Rising demand for premium credit cards in India reflects economic growth
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."
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)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Stocks to Buy for Long Term: 1 smallcap, 3 midcap, 4 largecap stocks analysts are betting on now; check out targets
Top 10 Large Cap Mutual Funds With Highest SIP Returns in 5 Years: Rs 12,500 monthly SIP in No. 1 fund has turned into Rs 19.11 lakh; what others have done
How many years will Rs 3,000, Rs 5,000, and Rs 7,000 monthly SIPs take to create Rs 2 crore corpus; understand it through calculation
Retirement Corpus Target Rs 4 Crore: What should be your monthly SIP investment to achieve it in 10 years, 20 years, and 30 years? See calculations
Latest SBI Senior Citizen FD Rates: What are expected returns on investments of Rs 6 lakh, Rs 11 lakh, Rs 16 lakh, or Rs 21 lakh in 1, 3 or 5-year fixed deposit schemes
EPF Interest Calculation: What will be retirement corpus on Rs 3,000, Rs 6,000, or Rs 9,000 monthly contribution for 25-year-old
SBI 5-year FD vs Physical Gold: Which investment has given higher return on Rs 5 lakh investment in 5 years; see calculations
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP in NO. 1 fund has grown to Rs 3.80 lakh; know how others have performed
Navratna PSU stock remains analysts' long-term favourite; brokerage's Rs 303 target implies 17% upside
01:22 PM IST