Samsung forays into finance, launches credit card with Axis Bank and Visa

South Korean electronics maker Samsung, in partnership with Axis Bank, launched Visa-powered Credit Card in India. The card will allow customers to avail of a 10 per cent cashback across all Samsung products and services throughout the year. It will be over and above the existing Samsung offers, on both equated monthly instalment (EMI) and non-EMI transactions.

"We're excited to be able to put the control into our consumers' hands," Ken Kang, president and CEO for South-West Asia, Samsung, said at the launch of the card.

The cashback will be available on all Samsung products, including smartphones, tablets, laptops, televisions, refrigerators, ACs, and washing machines. The cashback will also be eligible for Samsung services like service center payments, Samsung Care+ mobile protection plans, and extended warranties.

The 10 per cent cashback benefit will be available around the year.

The cashback will be applicable online on Samsung web portal, Samsung shopping, and Flipkart. It will also be applicable at select offline channels selling Samsung products through Pine Labs and Benow payment interfaces. The cashback can also be availed at authorized Samsung Service Centers through both offline and online modes.

There are two variants of the card that are being made available to the public, Visa Signature and Visa Infinite.

With the Signature variant, customers are eligible to avail of up to Rs 10,000 cashback per annum with a monthly cashback limit of Rs 2,500.

On the Infinite variant, an annual cashback of Rs 20,000 is allowed with a monthly limit of Rs 5,000. There is no minimum transaction value in either of the cards. Edge Reward Points will be awarded to the customers on every purchase via the new cards.

The cards will also give airport lounge access, fuel surcharge waiver and dining offers to the customers – said Samsung.

The annual fee for the Signature variant is Rs 500 (excluding taxes) and for the Infinite variant is Rs 5,000 (excluding taxes).

"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 2 & 3 cities," said Amitabh Chaudhry, MD and CEO, Axis Bank.