ICICI Bank ties-up with MakeMyTrip to launch a range of co-branded credit cards

September 27, 2018




  • Feature – rich proposition tailor-made to address travel needs comprehensively; annual benefits worth over Rs 70,000* on the signature variant
  • Converts daily purchases on the card to reward points on the travel portal; each reward point = Re 1 spendable money
  • One can accumulate unlimited reward points & redeem them across their travel bookings and various partner merchants on the travel portal

 

 

Mumbai: ICICI Bank, today announced its partnership with MakeMyTrip, the country’s leading online travel company, to launch a range of co-branded credit cards tailor-made to suit the aspirations of the rapidly expanding segment of travel enthusiasts in the country. As part of the agreement, ICICI Bank will offer two types of credit card MakeMyTrip ICICI Bank Platinum Credit Card and MakeMyTrip ICICI Bank Signature Credit Card.

 

The cards provide customers attractive lifestyle privileges as well as the opportunity to convert their daily spends on the card to MakeMyTrip ‘MyCash’, the reward currency of the travel portal. Each reward point earned as ‘My Cash’ has a value of Re 1. It can be redeemed across an array of categories on the travel portal such as air-travel, hotel booking, holiday packages. Additionally, customers can also use it to redeem for vouchers of partner merchants of MakeMyTrip for categories including cab aggregators, online movie ticketing platforms, e-commerce portals among many others. Further, customers also get the advantage of joining benefits, additional bonus reward points from the Bank on specified spends on the card, complimentary access to domestic airport & railway lounges and ‘MMTBLACK’ & ‘MMTDOUBLEBLACK’ - loyalty programmes of MakeMyTrip.

 

These cards are powered by the ‘VISA payWave’ contactless technology that enables the cardholder to make payments by simply tapping the card at contactless enabled terminals in more than 48 countries including India. The card can also be used by dipping or swiping at non-contactless merchants.

 

Commenting on the new addition to the credit card portfolio, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “We are delighted to partner with MakeMyTrip to introduce a compelling co-branded proposition for the expanding segment of Indian consumers who are travel enthusiasts. Our research indicated that customers are looking at newer card reward propositions which provide them the flexibility to accumulate reward points and redeem them for travel and entertainment related spends. In line with this customer requirement, the new co-branded card offers customers unmatched benefits on travel related spends. We believe that this card will be yet another imperative addition to our existing range of credit and debit cards.”

 

Mr. Rajesh Magow, Co - Founder and Chief Executive Officer, MakeMyTrip, said; “We are pleased to partner with ICICI Bank and look forward to affiliating with a brand as committed as we are to building customer relationships and enhancing customer loyalty. This partnership will deliver most meaningful and distinctive value proposition to our customers making it the most rewarding way to travel.”

 

To pre-book any of the two variants of the MakeMyTrip ICICI Bank, SMS ‘MMTCard’ to and our customer care executive will contact the customer. Shortly, interested customers will be able to book these cards through the Bank’s website & branches as well as on MakeMyTrip’s website and mobile application. ICICI Bank pre-qualified customers will have the advantage of being able to generate cards instantly and transact seamlessly.

 

Exclusive benefits with the range of MakeMyTrip ICICI Bank cards include:

  1. High reward points: Earn upto ‘4’ ‘My Cash’ points by spending Rs. 200 on the card.Each reward point on ‘My Cash’ is worth Re. 1.
  2. Accumulate unlimited reward points: There are no maximum limits on the reward points that one can accumulate as ‘My Cash’. The reward points have a validity of upto one year from the date of issuance.
  3. One time joining Fee and Benefits :
    1. MakeMyTrip ICICI Bank Platinum Credit Card: Joining fee of Rs 500. Customers will get joining benefit of Rs 2500/- with 500 ‘My Cash’ points and a voucher from Lemon Tree Hotels worth Rs 2000/-
    2. MakeMyTrip ICICI Bank Signature Credit Card: Joining fee of Rs 2500. Customers will get joining benefit of over Rs 5500/- with 1500 ‘My Cash’ points and a voucher from Lemon Tree Hotels worth Rs 2500/- and free enrolment into ‘MMTDOUBLEBLACK’ membership programme worth Rs 1499/-
  4. Zero annual fee : Customers do not have to pay any annual fee
  5. Redeem reward points on MakeMyTrip and partner merchants: Customers can redeem ‘My Cash’ for their travel requirements on the travel portal. Additionally, they can also use it to redeem for vouchers of partner merchants including hotels, taxi aggregators and e-commerce shopping sites among others.
  6. Bonus rewards on milestone spends: Customers will get bonus reward points as ‘My Cash’ from the Bank on specified spends on the card. On spends between INR 50,000 and INR 5 lakh, customers will get ‘My Cash’ ranging from 1000 to 4000 respectively.
  7. Lifestyle benefits: Complimentary access to participating airport and railway lounges,Buy 1 Get 1 movie ticket offer upto specified amounts a month on a leading online movie ticketing platform and host of other benefits from Airtel, Ola among many others.

To know more about the credit cards, visit here

 

The launch of MakeMyTrip ICICI Bank cards comes close on the heels of an array of new initiatives undertaken by the Bank to bring forth card propositions for new customer segments as well as world-class exclusive spends campaigns. It includes range of cards in association with iconic brands like Manchester United and Ferrari among others. The Bank is also the first to introduce in the country pioneering innovations including contactless cards,leveraging upon the Host Card Emulation (HCE) technology that enabled cards to be stored electronically in the bank’s mobile app enabling customers to make payments in physical stores from the mobile phones. It also is the first to launch availability of instant credit card online for its pre-approved customers, which can be used to transact online immediately.

 

ICICI Bank services its large customer base through a multi-channel delivery network of 4,867 branches, 14,394 ATMs, phone banking, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile (as at June 30, 2018).

 

* Based on the aggregate worth of benefits on the signature variant of the MakeMyTrip ICICI Bank Credit Card with an average annual spend of Rs. 10 Lakh using the card.

 

About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at US$ 160.5 billion at June 30, 2018. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.

 

For media queries, write to: corporate.communications@icicibank.com

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

About MakeMyTrip Ltd.: MakeMyTrip Ltd. (NASDAQ: MMYT) is India's leading online travel company. We own and operate well recognized online brands, including MakeMyTrip, Goibibo and redBus. Through our mobile apps and primary websites, travelers can search, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing. We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 50,000 domestic accommodation properties in India and more than 500,000 properties outside India, Indian Railways and all major Indian bus operators.

 

For MakeMyTrip enquiries, please contact:

 

Mansi Chugh, PR & Communication Manager | +91-98910-97519 | mansi.chugh@makemytrip.com

 

Disha Nanda, Genesis Burson-Marsteller | +91-97110-10852 | disha.nanda@bm.com

 

Manaswi, Genesis Burson-Marsteller | +91-9953885091 | manaswi.manna@bm.com

 



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