ICICI Bank launches Xbox cards

India's largest private lender ICICI Bank expects 25 per cent growth in credit card business this fiscal, as it sees co-branded cards as an opportunity to expand its presence in the segment.

Launching the co-branded lifestyle credit card with Microsot Xbox 360, a complete digital game product, a senior bank official said under the arrangement, all ICICI Bank credit card holders could buy the gaming consoles in six easy installments without any interest charge.

The buyers would also become eligible for a free Xbox 360, ICICI Bank co-branded card. The new co-branded card is part of ICICI Bank's strategy to expand its card business, which has 6.2 million customers.

"We are planning more such event specific co-branded cards in sectors like entertainment, airlines, hotels and travels," Sachin Khandelwal, head, ICICI Cards Product Group, told PTI after the launch of the new card in the presence of Bollywood star and Xbox brand ambassador Akshay Kumar.

ICICI Bank plans to expand credit card business to smaller cities from 120 locations at present. "We expect 22-25 per cent growth in credit card business this fiscal," Khandelwal said, adding that the spend through ICICI Bank credit card is growing 30 per cent year-on-year.

With credit cards virtually issued free of cost and without annual fees, co-branded credit card business has become a good strategy to attract more customers with value added services packed with each card.

Customers who do not possess ICICI Bank cards can also buy Xbox machines by giving post-dated cheques and later get a co-branded credit card.

The ICICI Bank Xbox card offers reward points on spends and can be used to attend rock shows, parties and vacations.