ICICI Bank, India’s largest private sector bank has decided to discontinue its co-branded credit card with Kingfisher Airlines, on the back of continued grounding of the debt-laden air carrier. As per the decision ICICI Bank Kingfisher Airlines Credit Card will be valid till March 31, 2013. The bank has asked card users to opt for another credit card from the bank.
The lender is planning to issue ICICI Bank platinum visa credit card to users of the ICICI-Kingfisher card without any annual fees from March 15 onwards with the same interest rate and credit limit as that on the existing card. The bank used to be a major lender for the ailing airline, but later sold off its entire Kingfisher debt of Rs 430 crore loans to a debt fund managed by SREI Infra Finance in July 2012.
