Ola comes out with their first Credit Card

After Apple credit card and Paytm credit card, Ola has recently launched Ola Credit Card.

Ram is a 25 year old guy who works at a MNC. He takes an Ola cab to and from office on a regular basis. Now with the launch of Ola Credit Card, he can easily pay for his ride with his Ola credit card. So, let’s understand the various features of Ola credit card and credit card in general.

A credit card is a payment service provided by banks which enables the cardholder to pay a merchant  for purchases  based on the cardholder’s promise to the card issuer to pay them for the amounts plus the other agreed charges. Banks allows the cardholder to use the credit card throughout the period on credit basis and they have to pay the amount plus interest  at the end of the period. Basically, Cardholders can borrow funds from banks. You can apply for a credit card with any Bank.

WHAT IS OLA CREDIT CARD?

Ola cab is one of the world’s largest ride hailing services. Using the Ola mobile app, users across 125+ cities across India, Australia, New Zealand and the UK, can connect with over 1.5 million drivers with a diverse range of vehicles. Ola already provides financial offerings to its consumers like Ola Money wallet, Ola Postpaid billing, and even micro-insurance for rides on the platform.

It is no longer associated with just rides, and is emerging as a serious player in the fintech space.

This Ola credit card is powered by Visa. Ola Money SBI credit card offers simplification of the application process by eliminating joining fees and providing flexible and convenient payment options to over 150 million Ola Users. With the Ola Money SBI Credit Card, users will be able to apply, view, and manage their credit card directly on the Ola app. It will benefit both SBI and Visa through acquisition of new customers. Experts are of the opinion that with this partnership, SBI would emerge as a market leader. According to news reports,  Ola money SBI credit card is aiming at 10 million accounts  in next 3 years.

FEATURES AND BENEFITS

1.  It offers a simplified application process
2. No joining fees
3. Cardholders benefit from the highest cash-back and rewards, instantly credited to their accounts in the form of Ola Money which can be redeemed against Ola rides, flight and hotel bookings, with lifetime validity. Cashback has no Expiry Date. Cashbacks are as follows-
4. 7% cashback on ola cab spending
5. 5% cashback on flight bookings
6. 20% cashback on domestic hotel bookings
7. 6% back on international hotel bookings
8. 20% cashback on 6000+ restaurants
9. 1% fuel surcharge waiver on all fuel transactions
10. 1% back on all other spending
11. Exclusive rewards program
12. Manage Credit card with a few taps on the ola app
13. The existing Ola customers can apply for this card directly from the Ola App.
14. Get alerts and never miss to pay your bill
15. Know your running bill so that your monthly statement is never a surprise
16. In-app support to resolve your queries

DISADVANTAGES

1. They can get insight into your spending pattern.
2. It can be an opportunity for them and help them understand their customers better, get transaction history including offline spending which they can use to increase spending on their storefront, cross sell, and over time, better assess credit scoring for lending.

SHOULD YOU GET AN OLA CREDIT CARD?

You can get innovative and secure payment experiences with this innovative ola credit card. Transport and transit payments are one of the largest digital payment use cases worldwide. This card will help transition millions of Ola cab consumers from cash to secure, reliable and convenient digital payments not only for their daily commutes but for other expense categories as well. Ola’s 5-7% cashback on mobility options makes it the right choice in the travel market. With a 1% baseline cashback on everything, it competes with the PayTM First and Amazon Pay credit cards as well.

Related articles:

Paytm launches Credit Card. Should you get it?

All you need to know about Apple’s Credit Card

Advantages and disadvantages of credit cards

Tags: credit cards