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Tag: credit card

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ixigo and AU Small Finance Bank Launch RuPay Variant of Their Co-Branded Travel Credit Card

Jul 12, 2024 by Mansi 0 Comments #Aloke Bajpai, #credit card, #Finance Bank Launch, #ixigo, #Mr. Nalin Bansal, #Mr. Sanjay Agarwal, #RuPay

Mumbai, 12th July 2024: ixigo, India’s leading OTA for the next billion users and AU Small Finance Bank, the largest Small Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards. This new offering is designed to bring enhanced benefits like greater convenience, wider reach, security and accessibility to modern travellers.

Building on the successful partnership of ixigo and AU Small Finance Bank (AU SFB), the RuPay variant introduces a range of features tailored to meet the needs of travellers. Cardholders can link their RuPay credit card on UPI using any UPI payment app, enabling seamless credit card payments with UPI. Travellers will get 10 reward points on online UPI transactions and 5 reward points on offline UPI transactions. They will also have access to premium 24/7 concierge services, a comprehensive insurance cover of up to INR 2 Lakhs, including Personal Accident Insurance and Permanent Disability Cover, and various exclusive RuPay offers across dining, shopping, wellness, and entertainment.

The card also retains its existing benefits and core value proposition across all travel modes, including 10% discount on flights, buses and hotels and Zero PG charges on train booking via ixigo app, while offering additional benefits exclusive to RuPay cardholders. Cardholders will get 1000 reward points, Rs. 1000 ixigo money reward on completing their first transaction within 30 days, and a fuel surcharge waiver of 1% and 10% reward points on train transactions. Cardholders also enjoy Zero forex markup fee on international spends, complimentary 8 railway lounge access, 8 airport lounge access, and 1 International lounge access per year.

Commenting on the launch, Aloke Bajpai, Group CEO & Rajnish Kumar, Group Co-CEO, ixigo said, “We are excited to introduce the RuPay variant to the existing co-branded AU Small Finance Bank travel credit card. With seamless UPI integration and comprehensive insurance coverage, this card is designed to meet the evolving needs of modern travellers, especially those from tier 2,3 & 4 cities. By combining our travel expertise with AU SFB’s robust financial solutions, we aim to make travel more accessible and provide a smoother experience nationwide.”

Mr. Sanjay Agarwal, Founder and MD & CEO, AU Small Finance Bank, said, “Our partnership with ixigo continues to set new benchmarks in the travel industry, offering unparalleled benefits tailored for the modern traveller. This launch reaffirms our commitment to providing innovative and inclusive financial solutions to our customers. The RuPay variant will maintain exceptional travel rewards and bring the added advantage of RuPay’s extensive network, fulfilling the desires of aspiring Bharat. This move exemplifies our customer-centric approach as we continue to serve the diverse needs of our customers across Bharat.”

Mr. Nalin Bansal, Chief of Corporate, Fintech Relationships and Key Initiatives, NPCI said, “We are happy to partner with ixigo and AU Small Finance Bank to provide travellers with an enhanced experience through exclusive rewards for RuPay cardholders. UPI-enabled RuPay credit cards combine the convenience of UPI with the benefits of credit cards. This aligns perfectly with our mission of expanding digital payments across India, making travel seamless and rewarding.”

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YES BANK and ANQ Launch Co-Branded Credit Cards, Pi and Phi, Bridging Traditional Banking with Fintech

Apr 30, 2024 by Sujata 0 Comments #ANQ Launch, #credit card, #Mr. Ashish Khandelwal, #YES BANK

National, India 30th, April 2024: YES BANK, a prominent private sector bank in India, has partnered with Bengaluru-based financial services provider, ANQ, to unveil two groundbreaking credit cards catering to Indian consumers: The Pi and Phi co-branded cards. This strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer needs.

The Pi and Phi co-branded cards are designed to revolutionise the financial landscape in India with their unique features and benefits:

The YES BANK ANQ Pi Credit Card is a digital-only card that offers seamless credit on UPI for domestic transactions, providing users with convenient and secure payment options. With no joining or annual fees, this card provides financial flexibility without any additional costs. Users can earn 8 reward points on UPI transactions above Rs. 2000, while also gaining access to RuPay Platinum Benefits for added perks. Moreover, the card provides accelerated rewards on UPI spending, enhancing the value of every transaction. Additionally, users can easily convert purchases into EMIs, further enhancing the flexibility of this innovative card.

Wealth Creation-all

On the other hand, the YES BANK ANQ Phi Credit Card caters to both domestic and international purchases with its physical card format, offering users versatility in their spending options. Like the Pi card, there are no joining fees, ensuring accessibility for all users. This card boasts rewards across various categories including dining and travel, allowing users to maximise their benefits with every spend. Additionally, users can enjoy fuel surcharge waivers and international lounge access, adding further value to their card usage. With the ability to earn 24 reward points on selected categories for spends of Rs. 200 and 4 reward points on other spends of Rs. 200, this card offers unparalleled reward potential. Suitable for both online and offline shopping worldwide, the Phi card provides users with a comprehensive and rewarding payment solution for all their needs.

This collaboration signifies a significant step towards providing Indian consumers with unparalleled choices in both spending and rewards. The partnership between YES BANK and ANQ embodies a response to the rapidly evolving digital finance landscape, characterised by technological advancements and shifting consumer behaviours.

A Benchmark for the Fintech Ecosystem:

Regarding the alliance, Mr. Ashish Khandelwal, Founder of Anq, stated, “This partnership with Yes Bank to launch these co-branded credit cards is a testament to our commitment. With ANQ’s fintech solutions, our focus is on enabling intelligent digital-first solutions. Yes Bank’s vision aligns seamlessly with our goal of delivering maximum value to savvy consumers. Together, we are dedicated to ensuring that this alliance brings forth smart financial solutions that cater to the evolving needs of the modern consumer.”

As YES BANK and Anq embark on this journey, they highlight a broader transition towards a digital-first economy, with their collaboration serving as a guiding light for the future of the Indian fintech ecosystem. The strategic vision of Anq and YES BANK to target this segment underscores a deep comprehension of the market’s future trajectory.

We are forging a path toward a future where every financial decision, no matter how minor, represents an opportunity for advancement. In doing so, they are not only reshaping the landscape of credit cards in India but also reimagining the essence of financial interaction for future generations.

Mr. Anil Singh, Country head of Credit Cards and Merchant Acquiring, YES BANK, said “Together with ANQ, we are poised to introduce a pioneering rewards ecosystem and card solutions that seamlessly blend the reliability of traditional banking with the agility of fintech innovation. Our collaboration is set to redefine the card industry, offering consumers unparalleled choices in spending and rewards.”

The Phi card, powered by the Mastercard network, promises limitless rewarding experiences both online and offline, worldwide, while the Pi card, a virtual RuPay card, provides seamless credit transactions on UPI, offering unparalleled convenience and versatility.

business

Things to keep in mind while opting for EMI on your credit card

Jan 26, 2022 by Gouri 0 Comments #credit card, #EMI, #EMI on your credit card, #Mayank Markanday

Mr. Mayank Markanday

By, Mr. Mayank Markanday, Head of Credit Cards, AU Small Finance Bank

We all aspire in life. Be it going on a dream vacation, taking an online course, buying the best DSLR camera, or the latest iPhone or getting a modern refrigerator or oven for our moms. In such cases, credit cards can be extremely beneficial, provided they are used wisely and judiciously. These cards offer greater convenience while making payments easy and eliminate the need of carrying liquid cash. Also, by converting your credit card transactions into easy equated monthly instalments (EMIs) you can make a high-priced purchase without burning a hole in your pocket. Being able to purchase big-ticket products on EMI is probably one of the leading factors that attract people towards credit cards.

When to convert purchases into EMI

EMI on a credit card can be useful and convenient, however, there are circumstances in which it is advisable to use this facility. EMIs are useful when you want to buy something that your bank balance doesn’t support. Also, when you end up spending more on your credit card, EMIs can save you from the high-interest rates. In this case, getting the EMI option can reduce your interest rate by half. Moreover, these options are available at the click of a button or through a call itself, there is no need for any extra documentation or process to follow. Sometimes even your Credit Card statement can help you find this option.

Things to keep in mind when you opt for the EMI option on credit cards

Processing fee: EMI schemes are subject to a nominal processing fee. Please check before opting. Moreover, many banks also provide zero EMI offers that you can take advantage of.

Available credit: You should ensure that you have enough credit on your card so that your EMI request is not rejected. The credit amount should be more than or equal to the amount you want to convert into EMIs.

The provisional decline of your credit limit: As soon as your EMI scheme begins, your bank will temporarily block an amount equal to the value of the purchase you have made through the EMI option. However, as you start paying back your EMIs, your bank will again start increasing your credit limit by the amount equal to your monthly EMI.

Know what can be converted and what not: Different banks have different things or items that they permit to be paid via EMI that include the purchase of electronic devices, travel expenses, purchase of apparel, lifestyle-related expenses, insurance expenses, etc. However, most banks do not allow customers to make EMI payments for the purchase of jewellery and precious metals like gold, silver etc.

Advantages of Converting Purchases to EMIs

Manageable Financing Option: By choosing the EMI payment facility, the customers can repay the debt over a period of time, helping them to manage their finances better.

Improves Credit Profile: With EMI payments, there are fewer chances of a borrower defaulting with the payments helping individuals improve their credit history gradually over the period of time.

Attractive Rates of Interest: EMI payments carry a certain rate of interest. However, the same is usually low for purchases that have been converted to EMIs. Some banks may also not levy any interest whatsoever on your purchase EMI.

Flexibility in Repayment Tenure: Customers are given the freedom to choose the tenure of repayment on their purchases. The usual tenure allowed for repayment may range from 3 months, 6 months, 9 months and 12 months.

Credit cards provide instant access to credit by financing your transactions. Credit card spending in India crossed the Rs 1-lakh-crore mark in October, hitting a new high. According to the Reserve Bank of India data, the value of credit card transactions rose 26% month-on-month to hit Rs 1,00,943 crore in October due to the festive season spending. However, it is important to note that though card issuers do not charge any interest on transactions repaid by the due date, high interest and late fee is applicable to those repaid after the due date. Hence, you should always pay credit card bills on time. However, if by any chance you are unable to repay, you may consider EMIs for transactions involving longer repayment periods.