IOB launches credit card

Chennai, Mar 29 (UNI) Indian Overseas Bank, in association with VISA, formally launched its international credit card today.

So far, the bank had been issuing credit cards through Canara Bank for the last 15 years. During the first year, IOB intended to issue one lakh credit cards.

IOB officials, in their presentations, said the interest rate of 16 per cent per annum fixed for rollover credit was ''unbelievably low and among the lowest charged in the credit card industry.'' Other banks were charging 30 per cent interest.

Two kinds of cards, 'Classic and Gold,' under the Visa brand would be initially issued by IOB, which had fixed the maximum credit limit at Rs five lakh. A flat charge of 2.25 per cent was levied for cash advance (minimum Rs 100 per transaction).

Tamil filmstar Vikram, who graced the occasion, lauded the bank, which had a tag line 'good people to grow up with.' Singer Susheela was also given a credit card by IOB Chairman and Managing Director T S Narayanasami.

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