Special Correspondent (Mumbai): Flipkart, Axis Bank partner to launch a co-branded credit card. As online cashless transactions continue to grow, e-commerce giant Flipkart has launched a co-branded credit card in partnership with Axis Bank and Mastercard. It is Flipkart’s first co-branded card.
The highlight of this card is that it offers users with a five percent flat discount on purchases made on Flipkart, among other benefits. The new Flipkart-Axis Bank credit card will be offered to select users in July. Later, it will be expanded to more users in the coming weeks.
“Meaningful growth in India will be driven through expanding the credit fold, and we are happy to continue playing a role in that by helping millions of Indians fulfill their aspirations without the burden of financial constraints,” said Kalyan Krishnamurthy, CEO of the Flipkart Group.
“At Mastercard, we have been actively committed to enabling this drive towards a Digital India. Though 90% of transactions in India are still processed in cash, we are seeing a sizable and undeniable shift towards digital payments. This has been spurred by the booming popularity of online shopping and e-commerce – which now account for over 40% of all digital payments in India – and are poised to grow even further in line with the Government of India’s efforts to drive digital adoption across the ecosystem,” Ari Sarker, Co-President, Asia -Pacific, Mastercard added.
Flipkart-Axis Bank credit card cashback details
Users will get 5 percent unlimited cash back on purchases via Myntra, 2GUD, and Flipkart. Moreover, transactions made on Uber, PVR, UrbanClap, MakeMyTrip, PVR, and Goibibo will earn users a 4 percent cashback. Also, transactions made on other online retail stores will be eligible for 1.5 percent cash back. The cashback amount will be automatically credited in the customer account every month.
Users can also avail the welcome offer with up to 20 percent discount at more than 4,000 restaurants. Customers will be able to avail four complimentary domestic airport lounge access in a year. Users will also get fuel surcharge waiver up to Rs 500 per month.
Flipkart-Axis Bank credit card pricing
The co-branded credit card has a joining fee of Rs 500. After that, a yearly fee of Rs 500 will be charged. The yearly fee will be waived off is the user spends over Rs 2 lakh in the year.