American Express launches co-branded card with Makemytrip

To cash in on the fast growing e-commerce space, credit card player American Express has launched a co-branded card with online travel firm MakeMyTrip Makemytrip.
The new card is loaded with freebies including a Rs 9,000 welcome voucher and also a 2.5 per cent fuel surcharge waiver at HPCL outlets, American Express said in a statement.
Further, it said the card allows customers the flexibility to spread their payments into easy instalments over a period of time, at attractive interest rates.
"The bank will be charging 3.5 per cent interest per month on purchases or 42 per cent per annum. A joining fee of Rs 750 which will go up to Rs 1,500 per annum from second year will also be charged," American Express Banking Corp India chief executive Manoj Adlakha said.

While Makemytrip will offer a welcome bonus of Rs 9,000, which will be in nine instalments of Rs 1,000 each per month depending on the transaction, a 5 per cent cash back on ticket and hotel bookings through its website will also be given, he added.