StanChart launches insurance tagged credit card

Standard Chartered Bangladesh today launched a credit card for the local market that comes with insurance coverage facilities.

The bank brought the card to the market in association with MetLife and Mastercard and claimed it is Bangladesh's first such card which will provide customers' with insurance coverage.

The "Assurance Credit Card" was unveiled at a programme at the Pan Pacific Sonargaon in the capital where Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh; Syed Mohammad Kamal, country manager of Bangladesh at Mastercard, and Ala Uddin Ahmad, chief executive officer of MetLife Bangladesh, were present.

The newly introduced co-branded credit card enables users to avail insurance and lifestyle benefits in tandem, the Bangladesh chapter of the British multinational bank said.

The Assurance Card, which boasts zero annual fees for the first year, will help customers to cover the cost of medical and healthcare related expenses as well as death and disability coverage of up to Tk 5 lakh, it said.

"A never-before-seen benefit includes coverage of up to Tk 3,000 per day for hospital stays. When charging the Assurance Card at major health centres across Bangladesh, customers will also be able to take advantage of discounts of up to 35 per cent," the bank said.

The card users will also enjoy a range of lifestyle offers such as a free priority pass, year-round access to airport lounges and facilities, and 'buy one get one' free benefits at selected retailers and restaurants.

Assurance Card customers will be able to earn reward points – which can be used later on to waive annual fees, the bank said.

With the insurance premium, the customers will be able to reap the benefits of MetLife's comprehensive health and life insurance plans from day one, officials of the bank said.