16 January 2020
Paytm has tied up with Citi Bank to launch a credit card which will be called the Paytm First Card. The new credit card will offer one per cent "universal unlimited cashback" to customers and has no restrictions on earning categories. The Paytm First Card is similar to other co-branded credit cards that retailers and airlines offer.
Customers will have to pay an annual fee of Rs. 500 initially for the card, which will be waived off if the spends exceed Rs. 50,000 per year. Paytm users can apply for the Paytm First Card directly from the Paytm app which will be given on the basis of individual digital behaviour, stated the company. Users will also get Paytm promo codes worth Rs. 10,000, on spending a minimum of Rs. 10,000.
Paytm stated that the unlimited one per cent cashback is, "without restrictions, auto-credited every month," through the new credit card. The passbook of the credit card will also highlight exclusive offers from both Paytm and Citi on a real-time basis alongside enabling customers to track their credit card transactions.
The new credit card will be accepted internationally as well, due to Citi’s integration backed by Visa network. It can be used to avail exciting offers on dining, shopping, and travel among via the Citi Privileges platform. Citi and Paytm will jointly build a selection tool to identify the potential base as well as access creditworthiness of customers.
"Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments," said Vijay Shekhar Sharma, Chairman and CEO, One97 Communication.