All credit to Ed Sheeran as Kotak bank's cards business receives a big boost
Kotak Mahindra Bank credit cards ahead of his debut India tour next spring.
A relative straggler among large private banks in signing up new credit-card customers, Kotak Mahindra has tied up with the organizers of Sheeran's Mumbai show — and that has helped the lender sell more cards than it did through any other promotional to date.
On average, India's third-biggest private lender by market value receives 5-6,000 credit card applications a day. But a pre-sales offer tied to Sheeran's March 16 show in Mumbai's Mahalakshmi Race Course caused that number to surge to 30,000 a day.
«We have seen a fivefold increase in applications for our premium credit cards — the white and white reserve cards — following the pre-sale announcement,» said Frederick D'Souza, Business Head, Credit Cards, Kotak Mahindra Bank.
Pre-sale tickets for Ed Sheeran's performance, with a minimum price tag of Rs 7,500 each, were available for Kotak Bank white credit card holders for Rs 5,500.
These tickets, priced between Rs 7,500 and Rs 28,000, were available for presale for two days for Kotak Mahindra Bank credit cardholders.
Kotak cardholders, particularly those with the white card, bought their tickets at a discounted rate of Rs 5,500, while others had the opportunity to purchase them for Rs 7,500.
Kotak Mahindra Bank has tied up with various artists and performers in the past, offering cardholders exclusive privileges at concerts and shows.
«Indians are more globally connected now than ever before and desire the best of the world, right here in India,» said D'Souza. «At Kotak, we appreciate the growing demand in India for premium live entertainment featuring international artists.»
The bank had previously been associated with events like the
