Paytm, Citi end tie-up for co-branded credit card

Both Citibank and Paytm have written to cardholders informing them that the co-branded credit card will be shut down, and offering them other cards they could opt for.

Paytm in a marketing communication said, “Your Paytm Citi credit card account will close soon. Don’t worry, continue enjoying uninterrupted benefits with Paytm HDFC Bank credit card. Switch now at zero joining fees”.

“Our partnership with One97 Communication Ltd. (Paytm) for the co-brand Citi Paytm Credit Card has come to an end. In this regard, we are delighted to offer you the Citi Rewards Credit Card as a replacement to your Citi Paytm Credit Card, should you choose to consent for the same,” Citibank said in a note accessed by businessline.

For existing Citi Rewards Credit Card customers, the bank has offered to replace the Paytm Citi cards with Citi Cash Back Credit Card. It added that the consent to swap to another Citi-branded credit Card will also serve as consent for transfer of the cardholder’s banking relationship with Citibank to Axis Bank, it said.

Failure to consent, will lead to closure of the Citi Paytm credit card effective January 30, as Citi India will no longer be able to provide services on the Citi Paytm Credit Card, it said.