In addition to discounts on Samsung products, cardholders can also enjoy spending at partner merchants and other benefits (such as airport lounge access, and 1% the fuel surcharge waiver). The new card is set to no minimum transaction amount and unlimited for Samsung purchases.
Also, the new card will be available in two main versions: “Signature” and “Unlimited”.
Signature Edition has a monthly cashback limit of 10,000 rupees ($123) per year, while Infinite has a limit of 20,000 rupees ($246).
Signature setup costs about $6 a year, while Infinite costs about $60 a year.
Why move?
While 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 holds a 16.3% share of smartphone sales in the region, recently lagging behind its Chinese rivals.
According to IDC, at press time, Xiaomi, Realme and Vivo had 20.4%, 17.5% and 16.9% shares respectively.
However, Samsung isn’t the only consumer electronics giant trying to get into payments.
Apple Announces New Payments Service for iPhone Along with a slew of new services at WWDC 2022, including Apple Pay Later, which is part of services like Klarna A potential competitor, it enables consumers to split the cost of a purchase into four equal payments over six weeks without incurring interest or late fees.
Want to improve your company’s credit card payment options? Check out our guide to the best SMB credit card processing
Will McCurdy has been writing about technology for over five years. He has a wide range of expertise including cybersecurity, fintech, cryptocurrency, blockchain, cloud computing, payments, artificial intelligence, retail technology and venture capital. He has previously written for AltFi, FStech, Retail Systems, and National Technology News, is an experienced podcast and webinar host, and an avid feature writer.
