E-commerce major Flipkart has partnered with private sector lender Axis Bank to launch a co-branded credit card. The new co-branded card - powered by payments processor Mastercard - will offer benefits such as a 5 percent cashback on purchases made on Flipkart, Myntra and 2GUD platforms and a 1.5 percent cashback at more than 4000 restaurants across the country, according to a joint statement by the companies. "This partnership is the latest effort from Flipkart, Axis Bank, and Mastercard to improve access to credit and further expand the fast-developing credit card ecosystem in India," they added.
Here are 10 things to know about Flipkart-Axis Bank credit card:
1. The credit card will be available to select users this month.
2. The companies are planning to open the program to all customers in the coming weeks.
3. "Customers will be able to experience a seamless journey with this proposition, from instant card issuance to transaction completion," the companies said.
4. The cashbacks will be auto-credited every month in the customer's statement.
5. The companies have partnered with third-party merchants across key categories. These include MakeMyTrip, Goibibo, Uber, PVR, Gaana, Curefit and Urban Clap.
6. The Flipkart-Axis Bank Credit Card will also offer customers extra savings on EMI (equated monthly installment) spends on the Flipkart platform across tenures.
7. The credit cardholders will also get four complimentary lounge visits across airports in the country.
8. Benefits worth Rs. 3,300 will be available across merchants such as Flipkart, Myntra, MakeMyTrip, Goibibo, Gaana, and UrbanClap, according to the statement.
9. A fuel surcharge waiver of 1 percent up to Rs. 500 per month will be available on the Flipkart-Axis Bank co-branded credit card.
10. A waiver of an annual fee of Rs. 500 will be available on spends of Rs. 2 lakh in a year, the companies said.
News Source: NDTV, Url: https://bit.ly/2XGSXDh