Flipkart, one of the largest e-commerce platforms in India, has partnered with Axis Bank to launch a Mastercard-powered co-branded credit card that offers unlimited cashback of up to 5% on both online and offline expenditures.
Users can apply for the new card by paying a registration amount of Rs 500 and get an annual waiver on spends of Rs 2 lakh, a release by the company said, adding that the cashback will be auto-credited every month in the customer’s statement.
Flipkart in a statement said the card will be available for select users in July while all customers will get access within a few weeks.
The Flipkart-Axis Bank credit card will fetch users 5% cashback on all transactions on co-branded merchants — Flipkart, Myntra and 2GUD.
Flipkart and Axis Bank have also tied up with various third-party merchants, such as MakeMyTrip, PVR, Uber, UrbanClap, among others. For transactions made on these third-party platforms, customers will receive a 4% unlimited cashback.
On all other merchants, the cardholder will receive 1.5% unlimited cashback.
The credit card also has ‘welcome benefits’ worth Rs 3,000 for the initial transactions on co-branded merchants and third-party platforms.
Apart from the cashback benefits, cardholders will also get four complimentary lounge visits across airports in India every year. Another benefit is fuel surcharge waiver of 1% for up to Rs 500 per month.
Through the Flipkart-Axis Bank credit card, users will also be able to apply for a 20% discount and 1.5% cashback on Axis Bank’s partnered restaurants across the country.
The credit card is aimed at catering to both credit-worthy individuals, as well as those who have not been able to access formal credit before, the Flipkart statement said.