Just a day after Paytm launched the Paytm First Credit Card along with Citi and Visa, Ola has followed. If you remember, Ola had initially signed an MoU with ICICI Bank to launch a co-branded credit card, and then earlier this year, they took on board SBI Card as a partner instead of ICICI Bank.
The card, known as Ola Money SBI Credit Card, was launched today and will offer Ola Money as the currency for cashback and rewards. It is targetted towards the mobile customer, as the awards would show.
The spend will be rewarded as follows:
- 7% cashback on cab spends (capped at INR 500)
- 5% on flight bookings (to be booked via Cleartrip, capped at INR 5,000 for domestic & INR 15,000 for international bookings)
- 20% on domestic hotel bookings (uncapped)
- 6% on international hotel bookings
- 20% at over 6,000 restaurants (on paying via Dineout Pay, capped at INR 200 per month)
- 1% on all other spends
The Ola Money accumulated can thus be used for Ola rides, flights and hotel bookings, and at over 1500 other merchants. The Ola Money hits your account within 3 working days and does not expire. With about 150 million users availing more than 2 million trips on its platform each day, Ola is sitting on piles of data about its users’ financial power and spends, but not as much as Paytm.
Best part about the card, it comes at INR 499 + GST for a year, and the fee is charged at the end of the year, not at the beginning. It becomes free if you are going to spend INR 1,00,000 on the card during the year.
Overall, there are some excellent entry level cards out in the market now, with Ola also entering the fray. Ola’s 5-7% cashback on mobility options makes it the right choice in the travel market. More details are still expected, but I do hope that there would be some bundling with Ola Select as well. With a 1% baseline cashback on everything, it competes with the PayTM First and Amazon Pay credit cards as well.
What do you make of the new Ola Money SBI Credit Card? You can apply for the card here.