Samsung has launched two credit cards in India to encourage more sales in the second largest internet market in the world.
The electronics maker is partnering with Axis Bank, an Indian financial institution, and Visa, an international payment platform, to provide the credit service. Samsung joins several consumer companies, including Apple, to offer credit cards.
In addition to receiving credits to purchase the company’s products and services, Samsung is offering a 10% cashback round the year as an incentive to Indian customers. Also, customers who use the card will enjoy rewards such as deals from food delivery service Zomato, fashion e-commerce Myntra, online pharmacy 1mg, grocer Bigbasket and home services company Urban Company.
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According to a TechCrunch report, there are two types of Samsung credit cards available; one is the Signature card (with a $123 annual cap) and the Infinite card (with a $246 annual cap). The Samsung Signature card attracts an annual fee of $6.13, and the Infinite card charges about $60.
As an executive of the company explained, the offer is aimed at consumers in smaller cities and towns in India. Likely, it wants to take advantage of the many who have not collected credit cards from traditional banks in the country. Applications for Samsung credit cards will soon begin.
Ken Kang, President and CEO of Samsung South-West Asia, said that the new financing option is a way to put control into customers’ hands.
“The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features,” part of his statement read.
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