Premium cards that cater to the snobbery of India's HNIs and ultra-HNIs

These products come with special privileges for travel, shopping, golf, and other services. A few are exclusive or invite-only, others are available for a high fees

High net-worth individuals and affluent business families are a growing tribe in India. According to the seventh edition of Kotak Wealth Management's Top of the Pyramid Report, ultra-high networth households are expected to grow to 330,400 by 2022. HNIs, ultra-HNIs, and affluent business families have unique needs, right from wealth management to estate planning and structured products to lifestyle products like premium credit cards. Raj Khosla, Founder and MD MyMoneyMantra, says, "HNIs and ultra-HNIs seek a customised bouquet of private banking solutions ranging from wealth management advisory to lending solutions. It is an exclusive clientele, which is generally not cost-conscious (exceptions abound) and prefers to hold restricted access cards that are available either through invitation or inflated bank balances. The HNI cards are global cards with extraordinary spending limit besides enabling large forex expenses, at relatively better rates of exchange."

What's on offer 

When it comes to high-end cards, there are primarily of two types. The first is exclusively issued to private banking clients. The second is a super-premium card which one needs to apply for. Here are a few offerings worth mentioning, along with some of the features they offer.

Axis Bank's Burgundy Private metallic card: It's a metallic product, which is a 3-in-1 combo card. Satheesh Krishnamurthy, EVP & Head-Affluent Business, Axis Bank, says, "The 3-in-1 card, offered exclusively to Axis Bank's Burgundy Private account holders, can be used for cash withdrawals or international transactions without any additional charges or interest, thereby obviating the need to carry a separate debit, credit card or a forex card."

It's for clients who have a relationship of Rs 5 crore and above with the bank. Other features on the card include discounts on fine dining via EazyDiner and Taj Epicure memberships; hotel memberships for Accor and Club Marriott that offers preferential rates for APAC properties; discounts at Oberoi and Postcard hotels, eight complimentary meet-and-greet services, BuyOneGetOne at BMS, complimentary golf, discounted airport transfers, 1.5 per cent reward earniings, and zero per cent forex mark-up fee.

You get unlimited international and domestic lounge access for the primary cardholder and add-on cardholder. Additionally, you can take up to 12 guests.

Deutsche Bank Infinite Debit Card: This is a complimentary offering to Private Banking clients. Rahul Vora Director, Head-Deposits and Wealth Management Private and Commercial Business, Deutsche Bank India says, "Infinite Debit Card is loaded with airport lounge access, unlimited access across all ATMs in India, free add-on card for the joint account holder, special discounts across various categories like travel, shopping with Deutsche Bank Delights, etc. Our clients are also eligible to participate in Deutsche Bank Express Rewards, which is our trademark loyalty programme, under which clients earn reward points for traditional banking transactions that can be redeemed for a cash credit into their account."

Deutsche Bank Infinite Debit Card comes with various insurance covers such as lost-card insurance up to Rs 10 lakh, purchase protection up to Rs 1 lakh, air-accident insurance cover of Rs 5 crore, and emergency medical insurance Rs 30 lakh. Private Banking clients are invited to exclusive events ranging from one-to-one interaction with the bank's global CIO and senior management, golf events, an such like.

Citi Prestige Credit Card: Says Arjun Chowdhry, Head of Credit Cards, Payments, and Unsecured Lending, Citibank India: "International travel and shopping are the key areas that are driving spends for customers. These clients, whose affluence is growing, also have increasingly global requirements. Accordingly, we design our offerings to complement their needs. In addition to the airport lounge access, rewards transfer to airlines, we also offer Citi World Privileges. This is a unique offering, across travel, dining, exclusive clubs and spas, offered through Citi's overseas relationships." The Citi Prestige Credit Card comes complimentary for Citigold private clients; for others, it is serious money with an annual fee of Rs 20,000. You get 10,000 bonus Air Miles and vouchers/cards worth Rs 10,000 from Taj Group or ITC Hotels, every year, along with one-night complimentary stay on a minimum of four-nights booking at properties across the world. There are four complimentary golf rounds and lessons every year at 15 leading golf clubs across India, with additional rounds based on the spends on your Citi Prestige Card. You also have unlimited complimentary Priority Pass lounge access at over 800 airports, and can get to 15 per cent cashback on duty-free shopping, and a 24x7 Citi Prestige Concierge. The product comes with overseas medical insurance of $50,000 along with air accident insurance of Rs 5 crore and lost card protection of Rs 10,00,000.

American Express Platinum Card: Even within the ranks of premium credit cards, there are some that are 'more premium' than others. This card is one such, with an annual fee of Rs 60,000. But that fee turns comfort into a luxury experience. It comes with a welcome gift of 100,000 bonus membership rewards points or stay vouchers worth Rs 45,000 from Taj Hotels Palaces Resorts, in the first year of card membership if you spend Rs 90,000 in the first three months of acquiring the card. You get a complimentary membership to Hilton Honors Gold Tier, Shangri-La Golden Circle Jade tier, Marriott Bonvoy Gold Elite Status, Radisson RewardsM, Taj InnerCircle Silver tier, along with exclusive benefits across 1,000-plus hotels and resorts worldwide. Other features include complimentary access to over 25 lounges in India and 1,200-plus lounges abroad, with a complimentary priority pass card. You get travel Insurance, 24x7 platinum global assist service consisting of limited card liability facility, free golf access, and purchase protection. You also get four free supplementary cards, along with one membership reward point on every Rs 40 spent, and thrice the membership reward points on expenditure incurred overseas.

While the above cards are meant exclusively for private banking customers, HNI and ultra-HNIs have access to other premium cards as well (see table). THese cards are within the reach of a large section of the affluent urban population. Says Naveen Kukreja, CEO and Co-founder, Paisabazaar.com: "Although premium credit cards usually levy higher annual fees, they offer a much wider range of benefits to cardholders. Apart from benefits such as cashback, discounts, and fuel surcharge waiver, premium credit cards tend to offer additional benefits such as complimentary lounge access, 24x7 concierge service, access to leading golf courses, and luxury hotels."