Following the footpath of tech giant Apple, Mobile wallet giant Paytm and cab aggregator Ola have come up with their maiden Credit Card. In case you are a user of both the companies and planning to go with an only card then it becomes must know the differences between both the credit cards and choose the best suited as per your usage.
Paytm First vs Ola Money Credit Card
Association of Paytm First and Ola Money Credit Cards
Paytm has joined hands with Citibank to offer the credit card while Ola has collaborated with banker’s bank i.e. SBI to offer its first credit card. Both the cards are Visa card which can be used online and offline throughout the country like any other regular co-branded credit card.
Paytm first credit card comes with an annual fee of ₹ 500 which will be waived-off on the spending of over ₹ 50,000 a year. On the other side, Ola Money Credit Card is totally free for the first year and charges of ₹ 499 will be applicable from the second year which will be waived-off on the spending of over ₹ 1 lakh.
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Cashback aka Reward Points
Here comes the important part of the credit card i.e. cashback or reward program.
With Paytm First Credit card you will get 1% cashback on all your spending with no restrictions i.e. no ceiling limit of spending and no category specific spending. Unlike regular credit cards where you need to redeem the rewards points, Paytm credit card cashback/reward points will be auto-credited within 2 days of bill generation and will be reflected in the credit card statement, so you don’t need to wait for any threshold to redeem on any unwanted products.
Ola Money Credit card has promised the highest cashback/reward points which will be credited within three days from the transaction date into the Ola money wallet and are redeemable against Ola rides, Dineout, Cleartrip, and 1500+ other merchants. The cashback offers are as follows:
- 7% on Ola rides capped to ₹ 500 per month.
- 5% on flight tickets via Cleartrip capped at ₹ 5,000 for domestic flights and ₹ 15,000 for international flights.
- 20% on all hotel bookings via Cleartrip but limited to only domestic bookings.
- 20% on 6000 restaurants across the country via Dineout subject to a maximum of ₹ 200 per bill. The maximum cashback for a year is capped at ₹ 2,400.
- 1% cashback on all other transactions except fuel transactions.
The Ola Money credit card cash back program has no expiry and can be used until you hold the card. You can also choose to get the cashback points into your bank account instead of Ola Money Wallet.
Other Offers and Benefits
Since Paytm has tied-up with the Citibank, you will also get the Citibank exclusive offers such as up to 15% discounts on partner restaurants, 2 movie tickets at the price of 1 ticket, discounts at Reliance Digital, Big Basket, Zomato and many more. You will get promo codes worth ₹ 10,000 for movie tickets, bill payments, traveling and mobile recharge on the spending of a minimum of ₹ 10,000 in the first 4 months.
Ola money offers an early bird discount till 3oth June 2019 which includes ₹ 500 as Ola money which will be credited after the first transaction, ₹ 300 Cleartrip voucher for flight bookings and a 3 months validity discount of 1+1 on food, drinks, and buffet at Dineout partner restaurants. Other benefits include Fuel surcharge waiver.
Both the cards offer the Equated Monthly Installments (EMI) option for the purchase made through the respective credit card.
Passbook and Statements
You will get the credit card statement on a monthly basis on your registered email address. You can view the accumulated cash back and spendings on the Ola app under the in-built section called Ola Money. Similarly, you can view the status of your spending and cashback on your Paytm App. You can also view and download the bills and statement of the credit cards on the respective bank website.
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How to get Paytm First and Ola Money Credit Card
Both Paytm First and Ola money credit cards are initially available only to the selected users and that is by invite only. In the future, the application for both the credit cards may get opened for the public.
You can show your interest for Paytm First Card through Paytm app by filling and submitting the data under the Paytm First card option available on the updated Paytm App.
For Ola Money Car you can express your interest at the link https://om.olacabs.com/credit-app/cc-express-interest.
Words of Wisdom
Both the credit cards are for masses and not for the premium users. There are no privilege offers like free airport lounge check-in etc. So if you don’t have any credit card and would like to get one, then you may go for any one of them to experience the credit card usage.