Paytm today launched its Paytm First Credit Card in partnership with Citi. The company says that it is India’s first card with 1% universal unlimited cashback, and no restrictions on earning categories.
Paytm First Card’s combination of offerings include
- Unlimited 1% cash back, without restrictions, auto-credited to card every month
- Accepted in India and internationally
- No hidden fees or charges Contactless enabled
- Attractive Equated Monthly Installment (EMI) options
- Full waiver of an annual fee of INR 500 on spends exceeding INR 50,000 per year
- Exclusive offers on dining, shopping, travel, amongst others on the globally acclaimed Citi Privileges platform
Paytm customers will be able to apply for the credit card on the Paytm app, where they will also be able to conveniently track offers through the Paytm First Card passbook.
“This is a partnership between two incredible companies” – @vijayshekhar
More details soon! pic.twitter.com/nGxk6Pqt1N
— Paytm (@Paytm) May 14, 2019
Paytm First Card customers will also be able to receive 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, said the company. 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.
Paytm is set to identify the potential base using a selection tool, jointly developed by Citi and Paytm, to assess creditworthiness. This provides an innovative alternative to underwrite customers, who otherwise may or may not have a credit history.
Commenting on the launch, Vijay Shekhar Sharma, Chairman & CEO — One97 Communications, the parent of Paytm, said:
“We are delighted to partner with Citi to launch the PaytmFirst Card. Our new offering is designed to bring the 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.”
Stephen Bird, CEO, Global Consumer Banking, Citi, said:
“Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base. 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.”