Amazon, ICICI Launch Credit Card to Convert Shopping Expense into Amazon Pay balance

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Amazon has partnered with ICICI Bank to provide its Prime customers a credit card that leverages shopping expenses into reward points. The co-branded credit card launched is closely tied with ‘Amazon Pay’, the online payment platform of Amazon. Christened, ‘Amazon Pay ICICI Bank Credit Card’, the card offers best in the industry rewards points programme for the digitally savvy customers, announced the bank.

 

This is 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. They 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 catalogue 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.

Commenting on the new launch, Sudipta Roy, General Manager & Head – Unsecured Assets & Cards, ICICI Bank said, “We are now witnessing two distinct consumer trends. One, millions of Indians are now making purchases for most of their requirements online. Two, customers are looking for richer reward propositions that provide them flexibility in redemption. 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.”

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Speaking about the launch, Vikas Bansal, Director, Emerging Payments, Amazon Pay, said “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.”

“We are delighted to partner with Amazon Pay and ICICI Bank for this co-branded card which is sure to add a new dimension to consumer experience in the Indian digital payments space. With more Indian consumers online than ever before, the new card will help transition consumers away from cash-on-delivery into the fast, secure and convenient world of digital payments,” said Shailesh Paul, Vice President – Merchant Sales & Acquiring, India and South Asia for Visa.

As a start, the card is being offered on invitation to lakhs of ICICI Bank customers who use the Amazon.in app. The select customers will be able to see their invite on the Amazon app. They can apply for the card immediately to get a ready-to-use digital card instantly, in a completely digital and paperless manner. Using the digital card, customers can immediately start shopping online, without having to wait for the physical card to arrive. The physical card is also sent to the customer by the bank within a few days.

Over the coming months, the ‘Amazon Pay ICICI Bank Credit Card’ programme will also be extended to other customers.

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Features of the Amazon Pay ICICI Bank credit card include:

  • Get reward points upto 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.

Source: IndianWeb2

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