Last year, Amazon and ICICI Bank launched the AmazonPay ICICI Bank Credit Card. Then, earlier this year, Ola launched the Ola Money Credit Card in partnership with SBI Card. Paytm also launched the Paytm First Card with Citigroup, offering 1 percent cash back on all transactions. At that point of time, we had mentioned that there will be a new card on the anvil soon, which Flipkart would launch. The Axis Bank Flipkart Credit Card launched today.
Flipkart and Axis Bank launched the co-branded credit card today, offering it on the Mastercard network. The new credit card offers unlimited cashback on all spends, online and offline. Here is how the cashback will work:
- The Flipkart Axis Bank credit card will fetch users 5% cashback on all transactions on co-branded merchants such as Flipkart, Myntra and 2GUD.
- Transactions on partner third party merchants such as MakeMyTrip, Goibibo, Uber, PVR, Gaana, Curefit and Urban Clap will receive a 4% unlimited cashback.
- On all other merchants, the cardholder will receive 1.5% unlimited cashback.
- Fuel surcharge waiver of 1% up to INR 500 per month
The card also will provide four complimentary lounge visits across airports in India every year. The joining fee on the card is a mere INR 500, which gets credited back if you spend INR 2,00,000 on the card within the year. The bank also claims INR 3,300 as welcome benefits on the card (INR 500 off on Flipkart, 6 months of complimentary Gaana Plus, INR 500 x 2 on Hotel bookings from MakeMyTrip group, some discounts on Myntra and UrbanClap).
Since we only have a press-release to go by right now, I am not sure if the cashback comes on the statement or one needs to use some sort of Flipkart money which they get. This is a direct cashback card, so you get it as an offset on your statement. Apart from that, it is a good thing this is an unlimited cashback card, which means some other players such Citibank will have to up their game now.
The card will be initially rolled out to select Flipkart users in July and everyone would be able to have it later in the year.
What do you make of the new Axis Bank Flipkart Credit Card?