Vroom and Eastern Bank launch co-branded credit card, simplifying payment for fuel and services for car owners
Vroom, a 360-degree online platform for vehicle services based in Dhaka, has launched a co-branded credit card in partnership with Eastern Bank Limited (EBL) called EBL Vroom Oil and Gas Card with the ambition to simplify payments for vehicle-related services for vehicle owners. If you own a car, you know, counting vehicle fuel and service costs is a challenge. While people complain about the problem, there aren’t many viable solutions. With the card, Vroom aims to close the gap.
The product adds to Vroom’s overall strategic ambition to become an automotive services platform. It will also help attract new customers for its other services while improving retention of existing customers.
The card can be issued as a base card for car owners or as an additional card for the spouse or parent or driver (s) of the EBL Visa / MasterCard base card.
Managing payments for fuel and auto services can be a challenge for car owners. Tracking costs is a challenge. Making the driver (s) responsible comes with difficulties. Budgeting is often a missed opportunity. Therefore, as a car owner, you always spend more than what is necessary. And any attempt to control costs often amounts to passing water through a sieve.
The EBL Vroom Oil & Gas card simplifies the whole problem. If you own a car, you can issue an additional EBL Vroom Oil & Gas card to your driver for your usual fuel expenses, set a spending limit on the card, and receive notifications on every transaction. This makes expense tracking effortless. You know where your money is going. Taking steps to control costs and empower your driver (s) is now possible.
The EBL Vroom Oil & Gas card includes a long list of benefits, including:
- More than 100 gas stations across the country are currently accepting the card and the number is growing.
- You don’t need cash to buy fuel
- The card can be issued as an additional card for the spouse / parent / driver and comes with an optional user photo printing option for added security
- You can set spending limits and get all of your fuel bills in one monthly statement. As a Base card holder, you can be notified for each transaction
- Restricted ATM and online use
- Card owners get several additional Vroom perks, including 2 free Vroom car washes per year, 25% off year-round car polish, free annual Vroom health check, 5% off on the purchase of auto parts, a priority service at Vroom Workshop and Consulting team dedicated to automotive engineers on call for any problem related to the vehicle.
How to profit
The EBL Vroom Oil & Gas card can be issued as a base card for car owners or as an additional card for the spouse or parent or driver (s) of the holder of the EBL Visa / MasterCard base card.
If you are a primary cardholder using Visa or Mastercard branded credit cards, you are eligible for an EBL Vroom Oil & Gas card for your spouse or parent or driver (s).
The first two additional cards (including the EBL Vroom Oil & Gas additional card) issued against the main card are free. The EBL Vroom Oil & Gas card can currently be used at over 100 petrol stations across the country where Visa and Mastercard payment network cards are accepted. This number is increasing every day.
The card is primarily designed for the driver (s) of primary cardholders so that they can use the card to purchase fuel and other vehicle related services. It can also be issued to the spouse or relatives of the main cardholder; in case they buy fuel regularly.
Launching a co-branded credit car is a smart move on Vroom’s part. If the company can achieve its ambition, it will open up more opportunities for Vroom. As you can see from the list of benefits the card offers, not only does it simplify the payment of vehicle-related expenses for a vehicle owner, but it also ties in with Vroom’s other services. This means that many EBL Vroom Oil & Gas card owners will eventually convert to other Vroom services, thus enabling a virtuous circle of customer acquisition.
Vroom aims to build an ecosystem of automotive services. The company aims to automate the automotive service industry in Bangladesh, simplify vehicle services, and reduce challenges for car owners. To this end, the company has launched a wave of innovation by launching new products and services to meet the challenges of vehicle owners. We have already talked about Vroom’s strategic ambition in How Vroom is Building an End-to-End Platform for Vehicle Services in Bangladesh:
âOne approach to seeing Vroom is for the company to build an ecosystem of vehicle management services. This has also been made possible by the dynamics of the industry. The vehicle is a connected industry. Offering a service essentially allows you to offer other relevant services. Vroom started with on-demand washing and polishing services. As the company began to expand its washing and polishing service, it realized that its customers wanted and needed more services.
An excellent customer service regiment has functioned as a flywheel for the company, helping to create a virtuous circle. From washing and polishing, the company eventually moved into the buying / selling of reconditioned vehicles, creating a marketplace and a complete solution for buying and selling reconditioned vehicles. The company then embarked on the launch of services such as the sale of genuine auto parts, an automated platform for repair services where it works in workshops across cities, a vehicle inspection service , assistance in the transfer of ownership, assistance for car loans in collaboration with financial institutions, a fleet management solution for companies, maintenance solution for company vehicles, etc. The entire ecosystem creates a virtuous circle of positive feedback for each participant.
The EBL Vroom Oil & Gas card is another addition to Vroom’s product base that will allow it to aggregate greater demands while making life easier for car owners. Vroom was founded in late 2017 as an on-demand in-home car wash and polish service.
The company has since expanded to cover almost all vehicle services including buying / selling reconditioned cars, on-demand washing and polishing, maintenance, fleet management and everything related to vehicles. The company now aims to become the leader in automotive industry automation and standardization in Bangladesh.