As per the agreement, IOB will distribute the co-branded platinum and gold charge credit cards of American Express premium to its high-end customers.
To be available for the customers from May this year, the co-branded card will have the logo of both IOB and American Express.
The platinum card will come with an annual fee of INR10,000 and a life time fee of INR50,000.
The gold charge card, with an annual fee of INR4,300, would be free for customers joining through IOB for the first year.
IOB, which had launched its credit card in the year 2006 but out of its total customer base of 105,000, only 37,000 had credit cards. With this tie up, the bank expects to boost its credit card business.
