Paytm Credit Card to be launched

Update: Read everything about the new Paytm First Credit Card here

PayTM and Citibank are coming together to launch a Paytm First Credit Card today, which will be powered by Citi. Last evening, Paytm founder Vijay Shekhar Sharma put out a sneak peek of the new Paytm First card on his Twitter account, which confirmed the launch.

Paytm First is a new loyalty programme launched by Paytm, which took off in March 2019, and provides benefits across various categories such as taxi rides, music and dining. It includes a Zomato Gold membership, an annual Gaana membership, a yearly Sony Liv subscription, ViU Premium, Eros Now annual membership, Uber benefits up to INR 6000; Uber Eats benefits up to INR 2400 and other offers.

Paytm has tied up with Visa very recently, which will enable the Paytm Payments Bank to issue debit cards which can be used for international transactions. And now, they are also getting into credit cards along with Citi.

Citi and Paytm have been collaborating on many promotions for a while now, including the wallet load promotion of last year, and discounted movie tickets every Friday. You should expect enhanced rewards for PayTM spends, some lounge access and other benefits on this card. But given this card comes from the PayTM stable, I won’t be surprised if it might turn out to be a cashback card.

Amazon, last year, launched a co-branded credit card with ICICI Bank, which might have been responsible for the current wave of co-branded credit cards of Indian brands. Credit card collaborations help internet companies know more about the transaction patterns of customers and then bundle it with their rewards, getting a better assessment of their paying capacity. Banks, on the other hand, get to acquire new customers at a relatively low cost.

Ola, which did not follow through on its co-brand card with ICICI Bank, is now planning to launch a co-brand card with SBI Cards. Flipkart is also planning to launch a credit card this year.

Comments

  1. My strategy for Paytm is with Amex loads.

    If you hold a MRCC and a Gold Charge, you can get 2000 points per month for an effective 10k wallet load. I need to spend that much on paytm anyway.

    Right now, I hold a Plat Reserve and a MRCC, planning to get a Gold Charge specifically for this purpose. The benefits easily outweigh the annual fees.

    Depending on how you redeem the points, you can get easily get value of over Rs 1 per point.

  2. PayTM FIRST costs rs750(-100 cashback) so this card has a technical fee of Rs650/year. This is not worth it compared to Amazon CC if the above assumption is true.

  3. PayTM has already a co branded card with BOB. Gives 3% reward rate/cashback on PayTM spends and 1% everywhere else. Has lounges access and insurance cover build in. Rs 2360 joining/annual fee.

    I guess with a cashback of 4%/5% and issued LTF, it will be a huge success. Or maybe, issued with Rs 1000 joining/annual fee along with PayTM First membership.

      • The BoB PayTM card is no longer available on their website although the link shows up on a Google search. It is probably no longer issued to newer customers and was never really worth the 2360/- annual fee.

  4. m still not getting invitation for icici amazon pay credit card , even though i have all credit card including citi bank as well as icici bank, icici bank support is wrost ever, why you not covering story on LIC signature credit card, althogh it is simple card, but they give you almost 1% cashback + 2% cashback on LIC insurance spending.[as you can get the gift card of ₹1000 against 1050 point] and ₹ 100 =1 Point.

    • There are already cards that give 0.85% cashback in the market already for all spends

      1.) AmEx MemberShip Rewards rate of return not including monthly 4*1000 bonus = 0.85% as Gold Rewards cashback
      2.) IndusInd Platinum flat cashback return : 0.85%

      If you use AmEx MR to load up PayTM or other wallets and pay LIC premium, you will get the eventual 2% return using the bonus or other benefits. But the point is if you have good money and are sharp enough to be in the credit cards game, then *why on Gods Green Earth would you have a high premium LIC policy* instead of just sticking to online Term plans from the likes of Max(lowest premium and one of the highest claims settled ratio) or HDFC.

      • M agree with you but i am 27 years old, in the intial stage of my life back 4 years i bought it for tax saving purpose. and yes i just last week i got AMEX MR , as far as premium concern paytm started accepting LIC premium around Jan 2019, before that for paying a premium we have to pay the surcharge, while LIC credit card power by Axis bank, so no need for paying any surcharge fee. i have no idea about the IndusInd platinum credit card, but yes it is Totally free credit card.
        But now I switched to AMEX MR.

        • If you are 27, and you are on LIC, it is still a good time to switch if it is only a term plan. I switched from an LIC-offline term plan I got at 24, to Max-onine when I was 33, and got 4 times the cover for basically 30% more premium. At your age, you will get much better prices and save a lot more. Buy the highest amount you can afford without thinking of it as a tax rebate or any other benefit. Insurance is to safeguard your family, and you really should be paying the best you can. It is like buying a two-wheeler helmet, you buy a really good one, though you hope it never comes to be used while you are on a ride.

  5. Which is the best travel earning card available in India ever u can transfer points to airlines and hotels… My spending is approx Rs 75000- Rs 100000 per month

    • i would suggest you to take the below 2
      1. american express platinum travel card -> use it till 4lk spending which would give you around 20k of travel voucher and 10k taj voucher
      2. take a Axis Bank Vistara Signature Credit Card as this would give you 4 base tickets free on spending 4.5 lk in a year on vistara and points which could be close to another 2-3 tickets free.

Leave a Reply

Your email address will not be published. Required fields are marked *