Who is invited?
The benefits of such cards are endless for those who can afford these, or are eligible to enjoy such luxuries. The typical UHNW individual seeks travel, entertainment, dining, high-end luxury retail and curated experiences. Super-premium cards can help access these experiences.
Their annual fee could range from Rs 10,000 to Rs 4 lakh. Often, the high fees don’t deter customers who are repaid in kind — vouchers, discounts, deals, concierge services, etc. This means people looking for specific, rational benefits might seek these cards. But, if they have premium and exotic privileges through other banking relationships, or already have membership to exclusive clubs, they might not even need these.
Premium vs co-branded cards
Do these cards give you an experience that is significantly better than what is offered by co-branded cards? Bear in mind that every card addresses specific requirements. Some of these are rational, like quantifiable value–X per cent off on business class tickets or unlimited lounge access. Then, there are emotional needs–like having an invitation-only card that is afforded to a select few, being able to buy a yacht with a card swipe, or being able to book a table at a Michelin-starred restaurant without waiting for months.
The writer is chief business development officer at BankBazaar.com
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