NewsVoir
Gurugram (Haryana) / Mumbai (Maharashtra) [India], September 14: Paisabazaar, India's leading fintech platform, in partnership with Federal Bank, today announced the launch of the Federal Bank Paisabazaar Paisaback Credit Card - a cashback credit card designed to offer enhanced rewards on one of the most frequent and essential household expenses – grocery shopping.
The card was launched by Paisabazaar, Federal Bank and NPCI at the Global Fintech Festival in Mumbai. The Paisaback Credit Card offers 7.5% cashback on eligible online and offline grocery purchases, across leading supermarkets such as Reliance Fresh, DMart, Star Bazaar and Nature's Basket, as well as quick-commerce platforms including Blinkit, Zepto, Swiggy Instamart and BigBasket.
The credit card would be available on the RuPay network, and offers 1% cashback on eligible POS and e-commerce transactions and 0.5% cashback on eligible UPI transactions above Rs. 2,000. Cashback is credited as Cash Points directly to the customer's account, which can be redeemed conveniently.
The card comes with a joining and annual fee of Rs. 500, which is waived on annual spends of Rs. 1.5 lakh or more.
Santosh Agarwal, CEO, Paisabazaar, said, "Credit card rewards are most valuable when they translate into meaningful savings on expenses consumers make every month. Grocery spending is a significant and recurring expense for households, but card rewards around it have been traditionally limited. The Paisaback Credit Card makes everyday shopping more rewarding, while additional cashback on other purchases and UPI transactions enhances the value further. Our partnership with Federal Bank brings together our understanding of consumer spending behaviour to co-create a product that’s built around how consumers actually spend.'
Saugata Basu, Senior Vice President and Head, Retail – Cards and Personal Loans, Federal Bank, said, “At Federal Bank, we believe the most impactful financial products are those that seamlessly fit into customers' everyday lives. The Paisaback Credit Card has been crafted to reward customers where they spend most often, particularly on essential categories such as groceries, while extending value across a broader range of everyday transactions. In partnership with Paisabazaar, we are bringing customers a proposition that is built around convenience, relevance, and meaningful savings. We believe this product will redefine how customers perceive value from their everyday spending.”
Key Features of Paisaback Credit Card
- 7.5% cashback on eligible grocery purchases made online and offline at merchants such as Reliance Fresh, DMart, Star Bazaar, Nature's Basket, Blinkit, Zepto, Swiggy Instamart and BigBasket
- 1% cashback on eligible POS and e-commerce spends
- 0.5% cashback on eligible UPI transactions above Rs. 2,000, excluding grocery, fuel and travel categories
- Cashback credited as Cash Points, with a validity of one year
- Maximum cashback benefit of Rs. 1,000 per month across eligible transactions
- Fuel surcharge waiver of up to Rs. 100 per billing cycle
- Annual fee waiver on annual spends of Rs. 1.5 lakh or more
About Paisabazaar
Paisabazaar, a part of PB Fintech (listed since 2021), is India’s leading marketplace for financial products and a free credit score platform. Over the last 12+ years, Paisabazaar has earned the trust and goodwill of over 58 million consumers from 850 cities and towns across India. Paisabazaar has built wide and deep partnerships across the ecosystem, to offer a broad range of financial products, ranging from loans and cards to investments and savings along with bill payments and mobile recharge. The platform also enables consumers to check their free credit score from all 4 CICs (Credit Bureaus) in India. Paisabazaar is an ISO (27001:2013) and PCI DSS certified organisation, with industry-best controls, to safeguard the best interest of consumers.
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