Travel is by far the largest spend on credit cards, and StanChart's strategy is one of locking into the same by leveraging its association with Cox & Kings, the domestic partner of Business Travel International (BTI), a consortium of travel companies.

As StanChart's head-card services, Harpal Dugal, says, "ours is the only offering in this genre that cuts across airlines, routes and not time-bound. The objective is to provide real value in the travel and entertainment business that will be cherished and utilised by card-members...for us, these are long-term programmes and not mere tacticalpromotions".

Cox & Kings will offer support systems on the travel side with car-hire, rail bookings and foreign exchange services, and documentation as also a 15 per cent discount on travel documentation like passport and visa. StanChart card members can now book tickets over the telephone, and will have dedicated Cox & Kings personnel to service the banks customers.

The StanChart-Cox & Kings partnership brings tangible cost-benefits to the retail customer, unlike their co-branded card launched a few years ago, mainly targeted at companies.

"The discounts that we will now be able to offer will be available to each and every individual card holder...it will be nothing short of what a reputed travel agency will offer to large corporates only," said Dugal.

Adds StanChart's senior manager, marketing & sales (card services), Subbu Vaidyanathan, "A StanChart `Gold Standard' card holder can save more than Rs 2,000 in six trips between Mumbai and New Delhi, and this is equivalent to his annual card fee. Thiswill help card holders, especially those who are self-employed and those working in small and medium concerns get a far greater value".

`Rasoi', the bank's dining programme for card holders is in its third year including 300 restaurants up from the 100 until recently.

StanChart's card base now stands at close to half-a-million. In 1997-98, the bank added 1,80,000 new members, and topped in Visa card issuances by accounting for 50 per cent of fresh cards as also receivables.

StanChart on Wednesday reported a 19 per cent fall in pre-tax profits for 1998 and warned that conditions would remain hard this year. Profits amounted to -- 703 million from -- 870 million in 1997.

Provisions for bad and doubtful debts rose sharply to -- 436 million pounds from -- 156 million, including a charge of -- 386 million pounds arising mostly in Hong Kong and Asia-Pacific region and a -- 50 million general provision. New chief excutive, Rana Talwar, warned that 1999 will be "another challenging year as the economicenvironment in our major markets is not likely to improve dramatically. There will be continuing uncertainty and I do not expect significant growth to resume this year".