Samsung is set to launch a new cashback credit card, which offers a 10% discount on its products year-round.
However, unfortunately for the majority of our readers, the card is only set to be available in India.
Launched in partnership with India’s Axis Bank and Visa, the Samsung Axis Bank Credit Card will see the South Korean giant go up against the likes of Amazon, which also offer cashback cards aimed at selling their own products.
What will consumers get?
In addition to the discounts on Samsung products, cardholders will also be able to earn rewards on spending at partner merchants and other perks such as airport lounge access, and a 1% fuel surcharge waiver.
The new card is set to have no minimum transaction amount and no limit when it comes to Samsung purchases.
In addition, the new card is to come in two main versions: “Signature” and “Infinite”.
The signature version will have a monthly cashback limit of 10,000 rupees ($123) annually, while Infinite’s will have a limit of 20,000 rupees ($246).
Signature is set to have an annual fee of around $6, while Infinite will have a fee of around $60.
Why the move?
Though Samsung devices are still popular in India, its market share in the region has dropped significantly since its peak.
The South Korean consumer tech giant currently has 16.3% percent share of smartphone sales in the region, falling behind Chinese rivals as of late.
Xiaomi, Realme, and Vivo now boast shares of 20.4%, 17.5%, and 16.9% respectively as of writing, according to IDC.
However, Samsung isn’t the only consumer electronics giant attempting to make inroads into the payments space.
Apple announced new payment services for iPhone with the launch of a new array of services at WWDC 2022, including Apple Pay Later, a potential competitor to services like Klarna, which enables consumers to split the cost of purchases into four equal payments over six weeks, without incurring interest or late fees.
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