Banks have clear eligibility criteria for their super premium credit cards. They invite customers based on their net worth, transaction history and bank details. Here is an overview of the features of such cards.
Super premium cards were introduced by banks to attract high net worth individuals. These credit cards, unlike traditional cards, relieve the customer of restricted spending and offer high purchasing power with high or no spending limit.
To get a super premium credit card, you must be classified by the bank as a very high net worth individual (UHNI) and have a good credit history.
What are super premium credit cards?
These cards have been customized by the banks keeping in mind the spending habits of UHNIs. Travel, shopping, clubbing, etc. are some of the areas where super premium cardholders enjoy significant benefits.
These cards offer unlimited lounge access at airports around the world, 24/7 personal concierge service, access to golf clubs and many other luxury facilities. The services can even be extended to booking a yacht, renting a charter plane and gifting exclusive gems. The card can be used anywhere and anytime without any restrictions.
One can get a super premium credit card if one receives a special invitation from a credit card company. Banks have a clear eligibility criterion for offering premium credit cards and invite customers based on their net worth, transaction history and bank account details. The eligibility criteria may vary from credit card company to credit card company.
While some credit card companies require their customers to use a premium card first to assess usage over a certain period of time, other companies offer super-premium cards as part of their wealth management services to customers who have an exemplary transaction history.
Should you get this card?
You have to make a decision based on your lifestyle and spending habits. Evaluate your preferences, taste, usage and then evaluate what you can get with the card. Card fee is another important criteria to decide whether you should own it or not. This card usually has an annual fee of Rs 10,000 to Rs 4 lakh.
The high fees do not deter customers as they are repaid through vouchers, discounts, concierge services, etc.
Oother alternatives
Before choosing a super premium card, check that the benefits offered are in your area of interest and come from the brands you prefer. You may be able to get the benefits you want with several co-branded cards at a lower price than with one super premium card.
UHNIs may not place much importance on the cost of owning such cards, provided the service and amenities meet their needs. In terms of overall amenities, super premium cards can give you a comprehensive experience that you won’t get with any other card.
If convenience and deals are more important to you than brand, super premium credit cards are the right payment method for you.
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