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Credit cards that offer exclusive premium benefits and perks are known as premium credit cards. These credit cards usually have stringent eligibility criteria and high annual fees. This makes them more suitable for individuals with a high monthly income or those with a high net worth.
You can find premium credit cards in India from almost all card issuers. If you’re in the market for a premium card that offers exclusive perks and benefits, here are a few options that you can consider.
Credit Card Variant |
Annual Fees |
|---|---|
SBI Card ELITE |
₹4,999 |
HDFC Bank Infinia Credit Card - Metal Edition |
₹12,500 |
HDFC Bank Diners Club Black Credit Card |
₹10,000 |
Axis Bank Magnus Credit Card |
₹10,000 |
1. SBI Card ELITE
The SBI Card ELITE is one of the best and top-of-the-line premium credit cards in India. For an annual fee of just ₹4,999 plus GST, you get a plethora of unique perks and benefits. Check out some of the key rewards that you would get with this credit card.
Movie tickets worth ₹6,000 free every year (subject to a maximum of 2 tickets per month)
10 reward points for every ₹100 spent on dining, grocery, and departmental store transactions
6 complimentary international airport lounge visits per year (subject to a maximum of 2 visits per quarter)
2 complimentary domestic airport lounge visits per quarter
Complimentary Trident Privilege Red Tier and Club Vistara Silver memberships
Low forex markup fee of just 1.99% on the value of the transaction
Access to an exclusive concierge service
2. HDFC Bank Infinia Credit Card - Metal Edition
The HDFC Bank Infinia Credit Card is a super exclusive card that’s available only via an invite. For an annual fee of ₹12,500 plus GST, you get premium lifestyle benefits and class-leading features. Let’s take a look at a few of the benefits that you get to enjoy.
Complimentary Club Marriott membership for a year
Exclusive concierge service that’s available globally 24/7
Unlimited complimentary domestic and international airport lounge access for both the primary and an add-on cardholder
Complimentary night stay and buffet meals at select ITC hotels
Unlimited complimentary golf games at some of the best golf courses in India
Membership fee waiver on spending ₹10 lakhs during the previous 12 months
3. HDFC Bank Diners Club Black Credit Card
The HDFC Bank Diners Club Black Credit Card is an international credit card that offers a host of lifestyle privileges. Available for a joining fee of ₹10,000 plus GST, the card comes with an annual fee waiver benefit, where the next year’s annual fee will be waived off on spending ₹5 lakhs during the previous 12 months. Here’s a quick overview of some of the other benefits of this premium credit card in India.
Complimentary memberships of Club Marriott, Amazon Prime, Forbes, MMT Black and Times Prime
Complimentary vouchers of leading Indian brands like BookMyShow, TataCLiQ, cult.fit and Ola Cabs on spending more than ₹80,000 during a month
Complimentary golf games in domestic and international golf courses (subject to a maximum of 6 per quarter)
Complimentary credit liability cover worth ₹9 lakhs
Low foreign currency markup fee of just 2% on the transaction value
Exclusive concierge service that’s globally available 24/7
4. Axis Bank Magnus Credit Card
The Magnus Credit Card is one of the best premium credit cards in India from Axis Bank. For an annual fee of ₹10,000 plus GST, you get specially crafted lifestyle, health and wellness benefits. Let’s take a look at some of the key benefits offered by the Axis Bank Magnus Credit Card.
Welcome benefit voucher worth ₹10,000 from TataCLiQ or a domestic flight ticket worth the same amount on payment of the first year annual fee
8 complimentary end-to-end airport VIP services
Unlimited complimentary international and domestic airport lounge visits
40% discount on dining bills via the Axis Bank Dining Delights program
Access to medical concierge and second medical opinions from world-class specialists
Zero cash withdrawal fees
There are quite a few points of difference between a premium credit card and a regular credit card. Check out some of the crucial factors that set premium credit cards in India apart from non-premium cards.
Eligibility Criteria
The eligibility criteria of regular credit cards are usually relaxed. However, that’s not the case with most premium credit cards in India. Since they offer exclusive luxury perks, the criteria for premium cards tend to be more stringent, especially the minimum income requirement.
Annual Fees and Other Charges
The annual fees of premium credit cards in India are usually much higher than the fees of non-premium cards. This is because premium cards offer a host of complimentary benefits whose costs are usually covered by annual fees. However, other charges such as finance charges and foreign exchange markup fees usually tend to be much lower for premium credit cards compared to regular cards.
Welcome Benefits
Premium credit cards in India usually offer high-value welcome benefits on payment of the first-year fee. The value of the welcome benefits will usually be equivalent to the annual fee of the card. With regular cards, however, you may or may not get any welcome benefits.
Rewards
The rewards that you receive when you use premium credit cards are usually much higher in value than non-premium cards. With premium credit cards in India, you may even get to enjoy accelerated reward points and bonus reward points on certain transactions. Furthermore, the reward redemption rates are also generally very attractive in premium cards.
Milestone Benefits
Premium credit cards in India offer milestone benefits when you spend a certain amount during a year. These benefits include annual fee waivers, discount coupons, e-vouchers, bonus reward points, and more. Although many non-premium cards offer milestone benefits, they’re often not as attractive as those of premium cards.
Concierge Services
One of the major advantages of premium credit cards in India is that they provide access to exclusive concierge services. These services are usually available 24/7 and can be availed from wherever you are in the world. Non-premium credit cards, on the other hand, don’t offer any such concierge services.
Access to Lounges
Most premium credit cards in India offer unlimited complimentary access to both domestic and international airport lounges. Regular credit cards generally only offer complimentary access to domestic airport lounges and limit the number of free visits to just 1 or 2 per quarter.
Golf Sessions
Another exclusive perk that most premium credit cards in India offer is complimentary golf sessions. With these cards, you can get access to select golf courses both within the country and abroad. This benefit is not available on any of the regular credit cards.
Just like regular credit cards, the eligibility for premium credit cards varies for each issuer. Here are the basic criteria for most premium credit cards in India:
Age: Generally, premium credit card issuers require you to be above 18 years but under 65 years. The age factor is fixed by the banks, and therefore, it is better to check the age eligibility of the specified card before applying for it.
Occupation: This point remains constant for all the cards. A stable source of income is one of the most important points that lenders review for a top premium credit card application. You can either be a salaried or self-employed applicant.
Location: You must be a resident of a serviceable city or town. The list of all serviceable cities and towns is available on the official sites of the respective banks.
Other factors: Various other factors affect the eligibility criteria of an applicant, such as credit utilisation ratio, credit card income limit, and credit score.
The documents you need to submit to apply for a premium credit card in India may vary depending on the credit card issuer and the type of card. That said, here’s a quick glimpse of the common set of documents required for most premium credit cards in India.
1. Identity Proof - Any of the following list of documents
PAN
Voter’s ID
Passport
Driving Licence
2. Address Proof - Any of the following list of documents
Aadhaar
Passport
Driving Licence
Rental Agreement
3. Income Proof - Any of the following list of documents
A. Salaried Individuals
Latest salary slips
Letter of employment
B. Self-Employed Individuals
Certified financial statements
Balance Sheet and the Profit and Loss Statement
Latest Income Tax Return (ITR) along with the Computation of Income
4. Latest photograph
You can search and apply for top premium cards online on the Bajaj Markets website. The process is simple and can be completed by following the steps listed below:
Step 1: Visit the Bajaj Markets website to check the range of premium credit cards from top banks
Step 2: Click on ‘Apply Now’
Step 3: Enter a few details to check your credit card eligibility
Step 4: As per your approved offer, compare the various credit cards
Step 5: Select the card that matches your spending habits and offers you the best benefits
Step 6: Click on ‘Apply’
Some of the best super premium credit cards in India include the Diners Club Black Card by HDFC Bank, American Express Membership Rewards credit card, Axis Reserve credit card, SBI Card Elite, and the JetPrivilege HDFC Bank Diners Club.
The fees and charges will depend on the premium credit card you apply for. As these come with high-end exclusive benefits, the joining fees and annual fees are usually quite high.
You can check out the fees and charges of credit cards from top banks on the Bajaj Markets website/app. In most cases, the annual fee should be waived in lieu of milestone spends.
Yes, some of the premium credit cards in India come with this perk through which you can manage all of your travel arrangements, hotel bookings, and other helpful services. These services are handled by a professional.
Yes, premium credit cards come with complimentary lounge benefits. With these, you can access airport/railway lounges. You can also get paid or complimentary access through global programmes like Priority Pass membership.
The income criterion for these cards depends on the issuer. Generally, most premium credit cards in India need you to have an annual income of at least ₹6,00,000.
Generally, people with high incomes and excellent credit scores qualify for premium and super premium credit cards in India. This is because the cards are specially designed for individuals with high incomes and also come with a high annual/ joining fee.
Just like regular credit cards, the limit on these cards also depends on the type of the card, your credit profile, and the issuer. However, the limit of these cards is generally higher than that of a regular credit card.
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Posted on 16 May
Roshani Ballal
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