Increased demand for premium credit cards in India reflects economic progress

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India's strong economic growth is driving growth in demand for premium credit cards, mainly among High-Net-Worth Individuals (HNWIs), ANI reported.

As the country's GDP increases to USD 3.5 trillion and personal fortunes expand, rich Indians are seeking exclusive services, including credit cards that cater to their sophisticated needs.

According to ANI, the Reserve Bank of India has reported a 16.4 per cent year-on-year increase in issuance of credit cards and to reach 105.4 million cards as of August 2024. Due to the increased spending on travel and leisure, the transaction volumes and average ticket sizes have seen an increase in growth.

In response to these trends, American Express India has started an enhanced suite of benefits for its Consumer Platinum Card(r), focusing on travel, lifestyle, and everyday conveniences, ANI reported.

The new options give cardholders more value in several important areas, such as upscale hotel stays, dining specials, and customized international services.

With three new elite-tier memberships that provide access to special advantages and a welcome gift of Rs 60,000, the redesigned benefits provide a total yearly value of almost Rs 450,000.

Moreover, Platinum Card members can expect to enjoy complimentary digital subscriptions to premium publications and streaming services, even discounts on retail shopping, health services, Uber rides, and even pet care.

Cardholders will continue to enjoy benefits like free memberships on eating apps, unlimited access to more than 1,300 airport lounges worldwide, insurance coverage of up to Rs 5 crores, and access to world-class golf courses in addition to the new benefits.

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", as cited by ANI.

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."

(With inputs from ANI)