Paytm has tied up with Citi to launch a credit card, called the Paytm First Card. The new Paytm credit card is touted to offer one per cent “universal unlimited cashback” to customers along with no restrictions on earning categories. While the Paytm First Card comes with an annual fee of Rs. 500, the fee is claimed to be waived if the spends exceed Rs. 50,000 per year. The Paytm First Card is similar to co-branded credit cards that retailers and airlines offer and uses the Visa network for transactions.
Customers can apply for the new Paytm credit card directly from the Paytm app, though it will be given on the basis of individual digital behaviour, the company said in a statement. The card will offer Paytm promo codes worth Rs. 10,000 on spending a minimum of Rs. 10,000.
Back in March, Paytm launched the subscription-based loyalty programme Paytm First that was rival Amazon’s Prime subscription and Flipkart’s Plus membership. The model was designed to give partner offers worth over Rs. 12,000 at an annual charge of Rs. 750.