Axis Bank launches ACE Credit Card, in collaboration with Google Pay & Visa
With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay and Visa, today launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy. Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all other transactions*, making it one of the most rewarding credit cards in its segment.
The ACE Credit Card is aimed at bringing a seamless, digital experience to users, starting from application to issuance, with the entire user journey for the credit card application being completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details.
Commenting on the launch, Sanjeev Moghe, EVP & Head, Axis Bank Cards & Payments said: “We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have collaborated with Google Pay and Visa to launch the ACE Credit Card, one of the most rewarding credit cards in its segment, that not only offers exclusive benefits and rewards, but is also designed to suit the needs of the users who want to participate in the digital economy, offering frictionless onboarding and usage experience. This collaboration and product construct will help us widen our footprint through Google Pay and broaden credit card penetration, contributing to our commitment towards the vision of Digital India and the country’s evolution to a less-cash society”.
Ambarish Kenghe, Senior Director – Product Management, Google Pay added, “We are excited to work with Axis Bank and Visa, to build on our efforts to bring helpful new features and products to our users. With ACE Credit Card, we are bringing a seamless application experience that is designed keeping the needs of users in mind. We’re hopeful that this simplicity will bring even more users into the fold of digital payments, and help more users get access to credit. Users will start seeing the ‘Credit Card’ option in their Google Pay app as we start rolling this offering out across India. We will continue to refine the product as we get inputs from the users.”
Commenting on the launch, TR Ramachandran, Group Country Manager, Visa, India & South Asia said, “Consumer attitudes towards credit cards are fast changing. This, combined with the large headroom that exists for expanding credit access and affordability, represents a significant opportunity. Today’s digital first consumers expect simple, secure and intuitive payment experiences from credit cards – from application to issuance and transactions to rewards, and in online, in-app or in-store environments. We are excited to partner with Google Pay and Axis Bank to launch the ACE Credit Card, to enable secure, convenient and compelling product experiences for today’s customer.”
The reward structure of the card is appended. The ACE Credit Card can be availed by eligible users through the Google Pay app.
|Joining Fees||Rs. 499 – Waived for all applicants in 2020 In 2021, joining fee reversed if spends exceed Rs 10,000 within 45 days of issuance|
|Annual Fees||Rs. 499 (applicable from second year of use) Annual fee waiver at Rs 2 lakh spends in the year|
|Cashback||Unlimited 5% cashback on Recharges & Bill Pay transactions (electricity, internet, gas, DTH, mobile recharge, and more) through Google Pay Unlimited 4% cashback on online food delivery – Zomato, Swiggy, and cab rides – Ola Unlimited 2% on all other transactions (exclusion of EMI, wallet load, cash withdrawal and fuel transactions)|
|Fuel Surcharge waiver||1% fuel surcharge waiver (valid for transactions between Rs 400 and Rs 4,000. Max benefit up to Rs 500 per month)|
|Limited Time Offers||Joining fee of Rs 499 waived for users who apply in 2020Unlimited 5% cashback on Grofers & BigBasket Rs 500 cashback after 3 transactions (min Rs 500 each) within 45 days of card issuance|
|Lounge Benefit||Complimentary lounge access 4 times a year at participating domestic airports|