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Axis Bank, Flipkart to launch new credit card

Axis Bank has tied up with Flipkart to launch a co-branded credit card. It intends to have nearly 1 million users of this card by end-2019. Sanjeev Moghe, executive vice president, Payments at the bank, said the bank wants the card to be the fastest co-branded credit card to reach the 1 million-mark. The bank has 6.17 million cards is use. The new card offers among other benefits, a 1.5% cash-back on every purchase, and up to 5% cash-back for merchant shopping, including on Flipkart and on its sister concerns like Myntra. A user will have to pay a joining fee of Rs500 and another Rs500 as annual fee for the card, which has a credit limit of Rs2 lakh. Analytics from Flipkart and Axis Bank will be used to identify credit worthiness of a person before giving him/her the card. The card will be powered by Mastercard.

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