The 10% cashback offer will be higher than the company’s offers, on both EMI and non-EMI compliant transactions.
“We know that 70% of consumers upgrade their devices within 12 months of purchase in the country. This co-branded credit card will help them save their hard-earned money while enjoying new devices with this industry-first offering,” Raju Polan, Vice President The first, Mobile Business, Samsung India, told IANS.
The annual fee for the signature variant of the card is 500 rupees with taxes and for the infinite variant is 5,000 rupees with taxes.
In the signature variant, cardholders can avail cashback of up to 10,000 rupees annually, with a monthly cashback limit of 2,500 rupees.
On the infinite variant, cardholders can avail cashback of up to Rs 20,000 annually, with a monthly cashback limit of Rs 5,000.
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Samsung India and Axis Bank have partnered with major merchants – Bigbasket, Myntra, Tata 1mg, Urban Company and Zomato – to bring more rewards to cardholders on their daily spends.
The card also provides free access to the airport lounge, the elimination of fuel surcharges, dining offers, and access to a bundle of offers from Axis Bank and Visa.
“The card is a complaint from the Reserve Bank of India (RBI) and meets all the latest Central Bank requirements, including coding. The cyberspace of technology and consumer electronics is open to disruption and we are the first to distrust this space, along with Samsung,” Sanjeev Mogi, President and head of Cards and Payments at Axis Bank, told IANS.
There is no minimum transaction value, which means that cardholders can get 10% cashback on the smallest Samsung purchases.
“Powered by Visa, the Samsung Axis Bank credit card is our next big innovation for India that will change the way our customers buy Samsung products,” said Ken Kang, President and CEO of Samsung South-West Asia.
Amitabh Chowdhury, Managing Director and CEO of Axis Bank added that their focus is on delivering product offerings that meet the ever-evolving needs of our customers and giving them a seamless experience.