Ratcheting up the competition for wealthy, low-risk customers in India, HDFC Bank Ltd. on July 12 launched an ultra-premium credit card designed for the super rich.
The issuer is positioning the Infinia credit card against American Express Co.’s premium cards in India, an official at the credit card division at the Mumbai-based bank tells PaymentsSource.
Infinia cards, which can carry either the Visa and MasterCard brand mark, come with no preset spending limits, according to the official, who was unable to disclose the net worth eligibility requirements to receive the card.
The bank hopes to issue 5,000 Infinia cards during the first year, he says. Cardholders pay an annual fee of 30,000 rupees (US$673 or 476 euros) and a monthly interest rate of 1.99% on unpaid balances.
Cardholders also receive hospitalization coverage up 5 million rupees, accident coverage up to 30 million rupees, a points-based loyalty program, and regular offers from premium partners such as Taj Hotels and Singapore Airlines.
HDFC has some 5 million credit cardholders and issues approximately 80,000 new credit cards per month, according to the bank.
