Amazon partners with ICICI Bank; launches co-branded credit card

Bangalore.

Amazon Pay and ICICI Bank Limited today announced the launch of Amazon Pay ICICI Bank Credit Card in partnership with Visa.

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 on Visa network, customers also earn rewards at millions of merchant locations throughout India where Visa cards are accepted.
Currently, this program is available to selected Amazon and ICICI Bank customers and will be expanded to other customers over the coming monthsThe 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.
A prominent proposition of the Amazon Pay ICICI Bank Credit Card’ is that each reward point is equivalent to a rupee and the rewards earnings are credited monthly to the customer’s Amazon Pay balance under Gift and Credits section. The customers can redeem these earnings to purchase from more than 160 million items on Amazon.in across mobiles, electronics, grocery, appliances, fashion, bill payments, among others. The rewards earnings can also be used with Amazon Pay partner merchants for purchasing flight tickets, booking hotels, food delivery, movie tickets and many more. The reward points 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, “ICICI Bankpopularized consumer loans and usage of cards in the country. 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 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 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.”
Speaking about 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

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.

One reward point is equivalent to a rupee (1 point = 1 INR)
• Accumulate reward points without any maximum upper limit – – the more you shop the more you earn
• Rewards don’t expire and can be redeemed from over 160 million products on Amazon.in and Amazon Pay merchants for purchasing flight tickets, booking hotels, food delivery, and many more
• Can be used at more than 4M merchant locations in India – everywhere you shop
• No joining or annual fee for the card

The rewards 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. The customers can redeem these earnings to purchase from more than 160 million items on Amazon.in across mobiles, electronics, grocery, appliances, fashion, bill payments, among others. The rewards earnings can also be used with Amazon Pay partner merchants for purchasing flight tickets, booking hotels, food delivery, movie tickets and many more.

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