Good news for Paytm users! Company launches its first ever Credit Card; here's how to apply

India’s e-commerce payment system and digital wallet major Paytm announced its foray into credit card business space with the launch of its Paytm First credit card.

By : ABP News Bureau | Updated at : 14 May 2019 04:08 PM (IST)

Paytm First Credit Card by Citi Bank Vijay Shekhar Sharma how to apply Good news for Paytm users! Company launches its first ever Credit Card; here's how to apply

The credit card will offer promocodes worth Rs. 10,000 on spending of Rs. 10,000. (Image: Paytm/ Twitter)

Paytm, on Tuesday, announced its foray into the credit card business

Paytm partnered with Citi Bank to roll out its first ever credit card

Customers can also avail some exclusive offers on the credit card

New Delhi: India’s e-commerce payment system and digital wallet major Paytm, on Tuesday, announced its foray into credit card business space with the launch of its Paytm First credit card. The company has joined forces with Citi Bank which will co-brand and issue the credit card in India. As per reports, the new credit card is said to offer one per cent universal unlimited cashback to users along with no slabs on their earnings. While the Paytm First Card comes with an annual fee of Rs. 500, the fee is claimed to be waived if the spends exceed Rs. 50,000 per year. The Paytm First Card is similar to co-branded credit cards offered by several retailers and airlines to their customers. “The contactless-enabled card issued by Citi will provide one per cent cashback on all transactions made by the user, without any restrictions. The cashback will be auto-credited to the card every month,” Paytm informed in its official statement. Customers can also avail some exclusive offers on dining, shopping and travel amongst others on the globally-acclaimed Citi Privileges platform. Additionally, the card EMI paid by a consumer will be subjective. How to apply for Paytm First Credit Card Customers willing to apply for Paytm First credit card can go to their respective Paytm app and do the same. After applying for the same, customers will also be able to conveniently track offers through the Paytm First Card passbook. However, the credit card will be given on the basis of individual digital behaviour. The credit card will offer Paytm promocodes worth Rs. 10,000 on spending a minimum of Rs. 10,000. “The passbook of the credit card will also highlight exclusive offers from both Paytm and Citi on a real-time basis alongside enabling customers to track their credit card transactions,” the company said. In its statement, Paytm also added that the Paytm First card will be offered based on individual digital behaviour and has nothing to do with ‘Paytm First’, company’s premium subscription-based rewards and loyalty programme which was launched in March, this year. “Our new offering is designed to bring utmost flexibility to our customers in their digital payment options will help spur large-ticket cashless payments,” said Vijay Shekhar Sharma, Chairman and CEO, One97 Communication, in the statement. This is not for the first time that Paytm and Citi have joined hands to take on the banking segment. Paytm parent company One97 Communications started as a Citi commercial banking client back in 2009. Paytm First credit card will be in competition with Apple Card which was launched by the Apple Inc in the US in March this year.