In an intriguing twist of metallurgical history, the same titanium that now sits in your wallet as a status symbol was once so rare and precious that the Soviet Union used it exclusively for their military aircraft. In the 1950s, a pound of titanium cost USD 300 – today, it’s crafted into metallic credit cards that let you spend lakhs in seconds.
At the most fundamental level, HNIs don’t need premium credit cards at all. There I said it!
This is the uncomfortable truth that the banking industry doesn’t advertise. An HNI’s wealth typically generates enough liquidity to handle any major expenses or purchases without credit.
Yet, credit cards are highly sought after. Especially super-premium cards like the Amex Platinum or HDFC Infinia credit cards.
So, what makes credit cards so sought after?
What we’re really looking at is a sophisticated interplay of psychology and practical benefits.
In my opinion, super-premium credit cards serve three purposes:
- Enabling high-value transactions that would be impractical with cash.
- Offering sophisticated financial tools like comprehensive travel protection and exclusive experiences.
- Serving as subtle yet powerful social credentials in high-end environments – quietly validating one’s presence in spaces where wealth speaks in whispers.
Premium credit cards have strange entry rules. Most banks tell you it’s about your salary. But that’s only half the story.
Take HDFC Bank’s Infinia card. You need INR 5 lakh of monthly income and INR 9 lakh in past card spends in a year to be eligible. And, your existing credit limit must be INR 8 lakh or more. Yet even with these numbers, you might not get one. The real selection process is more complex. It’s like an invisible filter that keeps this metal card special.
With annual fees that can exceed many regular credit cards’ spending limits, choosing the right super premium card has become an art in itself.
In this blog, we’ll decode the world of India’s most exclusive credit cards, helping you understand which one truly deserves a place in your wallet.
The Indian credit card story: A market in transformation
In 1961, just a year after credit cards went global, Indian businessman Kali Mody made history by bringing the Diners Club card to India. Two decades later, in 1980, the Central Bank of India issued the country’s first bank credit card. These pioneering steps laid the foundation for what would become one of the world’s most dynamic credit card markets.
The rise of credit cards is truly unprecedented.
As per RBI’s Payment Systems Report 2024 released last week, the number of credit cards at the end of December 2024 had more than doubled to around 10.80 crore as compared to December 2019, when there were 5.53 crore cards in circulation. According to PWC, this number is expected to hit 20 crores by the end of 2028, growing at 15% annually. This means the market will repeat its last five years’ growth in the next five years.
Transaction patterns reveal an even more fascinating story.
In 2024 alone, Indians swiped their credit cards 447.23 crore times, spending a staggering INR 20.37 lakh crore. This explosive growth – marked by a robust 23.37% CAGR in transaction value over five years tells a story of aspiration, experience and a new way of life.
Meanwhile, debit cards tell a contrasting story. Their usage has declined significantly – transaction volumes dropped 33% in FY 2023-24, with spending down 18%.
The reason?
UPI’s rising dominance. Debit cards, lacking attractive reward programs, have struggled to maintain relevance.
This divergence between credit and debit cards points to a larger trend: India’s movement towards more sophisticated financial instruments, particularly amongst the wealthy. The premium credit card market sits at the apex of this transformation.
The allure of premium credit cards
The world of super premium credit cards operates on a simple principle: access.
Here are a few privileges premium credit card holders have access to —
1. Unrivalled travel privileges
Unlimited airport lounge access has now become a standard offering for most premium credit cards. However, some cards are taking the travel game to a whole new level. The ICICI Bank Emeralde Credit Card offers unlimited spa sessions at airport lounges in India.
If you’re someone who dreads the airport transfer hassle (trust me, we’ve all been there), cards like the Times Black offers complimentary helicopter transfers to the BLR airport via BLADE. Axis Reserve sets you up with meet-and-greet services to avoid the hectic queues at airport security and check-in.
2. Luxury stays and upgrades
Premium credit cards are famously known for the tie-ups with luxury hotel chains. For example, American Express Platinum offers benefits worth INR 44,300 at luxury hotels like Taj and Shangri-La worldwide.
Similarly, the HSBC Taj Credit Card offers access to exclusive dining experiences at Taj properties, including private dining rooms and personalised culinary experiences. You can also enjoy complimentary room upgrades, late check-outs, and access to exclusive hotel clubs with these cards.
3. Gourmet dining experiences
For the discerning palate, some cards unlock a world of culinary delights. The Axis Bank Primus Credit Card makes your dining experience exceptional through preferential access to over 10,000 global restaurants, Michelin-star establishments and the world’s 50 top restaurants.
The ICICI Bank Emeralde Private Credit Card offers a complimentary EazyDiner Prime membership, guaranteeing 25% – 50% discounts at top restaurants in India and Dubai, along with special treats on your special days.
4. Exclusive event access
Your premium card can be your ticket to some of the world’s most coveted events. American Express Platinum cardholders enjoy pre-sale access and VIP tickets to events like Fashion Week, the Grammy Awards, and Wimbledon.
Back home in India, the Times Black ICICI Bank Credit Card grants access to select Quorum events, even without a club membership, putting you in the company of thought leaders and innovators.
5. Concierge services
Whether you need last-minute reservations at a fully booked restaurant, want to purchase a limited edition bag, or need help planning a surprise anniversary celebration, you can seek the help of complimentary concierge services offered through your cards.
The American Express Centurion Card’s concierge service is renowned for handling extraordinary requests. Here’s a real excerpt from Twitter of an Indian Amex Centurion user —
“During my visit to Paris with clients, we decided to visit one of the busiest night lounges, only to find a long line outside. I immediately contacted my RM, requesting assistance. He assured me that he would handle it within 30 minutes. To my surprise, within 15 minutes, a representative from the lounge came outside to receive us.”
While concierge services can be easily availed through premium credit cards, the wealthy are increasingly resorting to concierge service companies. In fact, we have written about concierge services in a previous newsletter edition. You can read it here.
As you can see above, super premium credit cards have evolved far beyond their original purpose of facilitating transactions.
A guide to a select super premium credit cards
| Here’s a closer look at some of India’s most coveted premium credit cards – |
The mythical credit card
American Express Centurion Card
In the realm of premium credit cards, one name evokes reverence and mystique: the American Express Centurion Card, better known as the “Black Card.” This legendary card operates by invitation only, and its very existence was once considered an urban legend.
Available by invitation only, it comes with a steep entry price: INR 11.50 lakh initially and INR 3.24 lakhs annually thereafter (including GST).
The card removes spending limits entirely while offering exceptional travel privileges. These include door-to-door airport transfers, priority access, and complimentary upgrades on Etihad business class flights to first class. Hotel benefits include guaranteed room upgrades at booking, annual complimentary stays at Oberoi and Taj properties, and generous Taj vouchers.
Each cardholder gets a dedicated Relationship Manager who handles everything from restaurant reservations to exclusive event access. The card also includes INR 1 crore cyber threat coverage and purchase protection. But its true value lies in accessing experiences and services that money alone cannot buy.
How to choose the perfect premium credit card for yourself
Here are the key points to keep in mind when choosing a premium credit card —
- Eligibility: Look for cards that align with your income level or net worth. Some cards require a minimum annual income of INR 60 lakhs or more, while others might need substantial investments with the issuing bank. Ensure you meet these criteria to avoid application rejections.
- Reward point payback period: Evaluate how quickly you can accumulate and redeem points. Some cards offer accelerated earning in specific categories, while others provide better overall rates. Consider cards that allow points to remain valid for longer periods, giving you flexibility in redemption.
- Airline and hotel transfer options and ratios: For frequent travellers, the ability to transfer points to multiple airline and hotel programs can be invaluable. Look for cards offering favourable transfer ratios and partnerships with your preferred airlines and hotel chains. For example, American Express Membership Rewards points can be transferred to various international airline programs, often at a 1:1 ratio.
- Annual fee structure and waiver conditions: Premium cards come with substantial annual fees, but many offer fee waivers based on spending thresholds. Analyse whether you can realistically meet these thresholds to offset the fee. For instance, the ICICI Times Black Credit Card waives its INR 20,000 annual fee on spending INR 25 lakh in the previous year.
- Customer service and dedicated support: Premium cards often include enhanced customer service, such as dedicated relationship managers or 24/7 concierge services. When selecting, consider the quality and accessibility of these services.
I hope this handy checklist can make your selection process easy.
In summary
Premium credit cards open doors to a world of privileges, from luxurious travel to exclusive events, redefining how you experience life. Choosing the right card involves aligning its features with your personal goals and lifestyle.
To explore more, consider engaging with communities on forums like FlyerTalk, Reddit Credit Cards community, and TechnoFino which are excellent resources for in-depth discussions, tips, and the latest news on premium credit cards.
These resources offer first-hand insights and expert opinions to guide your decision. That’s all from my end, and I hope you find this information helpful.
Join over 300,000 wealth creators who receive our weekly finance, business, and wealth creation insights. Subscribe to the Create Wealth newsletter here – https://bit.ly/dezerv_newsletter
Disclaimer: The information contained herein is for informational purposes and should not be interpreted as soliciting, advertising, or providing any advice.