American Express launches new co-branded Credit Card with PAYBACK®

Smart, value-conscious shoppers in India have reason to celebrate. PAYBACK, India's largest multi-brand loyalty program and American Express, the world's largest card issuer by purchase volume, today launched a new co-branded credit card. The new American Express PAYBACK® Credit Card offers Cardmembers the power to maximize rewards on purchases with an assured earning rate of 3 PAYBACK points for every Rs.100 spent, and the added advantage of boosting reward points with the opportunity to double dip when spending at PAYBACK partners.

The American Express PAYBACK® Credit Card offers special welcome gifts such as discount vouchers worth Rs. 3000 and the ability to earn 1350 PAYBACK points on spending Rs. 15,000 within the first 60 days. Cardmembers can also avail a lower interest rate of 1.25 per cent per month for the first 6 months of their Card membership enabling them to save almost 50% on their interest charges. The Double Dip advantage enables Cardmembers to earn PAYBACK points from both American Express and PAYBACK partner brands for the same transaction when using the Card at any of the partner brands. The PAYBACK partner brands are spread across retail, entertainment, fuel, utility and travel categories and include brands such as Pantaloons, Big Bazaar, HPCL, Bookmyshow, ezone, futurebazaar.com, Vodafone, MakeMyTrip, Central, HomeTown and others. Cardmembers can redeem their PAYBACK points for attractive rewards, with instant redemption at over 1500 point of sales across cities in India.

Speaking on the occasion, Mr. Shailesh Baidwan, Country Manager and Head - Consumer Services, American Express Banking Corp. said, "The meteoric rise of the smart value conscious Indian consumer who also has high aspirations presents a huge opportunity for businesses. Our partnership with PAYBACK is a strategic endeavor to develop and launch solutions that appeal to this segment of customers. With a powerful combination of American Express' benefits and faster access to rewards from PAYBACK, the American Express PAYBACK® Credit Card is a perfect shopping companion for this discerning consumer".

Mr. Vijay Bobba, Chief Executive Officer and Managing Director, PAYBACK India said, "At PAYBACK, we are at the helm of innovation; constantly pursuing opportunities, through which we can engage, excite and reward our members. Continuing with this tradition, we are delighted to be part of this pioneering initiative of the industry, join forces with American Express and deliver value to millions of active members of the loyalty program." He further added, "We are positive that the new offering will go a long way in enriching shopping experience of our expansive member base."

The American Express PAYBACK® Credit Card comes loaded with unique services and rewarding features including:

- High Earn Rate: The Card offers a high earn rate of 3 PAYBACK points for every Rs.100 spent from American Express.

- Double Dip Advantage: Earn points from both American Express and PAYBACK on Card usage at PAYBACK partner brands across categories such as entertainment, hyper/supermarket, utilities, fuel, online, travel and telecom.

- Pay in easy monthly installments: Shop and pay in easy monthly installments with Extended Payment Plan for 3/6 months at low interest rates.

- Instant Gratification: Cardmembers can accumulate PAYBACK points quickly on day-to-day purchases as well as with partner brands, and enjoy faster redemption from a wide range of choices through the PAYBACK catalogue as well as directly at over 1500 point of sales across cities in India.

- Big Savings and Discounts: on dining (up to 25% off), fuel (2.5% fuel surcharge waiver at HPCL outlets) and exciting offers on online shopping websites through American Express Selects program.

- Superior service: Access to American Express' superior service including free replacement Card, limited loss liability, 24/7 worldwide support.

- Special Welcome Bonus: Cardmembers will get discount vouchers worth Rs 3,000 and additional 1350 PAYBACK points on spending Rs. 15,000 within the first 60 days.

The American Express PAYBACK® Credit Card combines American Express' world-class experience in payments with best-in-class loyalty benefits of a PAYBACK Card.

Source : Equity Bulls

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