Citi ties up with Paytm to launch credit card in india

The card offers waives an annual fee of $7.10 on annual spending over $710.

Citi and digital payments platform Paytm have jointly launched a credit card in India with unlimited 1% cashback and without restrictions on earning categories as part of its efforts to boost cashless payments.

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The contactless enabled Paytm First Card waives annual fees of $7.10 (INR500) for spending that exceeds $710.50 (INR50,000) per year and provides dining, shopping, travel offers on the Citi priveleges platform.

Customers can apply for the credit card on the Paytm app and track offers from Citi and Paytm through the Paytm First Card passbook.

As an alternative to underwrite customers, Paytm will also help identify the potential base using a selection tool, which it jointly developed with Citi, to assess a customer's credit worthiness.