India’s economic growth is driving a surge in demand for premium credit cards, particularly among High-Net-Worth Individuals (HNWIs). Here are the key points regarding this trend:
- Rising Demand:
Economic progress has led to a growing interest in premium credit cards, as evidenced by a report from ANI. - Market Growth:
The Reserve Bank of India reported a 16.4% year-on-year increase in credit card issuance, reaching 105.4 million cards by August 2024. - Changing Consumer Needs:
As India’s GDP approaches USD 3.5 trillion, affluent Indians are seeking exclusive credit card services tailored to their sophisticated lifestyles. - American Express Enhancements:
In response to these trends, American Express India has revamped its Consumer Platinum Card, focusing on travel, lifestyle, and everyday conveniences. - New Benefits:
The updated card offers enhanced value across various areas, including:- Upscale hotel stays
- Dining specials
- Customized international services
- Three new elite-tier memberships providing special advantages
- A welcome gift worth ₹60,000
- Annual Value:
Cardholders can now enjoy a total yearly value of nearly ₹450,000 from the revamped benefits. - Additional Offerings:
Platinum Card members can also expect:- Complimentary digital subscriptions to premium publications and streaming services
- Discounts on retail shopping, health services, Uber rides, and pet care
- Continued benefits like free memberships on dining apps and unlimited access to over 1,300 airport lounges worldwide
- Insurance coverage of up to ₹5 crores
- Access to world-class golf courses