Stanchart launches global card

Stanchart’s card customers can now spend in dollars or in 20 other currencies anywhere abroad, and enjoy the benefit of paying in rupees. Repayment on international transactions can be made through dollar drafts, cash or travellercheques.The overall dollar credit limit that a customer gets to have will not be larger than the overall limit that Stanchart sanctions at the time of issuance. Said MasterCard International’s vice president and business manager (south-Asia), Kumar Weerasuriya: "This will call for a considerable level of sophistication on the part of Stanchart to structure its product." "This is a significant milestone in the evolution and development of the payment card industry.

Visa, in partnership with Stanchart, is delighted to empower Indian card holders with the convenience of global utility through a single payment card," Visa International Asia Pacific’s executive vice-president (south-East Asia and Greater China) James G Murray said. Stanchart’s global card is distinguished from similar offerings by others like Citibank, HSBC, Bank of Baroda and American Express in the sense that the first mentioned’s can be used both locally and globally for both corporate and personal expenses. Further, it is available toanyone with an annual income of Rs 60,000 at an annual fee of Rs 700. This unique cost structure makes the Stanchart’s global card priced not on a cost plus basis, but on the basis of delivering far greater value than what a customer is actually willing to pay for," Duggal said.

Citibank’s global card, a separate piece of plastic from its local variant, comes at an annual fee of Rs 4,200, and taken along with that paid on its locally issued card, take total costs to Rs 4,950. Moreover, Citibank global card is restricted to corporate use. A bundled product from HSBC is available at an all in cost of Rs 3,230 on the corporate card front with Rs 2,180 for personal usage.