Credit Cards for High Net-worth Individuals
Credit cards have become an everyday part of our life and one of the most common payment modes preferred by most people. Gone are the days where owning a credit card was considered as a status symbol, however there is a smaller market, which is relatively competitive and comprises of premium cards. Premium Credit Cards require a higher annual and joining fee than the general credit cards. These cards offer highly attractive, top-class features, meant for high net-worth individuals.
Some of the best credit cards for premium class of high net-worth individuals are:
IndusInd Bank Indulge Card
With a pure 22K gold inlay, IndusInd Bank;s Indulge card is for the elite group of cardholders. Cardholders undergo a strict screening based on their payment history, expenses, and lifestyle to determine eligibility for the card. Cardholders of IndusInd's Indulge card have to pay a yearly fee of Rs.10,000 and a joining fee of Rs.1 lakh.
Standard Chartered Emirates Platinum Card
The Emirates Platinum Card from Standard Chartered offers the Emirates Skywards rewards program that enables cardholders to earn many rewards points. Additionally, cardholders also earn lounge membership and travel insurance every time they fly with tickets bought on the card.
SBI Signature Card
The Signature Card from SBI is a luxury credit card that comes with attractive features such as discounted deals at partner hotels and villas all the world, entry to the best golf courses, best rates on the Hertz Car Rental Program and shopping benefits at leading stores in India.
RBL Platinum Maxima Card
RBL Bank has introduced a premium credit card called the Platinum Maxima Card, exclusively meant for high net-worth individuals in India. The card can also be used internationally as well as within the country when dining or using other entertainment services.
Diners Club International Credit Cards from HDFC
Black, Premium and Rewardz Diners Club credit cards are loaded with exclusive features and benefits. Offered by HDFC, these cards come with yearly membership fees of Rs.20,000 plus service tax and Rs.10,000 renewal fee.
Top Premium Cards and Annual Fees
Card | Annual Fees |
HDFC Diners Club International Black Card | Rs. 20,000 (First year) |
Standard Chartered Emirates Platinum Card | Rs 13,999 (Second year onwards) |
IndusInd Bank Indulge Card | Rs. 10,000 |
SBI Signature Card | Rs. 4,999 (Second year onwards) |
RBL Platinum Maxima Card | Rs. 2,000 (Second year onwards) |
Some of the premium cards that are meant for high net-worth individuals are 'invite-only' credit cards and cannot be availed by just applying for it. Rest of the cards can be applied for, however they come with stringent eligibility criteria. Banks analyse the applicant's earning, spending pattern, monthly expenses, credit score and credit history to determine eligibility for premium credit cards.
FAQs on Best Credit Cards for High Net-worth Individuals
- Will banks charge a higher annual fee on premium credit cards?
Yes, banks may charge a higher annual fee on premium credit cards.
- Will banks charge a higher joining fee on premium credit cards?
Yes, banks may charge a higher joining fee on premium credit cards.
- What are the different factors that banks consider before offering premium credit cards?
Some of the main factors that are considered by banks before offering premium credit cards are mentioned below: Credit history, Credit score, Monthly expenses, Spending pattern, Earning of the applicant
- Is it possible to have more than one credit card from the same bank?
Yes, you can have more than one credit card from the same bank.
- Do banks offer exclusive benefits on premium credit cards?
Yes, banks offer exclusive benefits on premium credit cards.
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