arm, Future Capital Holdings has tied up with India’s largest private sector bank, ICICI to launch Future Card, which is a credit card cum loyalty card. As opposed to the current ICICI Bank Big Bazaar card, this card would offer customers discounts and benefits across all Future Group stores such as Pantaloons, Central, Big Bazaar, Food Bazaar, Home Town, e-zone among others.

Customers will receive four loyalty points for every Rs 100 spent at Future group’s retail stores and one loyalty point for every Rs 200 spent outside the group’s retail stores. All 5 lakh existing holders of ICICI Bank Big Bazaar card would have option to migrate to Future Card.

While ICICI will do all the legal work along with collection and recovery of money from card holders, Future Group would market and distribute the cards for which it will receive Rs.600 for every new credit card issued.