American Express Banking Corp plans to launch a co-branded credit card with India’s largest loyalty programme Payback.
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The American Express Payback Credit Card will be aimed at consumers between the ages of 24 and 35 with an annual income of INR4-7.
A first year fee of INR750 ($13) will be charged, which will then double to INR1,500 ($25) in the following years. If the cardholder spends over a certain amount, the fee will be waived.
Customers will be able to earn loyalty points from both American Express and Payback when using the card at merchant and brand partners. Three Payback points will be earned for every INR100 ($2) spent.
The card will initially be launched in the top seven cities of India, with plans to introduce it in five more cities.
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