Samsung launches credit card in India with year-round cashbacks
South Korean electronics giant Samsung has introduced a new strategy to up its sales during this year's festive season - a co-branded credit card. The company has joined hands with Mumbai-based Axis Bank and payments processor Visa for the card it is calling 'Samsung Axis Bank Credit Card.' Customers using this card to buy Samsung products will get a 10% cashback "round the year."
Why does this story matter?
India's credit card space is much behind debit cards. According to estimates, there are less than 25 million credit card users in the country. With the introduction of its own credit cards, Samsung gets a chance to tap into the uncharted potential of this market. The kind of user base it has in the country certainly gives the company a headstart.
There are two credit cards on offer
Samsung has launched two kinds of credit cards - Visa Signature and Visa Infinite. On the former, there is Rs. 2,500 monthly cashback limit, while on the latter, the limit is Rs. 5,000. Annually, the cashback limits are set at Rs. 10,000 and Rs. 20,000, respectively. The annual fee on the cards is Rs. 500 (plus taxes) and Rs. 5,000 (plus taxes), respectively.
Customers will get 10% cashback on every Samsung purchase
Customers will get welcome Edge Reward points on both credit cards - with Signature, 2,500 points worth Rs. 500, and with Infinite, 30,000 points worth Rs. 6,000. There will be a 10% cashback on the purchase of any Samsung product or service. This cashback will be over and above any other ongoing offers. There is no minimum transaction value required to avail cashback.
There are offers on partnering merchants
Users of Samsung credit cards can avail offers from other merchants, including BigBasket, Myntra, Tata 1mg, Urban Company, and Zomato. Customers will also get complimentary airport lounge access, fuel surcharge waiver, dining offers, and access to several other benefits from Axis Bank and Visa.
The program is a win-win for the brand, bank, customers
With the new credit card program coupled with Samsung Finance Plus and other offers, Samsung expects a 30% growth in sales this festive season. For the company, credit cards will help increase loyalty among buyers. For the bank, this is a chance to acquire a different set of customers. For customers, this means more benefits. It's a win-win for everybody.
How to apply for the credit card?
Samsung is yet to open applications for credit cards. Customer can register their interest on the dedicated microsite. Application for the cards will be accepted via Samsung Shops, Samsung Pay, and Axis Bank channels.
