Where you can use the points
The reward earnings are credited monthly, after the billing cycle date of the card to the customer's Amazon Pay balance under the 'Gift and Credits' section. Customers can redeem these earnings to purchase items available on Amazon.in across categories like mobiles, electronics, grocery, appliances, fashion, and bill payments among others. The reward earnings can also be used with Amazon Pay partner merchants for purchasing flight tickets, booking hotels, food delivery, movie tickets and much more.
Who can avail it?
As a start, the card is being offered on invitation to ICICI Bank customers who use the Amazon.in app. The select customers will be able to see their invite on the Amazon app. They can apply for the card immediately to get a ready-to-use digital card instantly, in a completely digital and paperless manner. Using the digital card, customers can immediately start shopping online, without having to wait for the physical card to arrive. The physical card is also sent to the customer by the bank within a few days.
Over the coming months, the Amazon Pay ICICI Bank Credit Card programme will also be extended to other customers. "At the moment it is open to only ICICI Bank customers who have a depth of relationship with Amazon. And in about 60 days we will start offering it to non-ICICI Bank customers who have a history with Amazon," said Sudipta Roy, General Manager & Head - Unsecured Assets & Cards, ICICI Bank.
With regards to the know-your-customer (KYC) process, Roy said for ICICI Bank customers, there is no need for additional KYC, once they have applied, they will get the card instantly. "However, for non-ICICI Bank customers, the KYC process will have to be followed. It will take up to 48 hours to complete the process. The customer can only start transacting once the KYC is done," added Roy.
What you should do
If you are a regularly shop on Amazon this seems like a good proposition as there is no cap on the points that you can earn and there is no expiry date. Typically, credit card rewards are capped and they come with an expiry date by when you will have to use them.
There are other credit cards that may offer a higher incentive of say 10 percent on the billing amount but the maximum discount may be capped at say Rs 150 or Rs 750. The 'Amazon Pay ICICI Bank Credit Card' doesn't have any such restrictions and the 5 percent deal (5 reward points irrespective of the amount spent for prime members) sweetens your transaction. On top of it, each point is equivalent to a rupee unlike most other cards where it's in the range of 25-35 paisa.
However, if you plan on using the card for non-Amazon transactions, you should do the math and compare the points on your other cards, if you have any. This is because spends across any other merchant locations, other than Amazon, get 1 percent earnings. See how this stacks up against reward points of other cards.