Samsung India on Monday announced its first-ever credit card in India in partnership with Axis Bank and Visa, that will give customers 10 per cent cashback across all Samsung products and services round the year.
The 10 per cent cashback offer will be over and above the company's offers, on both EMI and non-EMI transactions.
"We realise that 70 per cent of consumers are upgrading their devices within 12 months of purchase in the country. This co-branded credit card will help them save their hard-earned money while enjoying new devices with this industry-first offering," Raju Pullan, Senior Vice President, Mobile Business, Samsung India, told IANS.
The annual fee for the card's Signature variant is Rs 500 with taxes and for the Infinite variant is Rs 5,000 with taxes.
On the Signature variant, cardholders can avail up to Rs 10,000 cashback annually, with a monthly cashback limit of Rs 2,500.
On the Infinite variant, cardholders can avail up to Rs 20,000 cash back annually, with a monthly cashback limit of Rs 5,000.
Samsung India and Axis Bank have partnered with key merchants -- Bigbasket, Myntra, Tata 1mg, Urban Company and Zomato -- to bring more rewards to cardholders on their daily spends.
The card also offers complimentary airport lounge access, fuel surcharge waiver, dining offers and access to a bouquet of offers from Axis Bank and Visa.
"The card is RBI-complaint and meets all the latest requirements of the central bank, including on tokenisation. The consumer electronics and technology space is open for disruption and we are the first, along with Samsung, to distrust this space," Sanjeev Moghe, President and Head, Cards and Payments at Axis Bank, told IANS.
There is no minimum transaction value, which means cardholders can get 10 per cent cashback on the smallest of Samsung purchases.
"The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products," said Ken Kang, President and CEO, Samsung South-West Asia.
Amitabh Chaudhry, MD and CEO, Axis Bank, added that their focus is to offer product propositions that cater to our customers' ever evolving needs and give them a seamless experience.