New Delhi: Mobile wallet company Paytm and cab aggregator Ola have launched their credit cards. It is to be noted that in March, the tech giant company Apple in its event had also launched its first credit card.
If you planning to buy one then firstly understand their features and differences. Given below are features of Ola Money Credit Card and Paytm First Credit Card.
1. Joining Fees: The Ola Money Credit Card is powered by Visa and provides an exclusive rewards program which offers exclusive benefits to users. There is no joining fee for this card. Apart from this existing Ola users can apply, view and manage their credit card directly from the Ola app.
However, Paytm First Credit Card is launched in association with Citibank. This card comes with an annual fee of Rs 500 which is waived off if you spend Rs 50,000 or more in a membership year.
2. Cashback redemption: According to an Ola statement, “Card users will also benefit from the highest cash-back and rewards, instantly credited to their accounts in the form of Ola Money which can be redeemed against Ola rides, flight and hotel bookings, with lifetime validity.”
Whereas as per the Paytm website, the customer will earn 1 per cent unlimited cashback on all card spends, which will be automatically credited after the monthly bill generation. This cashback will be credited within two working days of bill generation.
3. Benefits on credit card: Cashback has no expiry date and it will be credited in the Ola Money wallet within 3 days. The cashback is redeemable on Ola, Dineout, Cleartrip and 1,500+ other merchants.
On the other hand, Paytm First card offers multiple benefits to it’s customers such as unlimited 1 per cent cashback with the convenience of autoprocessing. It also comes with complimentary Paytm First membership for one year.
4. Other offers: There are several early bird offers which are only applicable till June 30, 2019. These include- Rs 500 as Ola Money which will credit after the first transaction, Rs 300 Cleartrip voucher and instant discount on flight booking, 1+1 offer on food, drinks and buffet valid for 3 months only on Dineout.
Meanwhile, users will get up to 15 per cent discount at the partner restaurants, two movie tickets at the price of 1 ticket on using Citi credit and debit cards, cashback and other offers from Reliance digital, Zomato, Big Basket and many more.
5. EMI option: The Paytm First credit card offers an equated monthly installment (EMI) option on purchases made through the card. However, the Ola card offers a fuel surcharge waiver.