The Paisaback Credit Card was launched by Paisabazaar, Federal Bank and NPCI at the Global Fintech Festival in Mumbai. The card offers 7.5% cashback on eligible online and offline grocery purchases across leading supermarkets such as Reliance Fresh, DMart, Star Bazaar and Nature's Basket, as well as quick-commerce platforms including Blinkit, Zepto, Swiggy Instamart and BigBasket.
Available on the RuPay network, the credit card also offers 1% cashback on eligible POS and e-commerce transactions and 0.5% cashback on eligible UPI transactions above Rs. 2,000. Cashback is credited as Cash Points directly to the customer's account, which can be redeemed conveniently.
The card carries a joining and annual fee of Rs. 500. The annual fee is waived for customers with annual spends of Rs. 1.5 lakh or more.
Santosh Agarwal, CEO, Paisabazaar, said, "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. The Paisaback Credit Card makes everyday shopping more rewarding, while additional cashback on other purchases and UPI transactions enhances the value further. Our partnership with Federal Bank brings together our understanding of consumer spending behaviour to co-create a product that’s built around how consumers actually spend."
Saugata Basu, Senior Vice President and Head, Retail – Cards and Personal Loans, Federal Bank, said, "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. In partnership with Paisabazaar, we are bringing customers a proposition that is built around convenience, relevance, and meaningful savings. We believe this product will redefine how customers perceive value from their everyday spending."
The Paisaback Credit Card offers 7.5% cashback on eligible grocery purchases made online and offline at merchants such as Reliance Fresh, DMart, Star Bazaar, Nature's Basket, Blinkit, Zepto, Swiggy Instamart and BigBasket. It provides 1% cashback on eligible POS and e-commerce spends and 0.5% cashback on eligible UPI transactions above Rs. 2,000, excluding grocery, fuel and travel categories.
Cashback is credited as Cash Points, which remain valid for one year. The maximum cashback benefit is Rs. 1,000 per month across eligible transactions. The card also provides a fuel surcharge waiver of up to Rs. 100 per billing cycle, while the annual fee can be waived on annual spends of Rs. 1.5 lakh or more.
Paisabazaar, a part of PB Fintech, which has been listed since 2021, is India's leading marketplace for financial products and a free credit score platform. Over the last 12+ years, Paisabazaar has earned the trust and goodwill of over 58 million consumers from 850 cities and towns across India.
Paisabazaar has built wide and deep partnerships across the ecosystem to offer a broad range of financial products, ranging from loans and cards to investments and savings, along with bill payments and mobile recharge. The platform also enables consumers to check their free credit score from all 4 CICs (Credit Bureaus) in India.
Paisabazaar is an ISO (27001:2013) and PCI DSS certified organisation, with industry-best controls, to safeguard the best interest of consumers. The launch of the Federal Bank Paisabazaar Paisaback Credit Card adds a grocery-focused cashback proposition to its financial product portfolio, with rewards extending across everyday POS, e-commerce and eligible UPI transactions.
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