Samsung partners with Axis Bank for new co-branded credit card

Samsung is partnering with Axis Bank to launch a co-branded credit card by Visa. The new card offers 10% cashback across all consumer electronics such as smartphones, laptops, TVs, tablets, refrigerators, washing machines, and air conditioners sold by the South Korean company in India.  

The cashback will also be available on purchase of Samsung services such as Care+ mobile protection plans, service centre payments, and extended warranty.  

The cashback offer will remain valid throughout the year regardless of festive season sales or any other discount offer including EMI.   

According to Samsung, the new credit card will be available in two variants — Visa Signature with annual cashback limit of Rs 10,000 and a monthly cashback limit of ₹2,500 and Visa Infinite with an annual cashback limit of ₹20,000 and monthly cashback limit of ₹5,000. 

“Our research shows that 3 out of 4 Indian consumers buy at least one electronic appliance or device every year and spend around ₹40,000 on electronics annually,” said Sandeep Ghosh, group country manager, India and South Asia at Visa.  

“The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy products and spend on services,” said Ken Kang, president and chief executive of Samsung South-West Asia.  

Amitabh Chaudhry, managing director and chief executive of Axis Bank pointed out that the partnership will allow them to tap into Samsung reach and improve credit card penetration in tier 2 and 3 cities.  

Samsung said that buyers can apply for the new credit cards from Samsung website and offline stores.