Just a day after Paytm's foray into the lending category, ride-hailing giant Ola has also made a move in the arena.
The company, owned by ANI Technologies, has launched its first-ever credit card in partnership with state-run issuer SBI Cards.
The card is called 'Ola Money SBI Credit Card' and is bundled with some very interesting rewards.
So, which one should you apply for?
Convenient payments for Ola customers
The Visa-powered Ola Money credit card is being targeted as a convenient, flexible payment solution for millions of Ola customers.
It will be available without any joining fees and is touted to provide a "unique payments experience with best in class benefits for consumers".
The benefits would come in the form of joining offers and cashback that would reflect in your Ola Money account.
And, you get a seamless application process
Ola has said existing users of its ride-hailing service would be able to apply for the card and manage it from within the Ola app.
The company hasn't explained how it will define creditworthiness to underwrite customers but says it's a two-minute process, following which you'll get instant approval and a limit.
The company may consider the digital behavior of customers to assess creditworthiness.
How to apply for the credit card
You can apply for Ola's credit card using the Ola app, but as of now, that particular option isn't available.
However, Ola has set up a website (https://bit.ly/2LJ2aVX) where you can head over and express interest for the card by entering your mobile and Permanent Account Number (PAN).
With this information, the company will check your eligibility and get back with a limit.
Annual fee of Rs. 499
While there is no joining fee, an annual fee of Rs. 499/year will be charged from the second year. But, the company says it would be waived off if the user spends more than Rs. 1 lakh using the card.
You will get some tempting rewards with Ola's card
Once the card is issued, you will get exclusive, non-expiring cashback on spending, much like what Apple Card and Paytm First Card promises.
The offers include 7% cashback on Ola rides (max Rs. 500/month), 5% on flights and 20% on domestic hotel bookings via Cleartrip, 20% on over 6,000 restaurants (max Rs. 200/bill), 1% fuel surcharge waiver, and 1% on all other spends.
Offers for early bids
And, if you apply for the card before 30 June 2019, Ola will give Rs. 500 Ola Money after the first transaction with a Rs. 300 Cleartrip voucher and 1+1 on food, drinks & buffet for 3 months via Dineout.
Ola's credit will go straight against Paytm First card
Ola's credit card will be going against Paytm First Card promising 1% cashback on anything you purchase, without any limits.
The Citibank co-branded card will come with exclusive offers on shopping, dining, and travel, and will even work outside India.
Unlike Ola, Paytm has not detailed the offers but says they will reflect in the Paytm First Card passbook all the time.
Notably, Paytm First Card's registration hasn't begun yet
While Ola has started the enrollment process online, you still can't sign up for the Paytm First Card.
The company says that the application process will start on the Paytm app, but as of now, there's no way to do that.
It will charge Rs. 500/year as a fee for the card, but it could be waived off if you spend over Rs. 50,000/year.