Pricey but privileged plastic for the ultra-rich

According to the seventh edition of Kotak wealth management report, there is a significant increase in number of high net wealth individuals in India. The recent studies show that high net worth individuals will grow by 3,30,400 by the year 2022.This has resulted in introducing a new premium credit card for  premium customers. Market has witnessed new premium cards like Axis bank’s Burgundy Private Metallic Card, Deutsche bank infinite debit card, Citi prestige credit card, American Express Platinum Card. The cards accessibility is limited and special exclusivity would be given to ultra-High net individuals. The cards will be available either through invitation or on the basis of bank balances. Common objectives of these cards are high spending limits and extra privileges that the customer can avail through transaction happens overseas.

1.       Axis Bank’s Burgundy Private Metallic Cards:

  It is a three in one combo card offered to the Axis’s bank’s Burgundy private account holders. These cards can be used for cash withdrawal and international transaction without incurring any additional charges. These multi functionality has thrown out the extra debit cards, credit cards and forex cards from the privileged customer’s wallet.

The card is available to the clients who have relationship of 5 crore and above with bank. The card would offer the customer’s with an advantage’s of dining in top hotels and exclusive membership at Club Marriott’s. It also gives unlimited access to domestic and international airport lounge services.

2.       Deutsche Bank Infinite Debit Card:

This infinite debit card is offered to banking clients, states the Rahul Vora, Director Head of Deposits and Wealth management private and commercials banks, Deutsche banks of India. This cards offers many services such as wide accessibility to airport lounge, free add-on card for the joint account holder, travelling and shopping advantages with Deutsche delights and so on. These cards give certain add on benefits such as lost card insurance which have coverage of up-to 10 lakhs, purchase protection of 1 lakh, Air insurance which has a coverage of 5 crore and emergency medical insurance of 30 lakh.

3.       Citi prestige Credit card:

The Citi bank has identified tastes of the privileged sector customers and has directly given benefits to the sectors which they spend more on. They are given benefits on travel and shopping, both being sectors that they spent more on. There are four complimentary golf clubs across India, access to over 800 airports lounges and special common benefits offered by the other banks.