Yesterday, ICICI Bank sprung a surprise, launching a new co-branded credit card in an exclusive partnership with Amazon Pay, which is the payment platform operated by Amazon. This new credit card product is known as the Amazon Pay ICICI Bank Credit Card, where you earn Amazon Pay credits as you go along.
The card will enable Amazon Prime members to earn 5% reward points on shopping on Amazon.in. Other customers will get 3% reward points. They will also receive 2% reward points on spends at Amazon Pay partner merchants across categories such as food delivery, utility payments, movie ticketing and much more. Cardholders will also earn rewards at merchant locations throughout India where Visa cards are accepted.
- 5% for Amazon Prime members and 3% back for all other customers for shopping on Amazon.in
- 2% for all customers on spends on digital categories on Amazon.in such as bill payments, recharges, wallet load etc.
- 2% for all customers on spends on Amazon Pay merchants (e.g., Swiggy, Bookmyshow, Yatra, and many more)
- 1% for all customers on spends on any merchant location in the country, where Visa cards are accepted. Customers also get a fuel-surcharge waiver and no cost EMI offers on a large selection. No earnings on fuel, EMI transactions and gold purchases.
Each Reward Point is equivalent to a rupee which customers can redeem on Amazon.in from a catalogue of more than 160 million items available on the website or by paying merchants who accept Amazon Pay. The reward points are uncapped and do not expire. The reward earnings are credited monthly, after the billing cycle date of the card to the customer’s Amazon Pay balance under the ‘Gift and Credits’ section. The best part, this card does not have a joining fee or an annual fee.
Who gets it?
As a start, the card is being offered on invitation to ICICI Bank customers who use the Amazon.in app. The select customers will be able to see their invite on the Amazon app. They can apply for the card immediately to get a ready-to-use digital card instantly, in a completely digital and paperless manner. Using the digital card, customers can immediately start shopping online, without having to wait for the physical card to arrive. The physical card is also sent to the customer by the bank within a few days.
This looks like a good card to have for everyone if you get it offered to you. Ultimately, you will be. It does not beat the 10X offer from HDFC Smartbuy, but it has a much larger pool with the free nature of the card, and the fact that it does not come with perks except Amazon India points earning.
What do you think of the new ICICI Amazon Credit Card?
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