Indian private sector lender Axis Bank has launched a co-branded credit card in partnership with e-commerce major Flipkart.
The new Mastercard-powered offering will be made available to select customers initially with wider roll-out planned in the coming weeks.
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Axis Bank and Flipkart aim to sell one million credit cards in the first year.
The customer is required to pay a joining fee of INR500 to receive the card. An additional INR500 is also payable as annual fee, which will be waived on expenditure of above INR200,000.
The Axis Bank credit card comes with a range of benefits. It includes 1.5% cashback on every purchase, and up to 5% for merchant shopping, reported PTI.
Furthermore, it will provide additional incentives to MakeMyTrip, Goibibo, Uber, PVR, Gaana, Curefit, UrbanClap users.
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By GlobalDataAxis Bank executive vice-president for payments and cards Sanjeev Moghe was quoted by the news agency as saying: “We want to be the fastest co-branded credit card to reach the 1-million-mark. We should do one million in a year.”
Currently, the lender has 6.17 million credit cards in use, making it the fourth largest issuer in India.
The launch of the Axis Bank’s credit card follows the introduction of a similar offering by Citi Bank in India.
In May this year, American lender Citi Bank partnered with Paytm to launch co-branded credit cards.
