ICICI Bank launches co-branded credit card with Amazon
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
Right in the middle of festival season when people are on a shopping spree, ICIC bank has introduced a co-branded credit card in an exclusive partnership with ‘Amazon Pay’ to offers best in the industry rewards points programme for the digitally savvy customers.
The spending trends in India states that – millions of Indians are now making purchases for most of their requirements online and customers are looking for richer reward propositions that provide them flexibility in redemption. The market proposition of the ‘Amazon Pay ICICI Bank Credit Card’ combines both these customer insights.
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.
Commenting on the new launch, Sudipta Roy, General Manager & Head – Unsecured Assets & Cards, ICICI Bank said, “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.”
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. A prominent offering of this 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 that is available on the website or by paying merchants who accept Amazon Pay.
The reward earnings are credited monthly, after the billing cycle date of the card to the customer’s Amazon Pay balance under the ‘Gift and Credits’ section. Customers can redeem these earnings to purchase from more than 160 million items available on Amazon.in across categories like mobiles, electronics, grocery, appliances, fashion, and bill payments among others. The reward earnings can also be used with Amazon Pay partner merchants for purchasing flight tickets, booking hotels, food delivery, movie tickets and much more.
