India’s Super-Premium Credit Cards: Meaning, Advantages, Disadvantages And More

Demand for super premium credit card products catering to the rich has seen a sudden rise in India’s financial market over the last few years. On the other hand, these exclusive cards are for high-income people who seek luxury, convenience, and tailored experiences. In addition to high rewards and airport lounge access, super-premium credit cards have become a status symbol and have benefits that simply can’t be found elsewhere, including concierge and other trendy services. Here’s a breakdown of India’s super-premium credit cards, their perks and what you may want to consider before getting one.

What Are Super-Premium Credit Cards?

There are luxury credit cards that give people exclusive rewards and benefits for using the cards. But they usually feature an expensive annual fee, tough eligibility requirements and a suite of luxury-oriented benefits, such as:

• Lifestyle Perks: Access to world-class golf courses, concierge services, and culinary benefits.
• Travel Perks: Free access to lounges at both domestic and international airports, along with travel insurance and flight upgrades.
• High Reward Rate: Best earning and redemption opportunities.
• Partnerships: Collaborations with luxury brands, airlines and hotels.

These cards are intended for high-net-worth individuals (HNIs) and, therefore, have high fees and income requirements, generally over ₹20-25 lakh (or more) annually.

Best Super-Premium Credit Cards in India

Here’s a glance at some of the most exclusive super-premium credit cards offered in India:

HDFC Bank Infinia Credit Card

1. Annual Fee: ₹10,000 + GST
2. Unlimited access to airport lounges under the Priority Pass program.
3. It allows earning five reward points for each ₹150 spent, redeemable at ₹1 per point.
4. Travel and dining concierge services and lifestyle support.
5. Full travel insurance coverage.
6. Criteria: Your credit score should be high, and your return income should be at least ₹40 lakh annually.

American Express Platinum Card

1. Annual Fee: ₹1,10,000 + GST
2. Unlimited domestic and international lounge access through Priority Pass and Centurion Lounges
3. Access to exclusive hotel loyalty programs, including Marriott Bonvoy and Hilton Honors.
4. Vouchers for dining and wellness are worth ₹1,000 each per month.
5. Worldwide non-stop concierge service.
6. Criteria: By invitation only or income above ₹50 lakh annually.

Citi Prestige Credit Card

1. Annual Fee: ₹20,000 + GST
2. Luxury hotels with complimentary night stays
3. Free unlimited international airport lounge access via Priority Pass
4. 1 reward point for every ₹100 spent and faster reward accumulation on international expenses.
5. Global concierge services.
6. Eligibility: ₹30 lakh or more annual income.

The ICICI Bank Emeralde Credit Card

1. Annual Fee: 12,000 + GST (Get it waived off on spending above a specific limit)
2. Max Unlimited Lounge access is available for primary and add-on cards.
3. International transaction charges with no forex markup fee.
4. 24/7 personal concierge service
5. Consistency for insurance coverage.
6. Eligibility: Income per annum greater than ₹50 lakh

Axis Bank Reserve Credit Card

1. Annual Fee: ₹50,000 + GST
2. Free Priority Pass membership with unlimited lounge access.
3. 10 Reward Points for every ₹200 spent.
4. Privileged possession of luxury hotels and resorts.
5. Personalized relationship manager and lifestyle concierge services.
6. Eligibility: Good credit profile and annual income greater than ₹40 lakh.

Factors to Consider Before Choosing a Super-Premium Credit Card

Choosing a super-premium credit card is not something to be done without considering your finances and lifestyle options. Here are some important aspects to keep in mind:

• Annual Fee and Associated Costs: The annual fee of a super-premium credit card varies from ₹10,000 to ₹1,10,000. Make sure you’re getting more benefits from it than you pay. Also, watch out for forex markup fees and late payment charges.
• Eligibility Criteria: Super-premium credit cards typically have stringent eligibility criteria: a high annual income (generally above ₹20 lakh) and a good credit score (750+). Check that you’ve got these before you apply.
• Rewards and Benefits: Research the rewards program and benefits you receive. For instance, if you are a frequent flier, look for cards with complimentary lounge access, travel insurance, and air miles. If food is life, look for dining perks and cashback deals.
• Lifestyle Alignment: The card should be in line with your spending habits. For example, if your spending is upcoming luxury items, having a card with high reward points on luxury purchases would aid.
• Redemption Flexibility: Look at how you can redeem any reward points. Some cards offer redemption of points for travel, dining and merchandise, while others provide cashback or direct statement credits.

Advantages of Having a Super-Premium Credit Card

• Enhanced Travel Experience: Items like super-premium cards elevate your travel fantasies, giving you limitless lounge access, express immigration assistance and free travel insurance. The HDFC Infinia card, for example, offers unlimited free lounge access worldwide through the Priority Pass program.
• Luxury Lifestyle Privileges: Cards  provide perks like golf course access, spa vouchers, and exclusive event invitations. For example, the Luxury Hotel & Resort Collection for the American Express Platinum Card will always guarantee an upscale hotel experience.
• Concierge Services: Concierge service is a hallmark feature of super-premium credit cards. From booking last-minute airfare to procuring tickets to events that are sold out to everyone else, the concierge handles your personal and professional needs.
• High Reward Rates: Most super-premium credit cards provide accelerated reward rates. On every ₹200 rew, points up to 10 are given, which can also be redeemed in the form of travel, gifts, etc. Axis Bank reserve credit card is one of them.
• Global Acceptance: These cards are accepted worldwide, making them perfect for people who travel internationally often. Many of these cards also have zero forex markup fees, which means you can save on overseas transactions.

The Disadvantages of Super-Premium Credit Cards

Although super premium credit cards offer best-in-class benefits, they come with some drawbacks:

• High Annual Fees: Those high annual fees can scare away people who might not get enough use out of the card’s perks.
• Strict Eligibility Criteria: These card types come with stringent income and credit score criteria, which not all consumers may qualify for.
• Complex Reward Structures: Understanding and optimizing reward programs can be complex, often involving much thought and management.
• Overspending Temptation: Luxury perks and lofty credit limits can provoke indulgence and jeopardize your finances.

Conclusion

Super-premium credit cards available in India include several benefits, such as luxury travel-related features and superior rewards programs, targeting the country’s wealthy class. However, they cost money and come with tough eligibility standards. Before applying for one, it’s worth thinking about your financial habits, lifestyle choices, and the benefits of the card.

If used properly, these cards can upgrade your life and be the best bang for the buck. Luxury lifestyle: The best super premium credit cards, be it the HDFC Infinia with its infinite lounge access or the American Express Platinum with its vanity wheels, can be an all-access pass to throngs of options.