52 mins ago
Paisabazaar Federal Bank Launch Paisaback RuPay Card With Cashback
Paisabazaar and Federal Bank have introduced a new credit card called the Paisaback Credit Card.
It works on the RuPay payment network.
The card gives extra cashback when people buy groceries online or in stores.
Customers can receive 7.5% cashback on eligible grocery purchases.
It also gives smaller cashback rewards on other purchases and some UPI payments.
The rewards are added as Cash Points to the customer’s account.
Customers can use these points for one year, and total cashback is limited to Rs.
1,000 per month.
The card costs Rs.
500 each year unless the customer spends at least Rs.
1.5 lakh annually.
Paisabazaar, Federal Bank and NPCI launched the Paisaback Credit Card at the Global Fintech Festival in Mumbai on September 14.
The RuPay card offers 7.5% cashback on eligible online and offline grocery purchases.
Cardholders receive 1% cashback on eligible point-of-sale and e-commerce transactions.
Eligible UPI transactions above Rs. 2,000 earn 0.5% cashback, excluding grocery, fuel and travel purchases.
The card has a Rs. 500 joining and annual fee, waived when annual spending reaches Rs. 1.5 lakh.
- Who
- Paisabazaar, Federal Bank and the National Payments Corporation of India launched the card.
- What
- They launched the Federal Bank Paisabazaar Paisaback Credit Card, a cashback credit card on the RuPay network.
- Where
- The card was launched at the Global Fintech Festival in Mumbai, Maharashtra, India.
- When
- September 14.
- Why
- The card is designed to provide rewards and savings on recurring grocery spending and other everyday transactions.
Key facts
- Grocery cashback
- 7.5% on eligible online and offline grocery purchases
- Other purchase cashback
- 1% on eligible point-of-sale and e-commerce transactions
- UPI cashback
- 0.5% on eligible UPI transactions above Rs. 2,000, excluding grocery, fuel and travel
- Monthly cashback limit
- Rs. 1,000 across eligible transactions
- Joining and annual fee
- Rs. 500
- Fee waiver
- Annual fee waived on annual spending of Rs. 1.5 lakh or more
- Cash Point validity
- One year
Quotes
Santosh Agarwal
CEO of Paisabazaar
“At Federal Bank, we believe the most impactful financial products are those that seamlessly fit into customers’ everyday lives. The Paisaback Credit Card has been crafted to reward customers where they spend most often, particularly on essential categories such as groceries, while extending value across a broader range of everyday transactions.”
theprint.in
“Credit card rewards are most valuable when they translate into meaningful savings on expenses consumers make every month. Grocery spending is a significant and recurring expense for households, but card rewards around it have been traditionally limited.”
theprint.in
Sources
Related news
CheQ Launches UPI Payments With Rewards for RuPay Credit Cards
CheQ launches UPI offering with up to 2.5% rewards
PNB Partners With GYFTR For Credit Card And Travel Benefits
Scapia, Axis Bank Launch Travel Card for Indian Travellers
How to Choose Credit Cards for Festive Season Offers
PNB, Indian Army Sign Exclusive Credit Card Partnership
Japanese and Korean Banks Outpace India in Earnings Upgrades
Visa Announces AI Payments and Cybersecurity Innovations at Fintech Fest
ARCIL IPO Offers Growth Potential, But Analysts Recommend Waiting
Brokerages Raise Coal India Targets Amid Tighter Coal Supply
