Flipkart launches its credit card in partnership with Axis Bank
Flipkart launches its credit card in partnership with Axis Bank

Axis Bank, the fourth largest credit card issuer in India, has collaborated with e-commerce major Flipkart for launching a co-branded credit card. The bank is targeting to sell 1 million of the new card in a year.

Sanjeev Moghe, Executive Vice-President for payments and cards, Axis Bank, said, "We want to be the fastest co-branded credit card to reach the 1-million-mark. We should do 1 million in a year."

Initially, Flipkart will offer the credit card to ‘select users’ in July before giving access to other customers in the next few weeks. The firm has kept Rs 500 as the registration fee with an annual waiver on spends of Rs 2 lakh while customers will get cashback auto-credited every month.

The new card has been launched with a slew of benefits, including 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 such as Myntra.

Amitabh Chaudhry, Managing Director and Chief Executive, Axis Bank, said, "With this offering, we want to take leadership in the payments arena but without compromising on risk."

 
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