Indian digital payments major, Paytm in partnership with Citibank on Tuesday launched a credit card called the Paytm First Card. The Paytm First Card will offer one per cent "universal unlimited cashback" to customers along with no restrictions on earning categories. The cashback will be auto-credited to the card every month.
While the Paytm First Card comes with an annual fee of Rs 500, the fee is claimed to be waived if the spends exceed Rs 50,000 per year. It is to be noted that the Paytm First Card is similar to co-branded credit cards that retailers and airlines offer. Users can also avail exclusive offers on dining, shopping and travel amongst others on the globally-acclaimed Citi Privileges platform. Further, the card EMI paid by a consumer will be subjective.
In a statement, the company said that customers can apply for the Paytm First Card directly from the Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook. “Paytm First Card customers will also be awarded Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs 10,000 on the credit card within the first four months of issuance,” the company added.
“The Paytm First Card passbook not only allows customers to track their credit card transactions, but also highlights exclusive offers, both from Patym and Citi on a real-time basis,” it noted.
Speaking on the launch, Vijay Shekhar Sharma, Chairman and CEO - One97 Communications, the parent of Paytm, said, “We are delighted to partner with Citi to launch the Paytm First Card. Our new offering is designed to bring utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
Previously in March, Paytm had launched the subscription-based loyalty programme Paytm First that was rival Amazon's Prime subscription and Flipkart's Plus membership. The model was designed to give partner offers worth over Rs 12,000 at an annual charge of Rs 750.