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MTV, in its continuing efforts at targeting the youth in all possible ways, yesterday launched CO-branded credit cards in association with Citibank India and Mastercard in a typically MTV style fun-packed function in south Mumbai.
Alex Kuruvilla, MD, MTV India, while unveiling the card, said: "The launch of the credit card in association with Citibank is one step ahead in the ‘MTV 360 degree brand juggernaut‘ which we initiated this time last year when we were known only as music channel. After one year, I am happy to say that successful initiatives like the MTV Style clothes range, MTV Youth website as well our tie-up with Planet M have prompted us to take the next step."
When asked what the tie-up with Citibank for providing the credit card service involved, he said: "We will basically be providing all kinds of marketing expertise like making promos and all the creative work will be done by us. All our events will be used to promote the card. We will be using the channel to promote sales." About how MTV would add value to the card he said it would add tremendous value as "we will be bringing lots of relations like the cardholder will get special discounts on the MTV Style clothing range and special events organised by us like the MTV concerts. So apart from the general discounts and facilities provided he will be getting much more value addition."
About the expected response to the cards he said: "Our target customer is the youth and that is the single largest growing segment in the market. We have established ourselves strongly in this segments, so we will definitely help in promoting the new venture. MTV will not invest separate funds for the project. We will not add to our workforce or set up a new team but make use of the present set-up only."
Actual ground marketing and all other backend services like processing, service, billing etc will be done by Citibank. Talking on the new venture Atul Malik, director marketing (cards), Citibank India said: "We have looked at it as a product for the ‘Young at Heart.‘ Even the appearance of the card is very colourful and different from the regular cards. We have tied up with 100 outlets in Mumbai covering book stalls, pubs, gyms, etc. which are like regular hangout points for the youth where they will get discounts which is an added attraction for the customer."
Initially, the service will be started in Mumbai and then will be taken to Delhi, Bangalore and Pune in a phased manner. The yearly fees is Rs 750 and the features are the same as the Citibank Silver International card.
"We have set ourselves a target of selling 50,000 cards for the year," Malik said. MTV has plans to take it to other cities in future. Both parties were tightlipped about the revenue sharing arrangement between MTV and Citibank.
The first card was handed over to Bollywood actor Ajay Devgan by Nanoo Pamnani, CEO and global consumer bank head, Citibank India.
