Features of Amazon Pay and ICICI Credit Card

• 27 August 2019 | 2630 Views | By Mint2Save

Experts in the fields of finances have demonized as well as promoted credit cards like no other product. An almost free revolving debt that can cut trees down of the forest of your savings and ruin your credit score when taken rashly, credit cards provided by various banks like ICICI and others still count as one of the most used financial product on a global level.

Innovating new products, services, rewards and luxury oriented bonuses have spoiled the common man to step outside his finance dome, via plastic money.

One such spend oriented, offer loaded and discount offering credit card has been launched by ICICI Bank, that is focussed for online shoppers. What’s exciting about it? This card also fetches its name from the internet shopping and service supergiant Amazon. Let’s explore the Amazon Pay ICICI Credit Card.

ICICI bank was working with Amazon’s platform for some time in the name of Amazon Super Value Day Offer. Now both the brands have taken their partnership to a new level. Amazon being the highly popular among the masses, in the always evolving e-commerce market  has gone into a partnership with ICICI bank recently.

The newly introduced Amazon Pay is revamped with ICICI bank credit card to launch a partnered credit card which will benefit members of Amazon Prime. Several features of this credit card will benefit people when they use Amazon Pay. The availability of this credit card is on the Visa Platform for customers. 

Expansion of customer base

The co-branded card is launched as Amazon Pay ICICI Bank Credit Card. The credit card will enable the members of Amazon Prime to earn reward points of 5 percent when they shop on Amazon. The ICICI bank has partnered for the first time with an e-commerce site and it is also the only e-commerce site with which bank would partner. This initiative will help to expand the customer base for the bank through the credit card. As per the report, in the 1st quarter of September 2019, the total spent on the credit card was 33 percent every year. The first quarter saw the growth of 35 percent in the country. The reward points of credit card carry benefits of industry-first that have no expiry and uncapped. The sale events will also attract customers as there will be EMI benefits too to help customers. Soon the features of credit cards will also benefit the non-members of Amazon prime. 

Online shopping is now affordable

The online shopping has become an everyday use for customers. This card is going to make online shopping a rewarding and valuable return for them. The people will get benefit by choosing Amazon Pay. It is the most rewarding, trusted and convenient way to shop and pay. The festivals and events will give more savings to customers. 

The customers of ICICI bank will get a personalized invitation who uses the Amazon app and members of Amazon Prime. The card will be immediately available to them for shopping after booking. This card will be a digital and ready-to-use card that will be used in a paperless manner. The digital card will help them to immediately start their online shopping without any waiting for the card to arrive physically. The customers get the physical card within a few days through the bank.

Eligible users

The ICICI bank customers using the Amazon app will get an invitation to apply for the credit card. The customers of ICICI bank who have an in-depth relationship with the Amazon app will leverage the benefit of the credit card. The offer will be available to the customers of non-ICICI bank who had earlier used Amazon. 

There is no requirement of the KYC (Know Your Requirements) process for the ICICI Bank Amazon credit card if you have applied before. The card will be available to you instantly. However, this is not the case for the customers of non-ICICI bank, they have to apply for the KYC process. The transaction can be done after completion of 48 hours of KYC and they can start the transaction after the process of KYC.

Reward Points

The credit card will enable customers who are the members of Amazon Prime to get reward points of 5 percent when they shop on Amazon. The other customers will get reward points of 3 percent when they shop on Amazon. There will also be reward points of 2 percent that customers can earn when they spend on several categories such as utility payments, food delivery, movie ticketing and many others using Amazon Pay.

There is 1 percent reward point earning also when customers spend on e-commerce locations where VISA card is accepted. There is also a no-cost EMI facility and fuel-surcharge waiver offers when using this card. However, gold purchases, fuel, and EMI transactions are not included in the credit card earning facility. 

The sale events happening on Amazon and Merchants partnered with Amazon Pay will give bonus reward points and no-cost EMI offered to customers. There are no joining fees on monthly or annually.

The reward points are credited monthly under the section of Gift and Credits. It is done after the monthly bill of the credit card to the Amazon Pay balance of customers. The customers using Amazon can redeem their reward points on shopping categories such as electronics, appliances, mobiles, groceries, bill payments, and fashion among other categories.

Uses of Amazon Pay ICICI Credit Card

According to General Manager and Head, Sudipta Roy, of ICICI bank, the prominent use of the credit card is that the one reward point will be equivalent to one rupee. The reward point can be redeemed on Amazon by paying through Amazon Pay. There are more than 170 million items on which reward points can be redeemed. 

The typical credit cards come with capped rewards and with an expiry date. The rewards points need to be redeemed under the given date. However, with the ICICI bank Amazon Credit Card, the rewards are not capped where customers can earn as much as they can. The expiry date is not given in this credit card. 

The other credit cards may offer more incentive, for example, there is a 10 percent reward on the total billing amount. However, the maximum discount counted on the capped rewards is Rs. 150 or Rs. 800. The Amazon Pay ICICI Bank credit card comes with no such restrictions. There is a 5 percent deal where customers get irrespective of the total amount spent on Amazon by the Amazon prime members. 

However, if a customer is planning to use the credit card for the transaction other than Amazon, then they should do the calculations and compare the reward points on other credit cards. The reason is that if you spend the credit card on other e-commerce locations, then you get 1 percent reward pint equivalent to 1 rupee. This will stack up against other cards and their rewards points.

This partnership has also been formed earlier however, they were not so popular. The ICICI bank has done this so efficiently with lots of new features that are going to be the next big thing. This partnership is making everyday services affordable to people and hence money-saving for people.