Like I wrote earlier today, Paytm & Citibank have come together to launch the Paytm First Credit Card today. When I wrote the post, I did not have any details of the nature of the card. I was invited to be a part of the launch, but since I was on the road, I could not make it back to Mumbai in time. However, I got the full scoop on the card, and here it is.
The Paytm First Card will be India’s first card with a 1% universal unlimited cashback, and no restrictions on earning categories. Like you would have read this morning, I was pondering myself between cashback and category multiplier rewards. But cashback is a category that Paytm carved for themselves, and they are going with this on their newest project.
The Paytm First Credit Card will come with an annual fee of INR 500, which will be waived when you spend exceeding INR 50,000 through the year on the card. Paytm customers can apply for the credit card on their Paytm app, where they will also be able to track offers through the Paytm First Card passbook.
Paytm First Card customers will be awarded Paytm promo-codes worth INR 10,000 on spending a minimum of INR 10,000 on the credit card within the first four months of issuance.
Paytm will identify the potential base using a selection tool, jointly developed by Citi and Paytm, to assess
creditworthiness. This provides an alternative to underwrite customers, who otherwise may or
may not have a credit history, going on the back of their digital history which Paytm will provide.
The 1% universal cashback differentiates the Paytm First Credit Card from Citibank’s own Cashback Credit Card, which offers 2.6% cashback on fuel, 1.3% cash back on grocery and 0.66% cashback on everything else and is much on the lines of the Apple Card that was launched in the USA recently.
This is a great initiative by Citibank and Paytm, to come together and seed more credit cards in the market. The 1% universal cashback is great for those who prefer a simplified lifestyle, rather than the points accumulation, which is a different genre altogether.
What do you make of the Paytm First Credit Card from Citibank and Paytm?