Paytm partners with Citibank to launch it's first ever credit card; rolls out 1% unlimited cashback
Ever since Apple announced it’s Apple Card that debuted in the US in March, I was waiting for the home player to conquer this land. Paytm seems to have made the first move on Tuesday by announcing its foray into the world of a credit card with the launch of “Paytm First”, issued in association with Citibank. The offerings of Paytm First Credit card seems pretty similar to Apple Credit Card & here’s all we know about the Citi Paytm co-branded credit card:
Paytm had unveiled a debit card in Sept 2017 that could only be used for transactions in India. It aims to change that with the credit card.
Paytm’s First Credit Card has integrated with Citibank & powered by Visa; hence, the First Credit Card will be accepted globally, thanks to Visa’s international network.
Paytm First Credit Card can be applied for directly from the Paytm application both on android & IoS. Citibank & Paytm have jointly built a selection tool to identify potential base and access worthiness. This will help enable customers to own a credit card without requiring a prior credit history.
The allocation of the card will be based on individual digital behaviour.
Citi would do the card issuance and the underwriting while Paytm will provide the distribution and digital interfacing.
Paytm First Credit Card comes with an annual fee of Rs. 500; which too would be waived off on spends of Rs 50,000 and above.
It is touted to offer a minimum of 1% universal unlimited cashback to the customers across categories.
The card will offer Paytm promo codes worth Rs 10,000 on a minimum spends of Rs. 10,000.
Paytm aims to become a full-fledged financial services conglomerate and this partnership is a huge step towards it. Paytm is next eyeing the insurance business and have already secured both life & general insurance license for IRDA earlier this year. This is a startup which is known to do things in a big-bang way. We will have to wait to see what they unveil next.