Samsung India partnered with Axis Bank and Visa and launched its first-ever credit card service in India called Samsung Axis Bank Credit Card. All three giants have joined forces and have created a new model of online banking/financing and have offered multiple perks for the users if they chose this service. They have launched two services for starting, Visa Signature and Visa Infinite both have different perks and are beneficial for different kinds of consumers.
Axis Bank CEO Amitabh Chaudhry revealed the new product is aiming to extend beyond the Top 10 cities and reach penetration in tier 2 & 3 cities. One Visa executive revealed that 3 out of 4 Indians buy at least one electronic appliance and spend around INR40,000 annually. Applications for the Samsung Axis Credit Card will open soon on the dedicated page on Samsung India’s website.
Consumers can choose between any of the two variants i.e, Visa Signature and Visa Infinite. On the Signature variant, cardholders can avail of up to INR 10000 cashback annually, with a monthly cashback limit of INR 2500. On the Infinite variant, cardholders can avail of up to INR 20000 cashback annually, with a monthly cashback limit of INR 5000. There is no minimum transaction value, which means cardholders can get 10% cash back on the smallest of Samsung purchases. Additionally, cardholders will earn Edge Reward Points on spends made outside the Samsung Ecosystem.
Samsung India has kept consumer trends and preferences in mind and has partnered with the best in the industry to bring accelerated rewards to cardholders on everyday spending with key partner merchants: BigBasket, Myntra, Tata 1mg, Urban Company, and Zomato. Ken Kang, President, and CEO, of Samsung South-West Asia, said in the inaugural speech that;
“At Samsung, we believe in transforming the lives of our consumers through the power of innovation. The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features. We’re excited to be able to put the control into our consumers’ hands,”
Samsung claims that it is an industry-leading initiative, the Samsung Axis Bank Credit Card is designed to reward consumers every time they use their card to buy Samsung products and services. Consumers will get 10% cashback when they purchase products such as smartphones, tablets, laptops, televisions, refrigerators, ACs, and washing machines, or Samsung services such as Service Center payments, Samsung Care+ mobile protection plans, and extended warranties. Amitabh Chaudhry, MD, and CEO, Axis Bank said;
“Axis Bank is a full suite card and payments player, and we continue to build on innovation-led partnership models. Our focus is to offer product propositions that cater to our customer’s ever-evolving needs and give them a seamless experience. Through this co-branded credit card, in partnership with Samsung India and Visa, we are reiterating our commitment to drive access to formal credit in India, tapping the wide reach of Samsung India that extends beyond the top 10 cities and aids our objective of card penetration into tier 2 & 3 cities,” said
The 10% cashback on Samsung Axis Bank Credit Card will be over and above ongoing offers on both EMI/Non-EMI purchases. The 10% cashback will be applicable across offline channels selling Samsung products through Pine Labs and Benow payment interfaces, as well as online on Samsung.com, Samsung Shop App, and Flipkart, and at authorized Samsung Service Centers. To add to the excitement, the 10% cash back benefit on Samsung Axis Bank Credit Card will be available all year round. Sandeep Ghosh, Group Country Manager, India, and South Asia, Visa said;
“Consumers today seek the best value from all types of purchases. Our research shows that 3 out of 4 Indian consumers buy at least one electronic appliance or device every year and spend around INR 40000 on electronics annually1. We are delighted to partner with Samsung and Axis Bank to introduce a credit card with a strong proposition and great value on home appliances as well as lifestyle goods,”
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