Axis Bank has partnered with Visa to launch an “ultra-premium” credit card in India.
The new card, called Primus, is offered by invitation only and is aimed at select ultra-high net worth individuals – defined as those with a net worth of over $30 million – Axis Bank, one of India’s largest private banks, said in a press release on Monday (August 12).
“We are delighted to partner with Visa to bring a globally recognized platform for privileges and benefits to India with the Visa Infinite Privilege offering through our Primus credit card,” said Arjun Chowdhry, Group Executive and Head of Affluent Banking, Retail Assets, Cards and Payments at Axis Bank, in the press release.
The exclusive benefits of the Primus card include preferential access to more than 10,000 restaurants around the world, invitations to select events such as private tours of art galleries, sporting events and fashion experiences, travel offers such as selected itineraries and access to private jets, as well as preferential rates and other added values at luxury hotels, the press release said.
The launch of this offering by Axis Bank and Visa comes at a time when India has become one of the largest economies in the world. According to the press release, the number of ultra-high net worth individuals in the country is expected to increase by 58.4 percent over the next five years.
Axis Bank is Visa’s first partner in the Visa Infinite Privilege offering in India, said Sandeep Ghosh, Group Country Manager for Visa India and South Asia, in the press release.
“The Axis Primus Card offers unique privileges and unparalleled experiences, backed by the promise, trust and global acceptance of the Visa brand,” said Ghosh. “We believe this offering will elevate and exceed our cardholders’ expectations in every way.”
PYMNTS Intelligence found that affluent consumers value security and rewards when choosing a credit card.
Among consumers who don’t live paycheck to paycheck, 85% choose credit cards for security reasons, while 77% did so for the benefits of rewards programs, according to “New Reality Check: The Paycheck-to-Paycheck Report: The Credit Card Use Deep Dive Edition,” a collaboration between PYMNTS Intelligence and LendingClub.
According to a PYMNTS Intelligence and Bayan study titled “Card-Linked Offer Growth Hinges on First-Time Users,” store-specific card-linked rewards significantly help boost spending among consumers who earn more than $100,000 a year.
