In collaboration with Citi, Paytm has launched their own cashback credit card called Paytm First Card, which comes with unlimited cashback and no restrictions on earning categories. Paytm customers can apply for the credit card from their Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook. Not only this, Paytm passbook allows customers to track their credit card transactions but also highlights exclusive offers, both from Patym and Citi on a real-time basis. Additionally, customers will 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.
Talking on the launch, Shekhar Sharma, Chairman & 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.”
“Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base,” said Stephen Bird, CEO, Global Consumer Banking, Citi. “What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise. Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”
Here’s a list of benefits Paytm First Card will give its customers:
-Unlimited 1% cashback, without restrictions, auto-credited to card every month
-No hidden fees or charges
-Accepted in India and internationally
-Full waiver of annual fee of INR 500 on spends exceeding INR 50,000 per year
-Attractive Equated Monthly Installment (EMI) options
-Exclusive offers on dining, shopping, travel, amongst others on the globally acclaimed Citi Privileges platform
Paytm will identify the potential base using a selection tool, jointly developed by Citi and Paytm, to assess credit worthiness. This provides an innovative alternative to underwrite customers, who otherwise may or may not have a credit history.