Rising demand for premium credit cards in India reflects economic growth

India's robust economic growth is driving a surge in demand for premium credit cards, especially among High-Net-Worth Individuals (HNWIs).

As the country's GDP climbs to USD 3.5 trillion and personal fortunes expand, affluent Indians are seeking exclusive services, including credit cards that cater to their sophisticated needs.
The Reserve Bank of India has reported a 16.4 per cent year-on-year increase in credit card issuance, reaching 105.4 million cards as of August 2024. Along with this, transaction volumes and average ticket sizes have grown due to increased spending on travel and leisure.

In response to these trends, American Express India has launched an enhanced suite of benefits for its Consumer Platinum Card®, focusing on travel, lifestyle, and everyday conveniences.

The updated offerings provide card members with additional value across key categories, including luxury hotel stays, dining discounts, and personalised global services.

The revamped benefits offer a cumulative annual value of over Rs450,000, including a Rs60,000 welcome gift and three new elite-tier memberships that grant access to exclusive privileges.

Moreover, Platinum Card members will enjoy complimentary digital subscriptions to premium publications and streaming services, as well as discounts on retail shopping, health services, Uber rides, and even pet care.
In addition to the new perks, card members will continue to benefit from features like unlimited access to over 1,300 airport lounges globally, insurance coverage of up to Rs5 crores, complimentary memberships on dining apps, and access to premier golf courses.

Puneet Bhatia, Vice President of Acquisition and Product Management at American Express Banking Corp. India said, "For over four decades, the Platinum Card has been a symbol of distinction and excellence in the premium card membership category."

He added, "With this latest refresh, we are elevating the experience to meet the aspirations of a new generation of Card Members by offering new elite-tier memberships, enhanced rewards and exclusive experiences, that reflect their dynamic lifestyles." (ANI)