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:
The Centurion ‘Black’ Card from American Express is an exclusive card that serves as the status symbol among cardholders. This card is for the country’s rich and popular and is issued by invitation only. The card has a joining fee of Rs.2.5 lakh, which needs to be paid only once, while the annual fee is around Rs.2lakh. One of the unique attractions of the card is that it is made of titanium. The card is very popular elsewhere in the world and does not come with a spending limit.
The Platinum card is a credit card with some uber exclusive and attractive features such as entry to ‘By invitation only’ events, golf memberships, fine dining deals and other platinum offers. Cardholders also have the privilege of enjoying travel and hotel deals, even internationally. The annual fee for the American Express Platinum Card is Rs.50,000 plus taxes. The card does not come with any spending limit and allow the user to enjoy a fancy lifestyle.
American Express also has another exclusive card for high net-worth individuals with attractive and tempting rewards and benefits. Unparalleled wellness benefits, hotel privileges and special concierge services can be availed on this card.
The Ultima Card from Citibank is an ‘invitation-only’ card and has been introduced in India with a target customer base of high net worth individuals. The bank has appointed dedicated relationship managers that help cardholders in using the card according to their lifestyle and personal needs. The relationship manager understand the cardholder’s choices and requirements and offers a customized personalized programme to the cardholder. Some of the features include access to private islands and exclusive concierge services.
The high net-worth frequent traveller can opt for the PremierMiles card from Citibank. Individuals who own this card can earn and collect miles that do not have an expiry date. These miles can be redeemed at pioneering airlines such as Qatar Airways, Etihad Airways, Cathay Pacific, Thai Airways, etc.
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.
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.
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 or Ratnakar Bank Limited 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.
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.
|American Express Centurion Black Card||In the range of Rs.2 lakh|
|American Express Platinum Card||Rs.50,000|
|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|
|American Express Platinum Reserve Card||Rs.5000 (First year) and Rs.10,000 (Second year onwards)|
|SBI Signature Card||Rs.4999 (Second year onwards)|
|Citibank PremierMiles Credit Card||Rs.3000 (Second year onwards)|
|RBL Platinum Maxima Card||Rs.2000 (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.