New Delhi: Future group headed by Kishore Biyani has got the approval from RBI to issue credit cards. The company's financial service arm will be given the responsibility to handle this venture. The largest private sector bank ICICI has tied up with Future Group to give its credit card business a head start.

Future Group is planning to launch a credit card aptly named as the Future Card. This credit card will offer reward points to customers who shop at both the Future Group's retail outlets (Pantaloons, Central, Big Bazaar and Food Bazaar) or at any other store. However, the reward points earned will depend on loyalty since it is positioned as a credit-cum-loyalty credit card. Four loyalty points will be given for every Rs. 100 spent at Future Group's retail stores while other purchases will earn 1 loyalty point per Rs. 200 spent.

Future Group already has a few co-branded credit card with ICICI Bank. The ICICI Bank Big Bazaar Shakti Credit Card is a especially designed for women and has the following features:

• Specially Designed for Women
• Get Voucher worth Rs 250 to be redeemed against purchase of Rs.500 or more at any Big Bazaar Outlet on payment through the ICICI Bank -Big Bazaar Credit Card.
• 4 reward points on every Rs. 100/- spent at Big Bazaar (Except EMI Purchase)
• Special payment counters for Cardholders.
• 1 kg sugar free every month for 12 months.
• Priority entry to Cardholders during high traffic.
• Special preview day during annual sale at Big Bazaar.
• Exclusive offers for Cardholders from time to time.
• No Finance charges on EMI Purchases at Big Bazaar. On a purchase of Rs.1500 and above in a single transaction, you can pay back the amount in 3 equal monthly installments, without incurring any financing charges. You also get 1 Reward Point per Rs 100 of EMI purchase (To avail this offer please request the merchant to convert your purchase into an EMI).
• All Rewards points earned can be converted into Big Bazaar Vouchers.

The ICICI Bank Big Bazaar Silver Credit Card is another such co-branded credit card and has the following features:

• No Finance charges on EMI Purchases at Big Bazaar. On a purchase of Rs.1500 and above in a single transaction, you can pay back the amount in 3 equal monthly installments, without incurring any financing charges. You also get 1 Reward Point per Rs 100 of EMI purchase (This scheme is optional and has to be availed before using the Credit Card for the purchase, at predesignated ICICI Bank terminals).To avail this offer please ask the merchant to convert your purchase into EMI.
• Get Voucher worth Rs 250 to be redeemed against purchase of Rs.500 or more at any Big Bazaar Outlet on payment through the ICICI Bank -Big Bazaar Credit Card.
• 4 reward points on every Rs. 100/- spent at Big Bazaar (Except EMI Purchase) 1 reward point for all non Big Bazaar purchases for every Rs.200 spent(To earn the additional reward points at Big Bazaar please swipe your card on an ICICI Bank EDC only)
• Special payment counters for Cardholders.
• Priority entry to Cardholders during high traffic.
• Exclusive offers for Cardholders from time to time.
• Regular features of ICICI Bank Sterling Silver Card and facilities of Big Bazaar.
• All Rewards points earned can be converted into Big Bazaar Vouchers.
• Zero Lost Card liability.
• Terms and conditions of ICICI Bank Big Bazaar Credit Card Holiday Voucher Offer.
• Terms and conditions of ICICI Bank Big Bazaar Credit Card Airline voucher Offer.
• Comprehensive Travel Benefits.

Future Group's Big Bazaar also has a Gold credit card with ICICI Bank. Called the ICICI Bank Big Bazaar Gold Credit Card, this credit card brings the following benefits to the cardholder:

• No Finance charges on EMI Purchases at Big Bazaar. On a purchase of Rs.1500 and above in a single transaction, you can pay back the amount in 3 equal monthly installments, without incurring any financing charges. You also get 1 Reward Point per Rs 100 of EMI purchase (This scheme is optional and has to be availed before using the Credit Card for the purchase, at predesignated ICICI Bank terminals).To avail this offer please ask the merchant to convert your purchase into EMI.
• Get Voucher worth Rs 250 to be redeemed against purchase of Rs.500 or more at any Big Bazaar Outlet on payment through the ICICI Bank -Big Bazaar Credit Card.
• 6 reward points on every Rs. 100/- spent at Big Bazaar (Except EMI Purchase) 1 reward point for all non Big Bazaar purchases for every Rs.200 spent(To earn the additional reward points at Big Bazaar please swipe your card on an ICICI Bank EDC only)
• Special payment counters for Cardholders.
• Priority entry to Cardholders during high traffic.
• Exclusive offers for Cardholders from time to time.
• Regular features of ICICI Bank Sterling Silver Card and facilities of Big Bazaar.
• Terms and conditions of ICICI Bank Big Bazaar Credit Card Holiday Voucher Offer.
• Terms and conditions of ICICI Bank Big Bazaar Credit Card Airline voucher Offer.
• All Rewards points earned can be converted into Big Bazaar Vouchers.
• Zero Lost Card liability.
• Comprehensive Travel Benefits.

However, one thing common with these three co-branded credit cards is that they offer reward points only for shopping at Big Bazaar outlets, while the Future Card will extend this to other outlets as well. Future Group will give the existing 5 lakh plus customers of these credit cards an option to migrate to Future Card. ICICI Bank will decide on the terms and conditions of the Future Card while Future Group will handle the responsibility of collecting credit card applications, marketing and distribution of the credit card. For every acquisition of Future Card, Future Group will receive an acquisition fee of Rs. 600.