The credit card company SBI Cards & Payment Services Ltd., or SBI Card has partnered with the digital payment platform Paytm, to launch contactless credit cards, available in two variants.
The co-branded contactless credit cards are available in two models: Paytm SBI Card and Paytm SBI Card SELECT.
The cards, available on Visa platform offer great deals of cashbacks and in-app security features and reward benefits to users.
Paytm SBI Credit Cards
The two co-branded credit cards launched by Paytm and SBI Card on Wednesday will be made available to customers somewhere around Diwali.
In a country like India, only 55 million individuals own a credit card, leaving about 30-35 million new potential users.
The partnership aspires to make credit cards more accessible to everyone. It aims to bring ‘new to credit’ users into the formal economy, allowing them to control their own finances.
They can be used across Paytm platforms, including Paytm Mall, and offline retail stores.
SBI Card’s MD & CEO Ashwini Kumar Tewari says, “In an innovative move, we will be underwriting customers basis their transaction history on Paytm, thereby bringing the Paytm SBI Card seamlessly to a huge customer base.”
Benefits and Rewards for Paytm SBI Credit Card Users
Users of Paytm SBI Card and Paytm SBI Card SELECT will be able to block and unblock their cards by an instant touch on either of the apps, i.e. Paytm app or SBI Card app, in case they lose the card, issue a duplicate card, or view outstanding credit-limit.
Similarly, cardholders can also switch off the card for contactless payments or international transactions, to avoid fraudulent activities. They will also be given a personalized spend analyzer to help them assess expenses and plan future spends.
Speaking of rewards and benefits, cardholders will be:
- Awarded upto 5% cashback on Paytm, while booking movie tickets or using Paytm Mall.
- Awarded 2% cashback, while using Paytm for activities like paying utility bills and mobile recharges.
- Given discount offers on travel tickets and 1% cashback on different online and offline purchases.
For SBI Card SELECT users, there will be a complimentary Priority Pass Membership for the first 2 years, along with four complimentary domestic airport lounge visits per year.
Additionally, on achieving a certain amount of spends, these ‘SELECT’ credit card holders will get gift vouchers of up to Rs 6,000 annually.
While, for Paytm SBI Card users, these complimentary Paytm First Membership Vouchers can be received only after an annual retail purchase of Rs 1 lakh.
How to Get a Paytm SBI Credit Card?
After learning all the rewards and services received by the two credit card variants, you can apply for such Paytm SBI credit cards.
For this, you will have to register for the card(s) on the Paytm app.
While the cards will be introduced around Diwali, the waitlist for the same has already gone live on Paytm app since November 1.
Paytm SBI Card can be purchased at an annual fee of Rs 499, while Paytm SBI Card SELECT at Rs 1,499.
Buyers will get complimentary Paytm First membership worth Rs 750, on first transactions on either of the 2 credit cards.