Private sector lender ICICI Bank announced on Thursday that it has extended its partnership with Amazon Pay for their co-branded credit card, the “Amazon Pay ICICI Credit Card,” for another seven years.
This co-branded card, launched in 2018, has become the largest of its kind in India with more than 5 million customers. It offers attractive rewards, unlimited cashback, and no joining or annual fees, making it a popular choice for online shoppers.
From 11 October, the card will reduce foreign exchange markup on international transactions from 3.5 per cent to 1.99 per cent. Prime members will continue to enjoy 5 per cent unlimited cashback on purchases and travel bookings made through Amazon Pay, while non-Prime members will receive 3 per cent unlimited rewards.
“Our over 5 million valuable customers have consistently enjoyed unlimited cashback, zero joining and annual fees, and seamless redemption,” said Mayank Jain, Director of Credit and Lending at Amazon Pay India.
“The Amazon Pay ICICI Bank Credit Card has been one of the fastest-growing co-branded cards in the country,” said Vipul Agarwal, Head of Cards and Payment Solutions at ICICI Bank. He noted that the bank has observed rising travel among Indian consumers along with increasing demand for strong reward programmes and flexible redemption options. The reduction in forex markup is aimed at strengthening the appeal of the card for digitally savvy users.
According to data from the Reserve Bank of India, ICICI Bank had more than 18 million credit cards in circulation as of July. It is currently the third-largest credit card issuer in India after HDFC Bank and State Bank of India. Axis Bank, the fourth-largest issuer, also offers a co-branded credit card in partnership with Flipkart.
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