ICICI Bank launches co-branded credit card with Amazon PayICICI Bank has announced the launch of a co-branded credit card in an exclusive partnership with ‘Amazon Pay’, the online payment platform of the global e-commerce company Amazon. Christened, ‘Amazon Pay ICICI Bank Credit Card’, the card offers a good deal in terms of industry rewards points programme for the digitally savvy customers. There is no joining or annual fee for the card

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 exclusively on Visa, customers also earn rewards at millions of merchant locations throughout India where Visa cards are accepted.

A prominent proposition of the ‘Amazon Pay ICICI Bank Credit Card’ is that each reward point is equivalent to a rupee which customers can redeem on Amazon.in from a catalogue of more than 160 million items available on the website or by paying merchants who accept Amazon Pay.

The reward points carry other industry-first benefits too—they are uncapped and do not expire. 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.

Example: On spending Rs 1,000 on the card, below are the various reward earnings:

Amazon Prime customers spending on Amazon.in

Non prime customer spending on Amazon.in

For spends on digital categories and with partner merchants of Amazon Pay

For spends across any other merchant where VISA cards are accepted in the country

50 points (5% earnings back)

30 points (3% earnings back)

20 points (2% earnings back)

10 points (1% earnings back)

Where to get

As a start, the card is being offered on invitation to lakhs of ICICI Bank customers who use the Amazon.in app. The 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. The physical card is also sent to the customer by the bank within a few days.

Over the coming months, the ‘Amazon Pay ICICI Bank Credit Card’ programme will also be extended to other customers.

How rewards are credited

The reward 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. Customers can redeem these earnings to purchase from more than 160 million items available on Amazon.in across categories like mobiles, electronics, grocery, appliances, fashion, and bill payments among others.

The reward earnings can also be used with Amazon Pay partner merchants for purchasing flight tickets, booking hotels, food delivery, movie tickets and much more.

Features snapshot

* 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.

Kumar Shankar Roy

Kumar Shankar Roy is contributing editor with RupeeIQ. He can be contacted on contact@rupeeiq.com