Mumbai, May 14: Digital wallet giant Paytm today launched a credit card in partnership with Citi Bank. The new credit card is offering one percent "universal unlimited cashback" to customers along with no restrictions on earning categories. The credit card comes with no hidden fees or charges and will be accepted in India and internationally. Paytm Payments Bank Launches Separate Mobile Banking App on Google Play Store; iOS Update Soon.
There will be an annual fee of Rs 500 which customers have to pay for the credit card. However, the fee is claimed to be waived if customers spending exceeds Rs. 50,000 per year. The card can directly be applied for the Paytm First Card directly from the Paytm app. The card will offer Paytmpromo codes worth Rs. 10,000 on spending a minimum of Rs. 10,000 within the first four months after being issued. Paytm Ties Up With Zomato to Offer In-App Food Delivery Service.
"This is a partnership between two incredible companies" - @vijayshekhar
More details soon! pic.twitter.com/nGxk6Pqt1N
— Paytm (@Paytm) May 14, 2019
Vijay Shekhar Sharma, Chairman and CEO, One97 Communication in a statement said, “Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments.” According to reports, customers can own a Paytm First Credit Card without requiring a prior credit history and both Citi and Paytm have jointly built a selection tool to identify the potential base and access creditworthiness.
Vijay Shekhar's Tweet:
Paytm First Credit Card, built with Citi Bank. pic.twitter.com/yJXaRapfAA
— Vijay Shekhar (@vijayshekhar) May 14, 2019
Paytm First Card is competing against the Apple Card that debuted in the US in March this year. Paytm also launched the subscription-based loyalty programme Paytm First in March this year.