HDFC Bank launches Infinia cards for high networth individuals
July 13, 2011‐ Mumbai, Maharashtra, India
The second largest private sector bank in India, HDFC Bank, has triggered a direct way against American Express with the launch of a credit card targeted at the high net worth individuals. Available on both VISA and Master Card platforms, the cards will be issued to select 5000 customers and carries virtually no limits on it.
The joining fee for the card is at Rs. 30,000 and the renewal fee is at Rs. 10,000.
HDFC Bank Managing Director Aditya Puri says that the new HDFC Infinia Card claims the product is better than that of Amex. There will be no limits on the amount that can be spent over the card but for security reasons, customers can fix their own credit limit. The interest rate is at 1.99% per month which is the lowest in the industry. The rich uber class Infinia card holders will get some special benefits such as the air-accident cover of Rs 3 crore, unlimited access to 600 airport lounges globally, special dining options at hotels managed by Taj Hotels Resorts and Palaces amongst others.
HDFC Bank entered into credit card segment in 2003 and is growing ever since. Its current new credit card issuances are at about 80,000 per month. As of March 31, 2011, the bank has 50.5 lakh credit card customers. Its banking network strength is at 5,471 ATMs in 996 cities. Entry into the high networth individual's credit card segment is apt for the bank considering the World Wealth Report by Merrill Lynch Global Wealth Management and Capgemini which said that the number of high networth individuals in India grew by 20.8 per cent to 153,000 in 2010.
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