Ola & Paytm to Introduce Their Own Credit Card's
Ola and Paytm have both in a span of a week announced a new credit card service for their customers.
Ola and Paytm have both in a span of a week announced credit cards for their customers. With a combined 450 Million users combined this will help the banks bring in new customers quickly and reduce the cost of acquiring new customers. Ola is working with SBI and the Credit Card will be attached to there Ola Money which is their version of the e-wallet. Everything will be handled in the Ola app and will have a 7% cashback on Ola taxi rides and upto 20% for domestic hotel bookings.
The card will be free for the first year with no fees, but after that there will be a Rs 499 fee per year that will be waived if over Rs 1 Lakh is spent in that year. For now there has been no announcement if the Ola card will work globally. Meanwhile at Paytm their card will be attached with Citibank and will also be linked to their version of the e-wallet. The card will offer a flat 1% cashback on all purchases with the card, but Paytm is accepted in many more places then the Ola Money. The Paytm card will have a flat yearly fee of Rs 499 from launch but will be waived if Rs 50,000 is spent in a year. The card has been confirmed to work globally unlike the Ola card.