Paytm has introduced a new credit, called Paytm First Card, in partnership with Citibank. The company is touting that the new card will offer customers 1 percent of universal cashback along with zero restrictions on earning categories. This will be auto-credited to the card every month. Furthermore, if you want to use the Paytm First Card, you will be required to pay an annual fee of Rs 500. But, the charged fee will be waived off if the spends exceed Rs 50,000 per year, as per Paytm.
Interested customers can get the new credit card by applying directly from the company’s official app. But, you will get Paytm‘s First card on the basis of your digital behavior, as per the company. Interestingly, the card will give users Paytm promo codes worth Rs 10,000, if they spend a minimum amount of Rs 10,000. Additionally, the card is also accepted in India and internationally, unlike the Paytm Debit card.
Paytm claims that the card will also offer Attractive Equated Monthly Installment (EMI) options. It will also give exclusive offers on dining, shopping, travel, among others on the globally acclaimed Citi Privileges platform. As for the passbook of the credit card, it will also show exclusive offers from both Paytm and Citi on a real-time basis, as per the company.
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Commenting on the launch, Vijay Shekhar Sharma, Chairman & CEO — One97 Communications, the parent of Paytm, said, “We are delighted to partner with Citi to launch the PaytmFirst Card. Our new offering is designed to bring utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
Stephen Bird, CEO, Global Consumer Banking, Citi, said, “Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base. What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise. Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”