Axis Bank collaborates with Google Pay, Visa to launch ACE Credit card

Axis Bank has partnered with Google Pay and Visa to launch a new ACE Credit Card. The company says its ACE Credit card is designed for the growing base of users keen to participate in the digital economy.

Axis Bank says users will earn a 5% reward in the form of cashback on bill payments via Google Pay. Additionally, users also get 4% to 5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchant platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. In addition to that, users will get an unlimited 2% cashback on all other transactions.

The company says that users will be able to get cashback directly into their ACE Credit Card accounts. Additionally, the tokenisation 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.

The ACE Credit Card can be availed by eligible users through the Google Pay app.

Coming to the reward structure, the ACE Credit Card will be available for a joining of ₹499, which the company says will be waived for all applicants in 2020. In 2021, the joining fee reversed if spends exceed ₹10,000 within 45 days of issuance. The annual fees, on the other hand, will stand at ₹499, which is applicable from the second year of use. This fee will be waived if the spending exceeds ₹2 lakh a year.

As far as the cashback offers are concerned, users will get an unlimited number of 5% cashback on recharges and bill pay transactions, which includes electricity, internet, gas, DTH, mobile recharge, and more, made via Google Pay. Users will get an unlimited 4% cashback on online food delivery such as Zomato, Swiggy, and cab rides and Ola. Users will get an unlimited 2% on all other transactions.

In terms of the fuel surcharge waiver, users will get a 1% fuel surcharge waiver with a maximum benefit of up to ₹500 per month. Users will get an unlimited 5% cashback on Grofers and BigBasket and ₹500 cashback after 3 transactions within 45 days of card issuance. Lastly, users will also get lounge benefits. This includes complimentary lounge access four times a year at the participating domestic airports.