Amazon partners with ICICI Bank; launches co-branded 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 months 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.
- 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.
This is going to be an interesting affair and will push Prime consumption more. Plus, forces Flipkart to rethink its half-baked loyalty feature.