E-commerce retail website Flipkart is making sure to score high in every game, in addition to this Flipkart is getting into co-branded credit card business with the launch of its first-ever co-owned credit card with Axis Bank and MasterCard.
Although this can be the first co-branded card for the e-commerce website Flipkart, it has earlier partnered with Axis bank in 2016 for the launch of its Axis bank Buzz credit card. This card was offering a 5% discount on all Flipkart purchases and other benefits like coupons, cash-backs, zero interest EMI, etc.
The newly launched Flipkart Axis bank credit card will be available only to selected users from July but the company is planning to explore further expansions in the coming week.
According to Flipkart, the new Flipkart Axis bank card will provide an excess of 5% unlimited cashback on purchases made on Myntra Flipkart and 2GUD. Not only this the cardholder will get and 4% cashback on MakeMyTrip Goibibo, Uber, PVR, and urban clap, in addition, 1.5 Cashback offers on the purchases done to other retailers. The Cashback will be auto-credited in the customer statement every month by its self.
Offers and benefits which will be available to the Axis Flipkart bank credit card owner include discounts up to 20% on over 4000 restaurants, access to airport lounges, rebate on fuel surcharges and offers at other merchants. The joining fees will be Rs.500 annually, debatable if the customer spends more than 2 lakh.
However, Flipkart is not the first e-commerce provider which has co-branded a credit card, likes of Snapdeal co-branding HDFC bank, IRCTC branding with SBI and Amazon with ICICI are already there in the market. Paytm and OLA have also launched similar cards recently.
Kalyan Krishnamurthy CEO of Flipkart group in a statement said: “through this co-branded credit card we are trying to maintain our partnership with Axis bank but we stick to our commitment in driving access to all the formal credit cards available in India and will try to maintain the benefit to the customer at the maximum limit”.