Samsung launches co-branded credit card with Axis Bank, to offer 10% cashback on Samsung’s devices, services

Dominating the smartphone and consumer electronics segment in India, South Korean technology giant Samsung has launched a credit card for the Indian audience. Co-branded with Axis Bank and powered by Visa, the Samsung Credit card will offer 10% cashback over and above the existing offers available in both offline stores, Samsung e-commerce portals and Flipkart. This card can be used to purchase products such as smartphones, tablets, laptops, televisions, refrigerators, ACs, washing machines or Samsung services such as Service Center payments, Samsung Care+ mobile protection plans and extended warranties.

The card will be available in two variants - Visa Signature and Visa Infinite. On the Signature card, the cashback is capped at Rs 10,000 annually, and Rs 2,500 monthly. For the premium Infinite card, the annual cashback limit is Rs 20,000 and the monthly limit is set at Rs 5,000. Both the cards will also have welcome benefits - 2500 edge reward points worth Rs 500 on Signature and 30,000 points worth Rs 6,000 on Infinite. While the cards offer other benefits like airport lounge access and 1% cashback on fuel, the joining fee of the Visa Signature card is Rs 500 + taxes whereas the fee for Infinite is Rs 5,000 + taxes. The card also entitles rewards to cardholders on everyday spending with key partner merchants: BigBasket, Myntra, Tata 1mg, Urban Company and Zomato.
 
The Samsung Axis Bank Credit Card also comes with complimentary airport lounge access, fuel surcharge waiver, dining offers, and access to a bouquet of offers from Axis Bank and Visa.

“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," said Ken Kang, President and CEO, Samsung South-West Asia.
 
Co-branded credit cards in the e-commerce space are popular in India as Amazon has partnered with ICICI Bank and Flipkart with Axis Bank. This isn’t the first time when a technology giant has launched a credit card. Back in 2005, LG had partnered with SBI. And again in 2018, LG partnered with Bajaj Finserv to launch a co-branded credit card. Globally as well, Apple ventured into this segment in 2019 by announcing a credit card in partnership with Goldman Sachs & Mastercard for US Citizens.

Also read: Amazon, Flipkart sale: Samsung creates new record, sells over 12 lakh smartphones on Day 1

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