Amazon Pay ICICI Bank Credit Card: No joining fee, no annual charges — Cashback, Prime benefits and rewards on orders

ICICI Bank has launched a new co-branded credit card in partnership with Amazon. The key selling point is that it has no joining fee or annual charges, making it an accessible option for new users. The card is designed to reward frequent shoppers, offering cashback on purchases made on Amazon and other partner platforms.

For Prime members, the card provides a higher cashback rate of 5% on Amazon.in, while non-Prime members earn 3%. This card could be a good fit for investors who are Prime members and spend regularly on the e-commerce site. It is important to review the specific terms and conditions to understand which transactions qualify for these rewards.

Investors should keep an eye on how this product impacts ICICI Bank's credit card portfolio and customer acquisition. A successful launch could signal growth in the bank's retail lending business. However, the long-term impact will depend on customer retention and the card's ability to generate revenue through interchange fees and interest payments.