Earlier we have seen a lot of E-commerce, Travel portals and Cab rental services offering co-branded credit cards in India. ICICI bank in association with GoiBibio launched a cobranded travel card in India. Then OLA cabs announced their association with SBI to launch the OLA money SBI card. Paytm wasn’t behind at all, they declared their association with Citibank to offer PayTm first credit card in India. Amazon also partnered with ICICI bank to offer Amazon Pay Card to customers offering tonnes of cash back.
Now Flipkart has come up with a co-branded credit card in association with Axis Bank and Mastercard to offer 5% cash back on purchases through the card. As reported by Financial Express, the country’s cashless transactions have grown from 244.8 crores in August 2018 to 2900.33 crore up to 10 July 2019. As of May 2019, India has roughly 49 million credit cards. CIBIL estimates that there are around 220 million credit-worthy Indians. So of course, there’s plenty of potential for growth in this segment.
How to Avail Flipkart-Axis Bank Credit Card
Now it’s under development and select customers would be notified for the same in the coming days. Slowly and steadily the offer shall roll out for other consumers as well. To register and avail the card you need to pay Rs. 500 as a joining fee along with a yearly fee of Rs. 500 for the benefits it has to offer. But if your expenses cross Rs. 2 lakh in a given year your yearly card renewal fee will be waived off.
Benefits of Flipkart-Axis Bank Credit Card
The primary benefits would be directly drawn from purchases made through Flipkart, Myntra or 2GUD. Additionally, the brand has also got on board Uber, MakeMy Trip, Goibibo, Urban Clap and official PVR app to offer 4 percent cash back on purchases made through the card. User’s of the card are also entitled to get 6 months of complimentary access to Ganna mobile app. The card can also be used on other e-commerce websites to avail an additional 1.5 percent as a cash back. The cashback will be added to the user’s account at the end of the month.
The Card also offers other benefits which include free access to airport lounges, 20 percent discount at over 4,000 restaurants across the country and fuel surcharge waiver of up to Rs 500 per month. The card also offers welcome benefits worth Rs. 3,000 on card activation and joining.