Demand for premium credit cards grows

NEW DELHI: Demand for premium cards is on the rise as growing spends by high-net-worth individuals and economic growth are fuelling their adoption.
As the country’s GDP moves up to $3.5 trillion, spending by HNIs and other affluent Indians is on the rise while they seek exclusive services, including feature-rich credit cards.
RBI has reported a 16.4% year-on-year increase in credit card issuance, which has reached 105.4 million as of August 2024.Transaction volumes and average ticket sizes have also grown due to increased spending on travel and leisure.
Companies have been beefing up benefits under their cards to cater to the trend. American Express India has launched an enhanced suite of benefits for its Consumer Platinum Card that focuses 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 personalized global services
American Express said that the Platinum Card members will get benefits like unlimited access to over 1,300 airport lounges globally, insurance coverage of up to Rs 5 crore, 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… 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 lifestyles.”