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% cashback, without restrictions, auto-credited to card every month
- No hidden fees or charges
- Accepted in India and internationally
- Contactless enabled
- 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 customers can apply for the credit card on the Paytm app, where they will also be able to conveniently track offers through the Paytm First Cardpassbook. Paytm First Card customers will be awarded Paytm promo-codes worth INR 10,000 on spending a minimum of INR 10,000 on the credit card within the first four months of issuance.
The Paytm First Card passbook also highlights exclusive offers, both from Patym and Citi on a real-time basis. 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.
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 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.