In an India-centric move to boost its regional market power, Samsung has partnered with local Axis Bank to launch a Visa-branded credit card.
The card itself will offer 10% cashback on every purchase of a Samsung product, including the tech giant’s service offering lineup. These include payments at a Samsung Service Centre, Samsung Care+ mobile protection plans, warranty extensions, as well as smartphones, tablets, laptops, televisions, refrigerators, ACs, and washing machines. No minimum transaction value is required, meaning that cardholders can get the cashback on the smallest of Samsung purchases.
Ken Kang, President and CEO of Samsung South-West Asia, commented: “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.”
In addition, the 10% cashback will also apply to instalment plan purchase and will be available all year round. Cardholders will be able to utilise the offer on both offline platforms such as Pine Labs and Benow, as well as online on Samsung’s own website, the Samsung Shop App, and authorised Samsung Service Centres.
Sandeep Ghosh, Visa’s Group Country Manager for India and South Asia, said: “Consumers today seek the best value from all types of purchases. Our research shows that three out of four Indian consumers buy at least one electronic appliance or device every year and spend around INR 40000 on electronics annually.
“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.”
Two variants of the card will be offered to consumers – Visa Signature and Visa Infinite, with annual fees for both being respectively INR 500 plus taxes and INR 5000 plus taxes. The difference comes when we look at the maximum cashback value threshold.
On the Signature variant, users can avail up to INR 10000 annual cashback, with the monthly limit being INR 2500. The Infinite variant on the other hand can amass up to INR 20000 cashback annually, limited at INR 5000 per month.
Another noticeable distinction between the variants are the Edge Reward points. While cardholders of both will receive this one-time welcoming benefit that comes with the first three transactions, Signature users will get 2500 points worth INR 500, while for Infinite customers this is increased to 30000 points that are valued at INR 6000.
Regardless of the customer’s choice of variant, the credit card comes with complimentary airport lounge access, fuel surcharge waiver, dining offers, and exclusive offers from both Axis Bank and Visa.
Amitabh Chaudhry, MD and CEO of Axis Bank, said: “Axis Bank is a full suite cards and payments player, and we continue to build on innovation led partnership models. Our focus is to offer product propositions that cater to our customers’ 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 top 10 cities and aids our objective of card penetration into tier two and three cities.”
Interest in the card can be registered on samsung.com/in/samsung-card, with applications opening soon.
