India-based banking group ICICI Bank announced on Tuesday it has teamed up with Amazon to launch a new credit card. According to ICICI Bank, the co-branded card offers a reward points program exclusive for “digitally savvy customers” and is claimed to be the first card in the country to enable Amazon Prime members earn 5% reward points on shopping on Amazon.in. Other customers get 3% reward points.
ICICI Bank reported that customers may also earn 2% reward points on spends at Amazon Pay partner merchants across categories such as food delivery, utility payments, movie ticketing and much more. As the card is available exclusively on Visa, customers also earn rewards at millions of merchant locations throughout India where Visa cards are accepted.
“A prominent proposition of the ‘Amazon Pay ICICI Bank Credit Card’ is that each reward point is equivalent to a rupee which customers can redeem on Amazon.in from a catalog of more than 160 million items available on the website or by paying merchants who accept Amazon Pay. The reward points carry other industry-first benefits too—they are uncapped and do not expire. Besides best in class rewards, customers will also get fuel surcharge waivers, No-cost EMI offers & surprise bonus points during sale events on Amazon.in and Amazon Pay partner merchants.”
While sharing more details about the partnership, Sudipta Roy, General Manager & Head – Unsecured Assets & Cards, ICICI Bank stated:
“We are delighted to partner with Amazon Pay to introduce a new and compelling credit card proposition that combines these customer insights. We believe that the ‘Amazon Pay ICICI Bank Credit Card’ is the most rewarding card in the industry for customers as each reward point is equivalent to spendable money that can be redeemed across a catalogue of millions of products on Amazon.in. We believe that this compelling and best-in-class customer offering will contribute largely to the growth of the Bank’s credit card portfolio.”
Vikas Bansal, Director, Emerging Payments, Amazon Pay, then added:
“Our mission is to make online shopping more affordable and provide the best value to Amazon Pay customers. Amazon Pay ICICI Bank Credit Card offers our customers compelling rewards on Amazon and everywhere else they shop. We believe this card will provide our customers another reason to choose Amazon Pay, the most trusted, convenient and rewarding way to pay. This festive season, customers can now look forward to more savings through this card.”
Features of the Amazon Pay ICICI Bank credit card include:
- Get reward points up to 5% on card spends: Customers receive reward points as per category of the spend :
- 5% for Amazon Prime members and 3% back for all other customers for shopping on Amazon.in
- 2% for all customers on spends on digital categories on Amazon.in such as, bill payments, recharges, wallet load etc.
- 2% for all customers on spends on Amazon Pay merchants (e.g., Swiggy, Bookmyshow, Yatra, and many more)
- 1% for all customers on spends on any merchant location in the country, where Visa cards are accepted. Customers also get fuel-surcharge waiver and no cost EMI offers on a large selection. No earnings on fuel, EMI transactions and gold purchases.