Paytm is currently giving 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 issuing.
Paytm has recently made a strategic partnership with Citibank to launch a credit card, called the Paytm First Card. The new Paytm credit card is expected to offer one percent “universal unlimited cashback” to customers along with no conditions and prohibitions and on earning categories. But however the Paytm First Card comes with an annual fee charge of Rs. 500, can be exempted as will be waived off if the spends exceed Rs. 50,000 per year. The Paytm First Card is similar to co-branded credit cards that large retailers and airlines offers and uses Visa network for transactions. Paytm has also built its own unique tool with Citi to check the eligibility of the potential customers.
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Citi is already one of the largest credit card issuers across the country with over 2.7 million cards in March 2019, while Paytm with interests in e-wallets and e-commerce has 300 million users in India.
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Paytm Customers can apply for the new Paytm credit card directly from the Paytm application, though it will be given on the basis of individual digital behavior, the company said in a statement. The card will offer Paytm promo codes worth Rs. 10,000 on spending a minimum of Rs. 10,000.
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Paytm is making claims that it will offer unlimited one percent cashback, “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 Paytm First Card comes with an annual fee of Rs. 500 that will be waived on spends exceeding Rs. 50,000 per year. Unlike the Paytm debit card that was launched back in September 2017 and is limited to inland transactions in India, the new credit card is also touted to be accepted internationally — thanks to the Citi integration backed by Visa network. It is also claimed to bring exclusive offers on dining, shopping, and travel among others through Citi Privileges platform.
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As we mentioned earlier, Citi and Paytm have jointly built a selection tool to identify the potential base and access creditworthiness. This will help enable customers to own a credit card without requiring a prior credit history.
“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, in the statement.
It is very important to figure out that this isn’t the first time when Paytm and Citi have came into alliance to take on the competition. Paytm parent company One97 Communications started as a Citi commercial banking client back in 2009. Citi was also selected as an advisor on the initial investment by Ant Financial in 2016. Similarly, Paytm wallet got integrated within Citibank online and mobile application in 2016.
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It is reported that Paytm credit card comes as a unique offering by the two companies. It is believed that Paytm is competing against the Apple Card that debuted in the United States in March, 2019. Apple announced a one percent Daily Cash for purchases made using the titanium credit card that has been designed in collaboration Goldman Sachs and Mastercard.
Back in March, 2019 Paytm has successfully launched the subscription-based loyalty programme Paytm First that was rival Amazon’s Prime subscription and Flipkart’s Plus membership. The model was designed to give partner offers worth over Rs. 12,000 at an annual charge of Rs. 750.
The Paytm First Card also comes with amazing benefits such as attractive Equated Monthly Installment (EMI) options and exclusive deals on dining, shopping, travel, among others on the Citi Privileges platform.