The tech giant, Samsung, is teaming up with Axis Bank to roll out a co-branded Visa credit card in India.
According to the reports and sources that are circulating on the internet and social media, it tells that Samsung Axis Bank credit card is coming for the audience in Indians. People in India will be able to make payments swiftly and smoothly.
The credit card will be coming in two variants: Signature and Infinite. Both of them will be VISA cards. It will be offering cardholders a 10% cashback on all Samsung products and purchases but with different limits.
Cardholders of these cards will be able to earn rewards whenever they are spending with partner merchants, and they will receive other perks, such as airport lounge access.
The President and CEO of Samsung South-West Asia, Ken Kang, has stated that ‘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 and spend on services through a series of industry-leading features.’
Sandeep Ghosh, the group country manager of VISA in India and South Asia, added, ‘Our research shows that 3 out of 4 Indian consumers buy at least one electronic appliance or device every year and spend around INR 40000 on electronics annually. We are delighted to partner with Samsung and Axis Bank to introduce a credit card with a strong proposition and great value on home appliances as well as lifestyle goods.’
This will let customers earn rewards by spending via their cards and get access to different deals from local firms. It will include food delivery service Zomato, fashion e-commerce Myntra, online pharmacy Tata’s 1mg, grocer Bigbaskter and Urban Company.
A Bengaluru-based fintech executive told a media outlet, ‘The brand gets more loyalty from its users, while the bank obviously benefits by getting access to a different set of customer base with the customer acquisition itself coming from the brand of the brand’s loyalist users.’
The annual fee for the Signature card series will be $6.13 before taxes, whereas the Infinite card levies a charge of 10x of that. The company has said it will be starting accepting applications from its customers for the cards.