Premium Credit Card - The Concept
It is not business prudence to have one Credit Card that satisfies all sections of society. The high net worth individuals can afford to pay more, and hence, deserve better benefits when compared to people at the lower end of the economic strata. This distinction gives rise to the concept of Premium Credit Cards.
As the name suggests, a Premium Credit Card is one that offers the best lifestyle privileges, reward points, and benefits that you usually do not get from a regular Credit Card. Some of the benefits include premium membership to the top lifestyle clubs in the world or free access to international and domestic airport lounges. The rewards point structure is also comparatively more attractive. Such cards offer benefits like a lower Foreign Currency Markup Charge or attractive rates of interest on revolving credit. They provide better insurance benefits. Such premium Credit Cards have higher credit limits as well.
The Top Premium Credit Cards in India in 2019
Almost every bank offering Credit Cards have specific products that cater to the creamy layer of society. We shall discuss ten of the best Premium Credit Cards provided by the top banks in India.
SBI Signature Corporate Credit Card | |
Privileges |
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Features |
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Fees |
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Charges |
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SBI Card Prime | |
Privileges |
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Features |
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Fees |
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Charges |
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ICICI Bank Emeralde Credit Card (Joint venture with American Express Bank) | |
Privileges (ICICI) |
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Amex privileges |
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Rewards points |
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Concierge services |
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Other benefits |
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Eligibility |
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HDFC Bank Regalia Credit Card | |
Features and benefits |
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Eligibility |
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Fees |
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Axis Bank Vistara Infinite Credit Card | |
Benefits and features |
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Insurance |
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Other benefits |
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Eligibility |
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Fees |
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Standard Chartered Bank Super Value Titanium Credit Card | |
Benefits |
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Features |
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Fees |
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Eligibility |
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Citi Prestige Card | |
Benefits |
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Additional privileges |
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Insurance and protection |
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Eligibility |
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American Express Platinum Card | |
Welcome benefits |
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Rewards points |
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Benefits |
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Eligibility |
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Fees |
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Yes Private Credit Card | |
Privileges |
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Features |
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Insurance |
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Charges |
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Fees |
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HDFC Bank Diners Club Black | |
Rewards points |
Earn 5 RP for every 150 spent on the card |
Travel benefits |
Book air tickets and hotels by redeeming reward points earned on the card |
Lifestyle benefits |
Concierge services and Golf course referral and reservation assistance |
Golf programme |
6 complimentary golf games per quarter at select golf courses in India and abroad |
Insurance protection |
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Eligibility |
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Fees |
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Premium Credit Cards - General Eligibility Criteria
Different banks have varying eligibility criteria for applying to the premium Credit Cards. The eligibility criteria depend on the internal policies of individual banks and Credit Card providers.
The following are the general eligibility criteria:
- The Credit Card applicant should be a minimum of 18 to 21 years of age
- The maximum age criteria for salaried individuals and self-employed persons are 60 and 65 years, respectively.
- The applicant should have a steady and stable source of income. Some of the premium Credit Cards are available for high net worth individuals only.
Premium Credit Cards - Necessary Documents
The statutory KYC documents and income documents are necessary for processing the Premium Credit Card applications.
Premium Credit Cards - How to Apply
Usually, all the banks issuing premium Credit Cards have facilities for customers to apply for these cards online. Applicants have to provide their details and display their intention to apply for the premium Credit Cards. The relationship managers from the respective banks take over and contact the applicants to complete the necessary formalities.
Premium Credit Cards - How are They Different from Regular Credit Cards
Premium Credit Cards offer premium benefits that are substantially better than the benefits and rewards points offered by regular Credit Cards.
- Premium Credit Cards offer exclusive membership to renowned clubs, hotels, associations, and organisations.
- Usually, premium Credit Cards provide Priority Pass Membership to the primary cardholder. This membership entitles the card member to have complimentary access to international and domestic airport lounges, and enjoy other benefits, as well.
- The premium Credit Cards have additional bonus rewards points as compared to the regular Credit Cards.
- The premium Credit Cards target high net worth individuals. Hence, the limits offered on premium Credit Cards are higher than the regular ones. Therefore, the membership and renewal fees for such cards are higher, as well.
- The premium Credit Cards offer greater protection to the card member by providing high-value insurance cover in case of air accidents, medical cover to cater to emergencies abroad, and higher credit shields.
- The premium Credit Cards have lower rates of interest on revolving credits and cash advance facilities as compared to the regular Credit Cards.
Premium Credit Cards - Frequently Asked Questions
Are premium Credit Cards available to all customers?
No, premium Credit Cards have high eligibility criteria. Usually, these cards are available to high net worth individuals or a select band of customers alone.
Do they differ in usage from the regular Credit Cards?
No, the procedure for using the premium Credit Cards is the same as that of regular Credit Cards. Nowadays, regular Credit Cards also come with features like contactless cards, 3D secure option, and other exciting benefits.
Which is the best premium Credit Card available in the market?
It depends on the user's preference. All banks have their premium Credit Card products that offer similar privileges.
Do you need a robust credit rating to avail the benefit of premium Credit Cards?
Yes, an excellent credit score is mandatory for any Credit Card application. The premium Credit Cards are high-value cards. Hence, it becomes critical for the applicant to maintain an impeccable credit reputation.
When is the insurance cover available on the premium Credit Cards?
Generally, all premium Credit Cards come with air accident insurance covers ranging from 50 Lakhs to 3 Crores. This cover is available only if the card member purchases the air tickets using the respective Credit Card. In the unfortunate and undesirable event of the death of the cardmember due to an air accident, the insurance amount is payable to the registered nominee.