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Premium credit cards are usually designed for individuals with higher incomes and extensive spending power. These cards offer substantial rewards, luxurious perks, and exclusive services not typically available with regular credit cards.
Benefits often include airport lounge access, concierge services, higher reward points, and significant cashback opportunities. Many high-income earners prefer premium credit cards due to their enhanced features, superior customer support, and lifestyle-related privileges.
A premium credit card is defined by exclusive benefits and superior services aimed at high-income cardholders. Unlike standard credit cards, premium credit cards typically offer enhanced rewards programmes, including higher reward points per transaction.
They often provide travel-specific benefits such as complimentary airport lounge access, concierge assistance, and extensive travel insurance. Premium credit cards usually feature higher credit limits, lower foreign transaction fees, and personalised customer service. Many banks categorise these as premium due to stringent eligibility criteria, including higher income requirements and excellent credit scores.
Premium credit cards offer exclusive benefits tailored to individuals with significant spending power. One major advantage is access to enhanced rewards programmes. These programmes typically include accelerated points earning, substantial cashback, and vouchers for popular brands.
Luxury travel perks such as complimentary airport lounge access, travel insurance, and hotel upgrades make them attractive to frequent travellers. Premium credit cards also feature higher credit limits, providing greater financial flexibility. Additionally, cardholders receive superior customer service, including concierge assistance for travel bookings, dining reservations, and event tickets.
Here are some of the best premium credit cards currently available in India, highlighting key rewards, fees, and exclusive benefits:
Credit Card |
Joining Fee |
Annual Fee |
Key Benefits and Rewards |
|---|---|---|---|
₹4,999 |
₹4,999 |
• Welcome voucher worth ₹5,000 (brands: Bata, Hush Puppies, Pantaloons, Yatra) • 5X reward points (dining, retail, groceries) • Complimentary movie tickets worth ₹6,000/year • Up to 50,000 milestone points/year |
|
Nil |
Nil |
• 1.5 points per ₹150 spent • 0.70 points per ₹150 on special categories (utilities, education, insurance) • Luxe joining gifts (MontBlanc, Amazon, Zee5, Uber) • Travel insurance coverage up to ₹1 lakh |
|
₹500 |
₹500* |
• 25% discount on movie tickets (up to ₹100 monthly) • Milestone benefit of 2,000 points on ₹2 lakh spends/year *Fee waived off on annual spends above ₹1.5 lakhs |
|
Nil |
Nil |
• 10X points on spends above ₹20,000 and birthday purchases • ₹500 voucher on spending ₹5,000 within 30 days |
|
₹1,499 |
₹1,499 |
• 6,000 welcome reward points worth ₹1,500 • 10 points/₹100 (dining, movies, Landmark Stores) • Up to 34,400 milestone reward points/year |
Disclaimer: The fees and benefits for these credit cards are subject to change at the issuer’s discretion. Check the issuer’s official website before applying.
Travel enthusiasts benefit significantly from premium credit cards that offer perks such as airline miles, complimentary lounge access, and travel insurance.
Here are two prominent cards tailored for frequent travellers:
Credit Card |
Joining Fee |
Annual Fee |
Key Travel Benefits |
|---|---|---|---|
SBI ELITE Credit Card |
₹4,999 |
₹4,999 |
• Priority Pass membership (worth $99) • 6 international lounge visits/year • 2 domestic lounge visits/quarter • Low forex markup fee (1.99%) • Complimentary memberships: Club Vistara, Trident Privilege |
RBL World Safari Credit Card |
₹3,000 |
₹3,000 |
• Zero forex markup on international spends • 5 Travel Points per ₹100 on travel spends • 2 international lounge visits/year (Priority Pass) • 2 domestic lounge visits per quarter |
Disclaimer: The fees and benefits for these credit cards are subject to change at the issuer’s discretion. Check the issuer’s official website before applying.
Several premium credit cards offer robust rewards programmes and cashback incentives, ideal for maximising the value of everyday spending. Some popular choices include:
Credit Card |
Joining Fee |
Annual Fee |
Reward Points and Cashback Highlights |
|---|---|---|---|
Air India SBI Signature Card |
₹4,999 |
₹4,999 |
• Up to 30 reward points per ₹100 spent on Air India bookings • Anniversary bonus of 5,000 points • Bonus reward points at annual spend milestones (₹5 lakh, ₹10 lakh, ₹20 lakh) |
HDFC Bank Regalia Credit Card |
₹2,500 |
₹2,500 |
• 10,000 points on annual spends of ₹5 lakh • 5,000 points on annual spends of ₹8 lakh • Complimentary Zomato Gold Membership (1 year) |
Disclaimer: The fees and benefits for these credit cards are subject to change at the issuer’s discretion. Check the issuer’s official website before applying.
Applying for premium credit cards in India involves fulfilling certain eligibility criteria set by banks.
Here's how you can proceed:
Identify cards that match your spending habits, lifestyle, and financial goals. Consider factors like rewards, annual fees, and travel perks.
You should usually have a high credit score, typically above 750, a stable income, and a solid credit history
Prepare necessary documents such as:
Proof of Identity: Aadhaar, PAN card, passport
Proof of Income: Recent salary slips or Income Tax Returns (ITR)
Proof of Address: Utility bills, Aadhaar card, or bank statements
Online:
Visit the bank’s official website
Navigate to the credit cards section
Select your chosen premium card
Fill out the online application, upload your documents, and submit
Offline
Alternatively, visit a bank branch to apply in person, submitting your application form and supporting documents directly.
The bank verifies your details, checks your credit history, and assesses your financial standing. This approval process usually takes between 5 to 10 working days.
Once approved, your premium card will arrive by post. Follow the enclosed instructions or visit your bank’s website to activate the card and set your PIN.
Owning a premium credit card can influence your credit score both positively and negatively. Regular, timely repayments enhance your credit score, demonstrating responsible financial behaviour. Additionally, having a premium card often means a higher credit limit, potentially lowering your credit utilisation ratio, another factor positively impacting credit scores.
However, mismanaging a premium credit card by missing payments or frequently exceeding your credit limit could negatively affect your credit score. It's important to maintain responsible usage, keep your credit utilisation below 30%, and always pay dues on time.
Banks closely monitor repayment patterns, so demonstrating consistent financial discipline with your premium credit card can significantly boost your creditworthiness over time.
While premium credit cards offer extensive perks, they typically come with higher fees compared to regular cards.
Common charges include:
A one-time charge when applying for the card, ranging typically from ₹2,500 to ₹5,000.
Charged annually, typically between ₹2,500 and ₹5,000. Some banks waive this if you meet annual spending milestones.
Fees on international transactions usually range between 1.5% and 3.5% per transaction.
Premium cards often carry interest rates ranging between 2% and 4% per month on outstanding balances.
Banks charge a penalty for late payments, usually varying between ₹500 and ₹1,500 depending on the outstanding amount.
Before choosing a premium card, carefully review all associated fees and charges. Ensure your spending habits and the benefits gained justify these costs.
Deciding to upgrade from a regular to a premium credit card should align with your financial situation, lifestyle, and spending patterns. Consider these points:
When to upgrade
If you regularly travel internationally or domestically and would benefit from airport lounge access and travel insurance
If your monthly spending is high enough to earn substantial rewards or cashback that outweigh the annual fees
If you require superior customer service and personalised concierge support for bookings, shopping, or lifestyle management
When upgrading may not suit you
If you rarely travel or don't spend enough to offset high annual fees
If your spending habits and income levels don't match the eligibility criteria for premium cards
If simpler benefits offered by regular cards sufficiently meet your needs
Evaluate your financial goals carefully and match them with the features of premium cards to make an informed decision about upgrading.
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Posted on 16 May
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