The black card you need: Best luxury credit cards in India for 2023

With benefits like complimentary memberships to luxury hotels, access to premium golf courses, VIP airport assistance, etc., these cards offer great value to those who lead a luxurious lifestyle

Premium credit cards, often referred to as black or purple credit cards, charge a hefty annual fee but offer cardholders a range of exclusive benefits in return. Often viewed as a status symbol, premium cards are only offered to high-earning big spenders.  Such cards offer extra benefits on lifestyle, travel, entertainment, dining, etc. International airport lounge access, concierge service, complimentary golf rounds at golf courses around the world, air accident insurance are some premium card features. 

Concierge service on a credit card allows you to avail services of a professional assistant who performs tasks on your behalf. Some of these tasks include booking tickets to an event, sending a gift to your loved ones or anything else that you want someone else to do for you. Some of the most common insurance covers with premium cards include Air accident insurance cover, overseas medical insurance cover, travel insurance cover, etc. Depending upon the issuer, the amount of these insurance covers can vary from card to card.

"There are only a few credit cards in India that offer luxury experiences to affluent individuals who belong to a bank’s elite tier program with a substantial total relationship value (TRV). With benefits like complimentary memberships to luxury hotels, access to premium golf courses, VIP airport assistance, etc., these cards would offer great value to those who lead a luxurious lifestyle," said Rohit Chhibbar, Head of Credit Cards, Paisabazaar.

Luxury credit cards are generally targeted at high-income individuals who look at enhancing their lifestyles. The luxury  cards provide world-class benefits across a plethora of categories to touch every aspect of a customer’s life.

Paisabazaar has curated a list of the most sought-after premium cards of 2023:

Axis Bank Reserve Credit Card

Annual fee: Rs 50,000

1. 8 free VIP assistance covering airport check-in, security check, immigration processes and porter services
2. 4 free chauffeured luxury airport pick-ups/drops every year
3. Free unlimited domestic & international lounge visits for both primary and add-on cardholders along with 12 free visits for
4. guests 
5. Complimentary Priority Pass membership
6. Complimentary hotel membership benefits such as ITC
7. Culinaire, Accorplus, Club Marriott Asia Pacific, Oberoi Hotels Resorts, Postcard Hotel covering discounts on room rates,
8. convenient check-ins and check-outs, free night stays, etc.
9. 50 free golf rounds every year across select golf courses in India
10. BookMyShow benefits on movie and non-movie tickets, 5 times in a month each
11. 50,000 EDGE reward points on card activation and renewal
12. 15 EDGE reward points for every Rs. 200 spent
13.  2x reward points on international spends
14.  Low forex markup fee of 1.5%
15. Annual fee waiver on spending Rs. 35 Lakh in a year

Point to note:  It has a joining and renewal fee of Rs 50,000 excluding taxes, which can be waived off on a spend of Rs 25 lakh in the preceding year.  The card offers value on wellness, health, travel and lifestyle all in one place. 

IDFC FIRST Private (Invite-only card): An invite-only credit card is offered by the banks on their own. They invite selected high-income individuals to become a member of their closed membership circle through these cards. One cannot simply apply for these cards.

Annual fees Rs. 50,000

1. Two lakh bonus rewards points worth Rs 50,000 and Curated Taj Epicure Membership on card activation
2. 1 Lakh bonus reward points worth Rs 25,000 and Taj Epicure membership renewal on payment of annual fees
3. 6 rewards on every Rs 100 spent on online spends and 3 rewards on every Rs. 100 spent on offline spends and rental transactions
4.  1 reward on every Rs 100 spent on insurance premium payments  and other transactions
5. 10 rewards on every Rs 100 spent on birthday
6. 10 rewards on every Rs 100 spent on online, offline and in- store spends beyond cumulative monthly spends above Rs 30,000
7.  1 reward point= Rs. 0.25 Unique redemption option of redeeming reward points for donation against a charity with 25% rewards back 
8.  Karma points for 10% of the amount spent on birthdays, for a maximum value of Rs. 25,000 per year
9.  Unlimited domestic and international airport lounge and spa access in India
10.  4 complimentary railway lounge visits in a quarter
11.  Instant discount of up to Rs. 750 per month for movies, plays, and event ticket bookings at BookMyShow, twice in a month.
12.  Up to 2 complimentary golf round or lesson in a month
13.  0% forex markup fee

IDFC FIRST Private Credit Card is an invite-only super premium credit card that comes with an incremental reward structure with no capping and expiry on reward points, unlimited lounge access, zero forex markup fee and complimentary memberships. However, unlike  other premium cards, IDFC First Private Card does not offer air miles conversion of reward points- an important feature on most premium cards. 

While the bonus reward points alone equate the fee charged, Taj Epicure membership itself costs around Rs 30,000 (approx) for the Preferred membership programme. For Privilege membership, this cost can rise up to Rs 60,000 (approx), which is why the card clearly offers more than it charges.

Axis Burgundy Private Credit Card

Joining fees: Rs 50,000

1. 30,000 welcome EDGE reward points on first transaction
2. 15 EDGE reward points for every Rs. 200 spent 
3. Complimentary hotel and dining memberships including Club Marriott, Accor Plus and Taj Epicure
4. Up to 15% off and stay privileges at Postcard hotels and International & Domestic Oberoi & Trident Hotels
5. Unlimited lounge access at international airports for Priority Pass holders and add-on Priority Pass holders with 12 free visits for guests
6. Unlimited domestic airport lounge access for primary and add-on cardholders along with 12 free guest visits
7. Up to 30% discount on conveyance to airports in India and abroad
8. Health and Wellness benefits with concessions on coaching at Weljii, complimentary consultations for second opinions and
9. global travel & medical assistance during international travel
10. 0% forex markup fee
11. Up to 40% savings on Dining
12. 50 complimentary rounds of golf per year
13. BookMyShow benefits on movie, and non-movie tickets, 5 times in a month each
14. Complimentary concierge service for 8 airport visits

Axis Bank Burgundy Private Credit Card is extended to Burgundy Private clients only.

American Express Platinum Card

Joining fees Rs 60,000

1. 1 Membership reward point for every Rs 40 spent
2. 3X Membership reward points on international spends
3. 5X Membership reward points on spends at  American Express Reward Multiplier
4. Access to over 1300+ Airport Lounges globally
5. Exclusive deals on airlines like Emirates, Qatar Airways, Virgin Atlantic, Air France, KLM, Delta Airlines, etc.
6. Complimentary benefits worth Rs. 37,000 at iconic 5-star properties that include guaranteed 4pm late check-out, room upgrades at check in when available, daily breakfast for two, WiFi, etc
7. Complimentary Elite Tier memberships such as Taj Reimagined Feature, Marriott Bonvoy Gold Elite Status, Hilton Honors Gold Elite Status, Radisson Reward Premium Status,  and Hertz Gold Plus Rewards 
8. 25% off at Taj, SeleQtions and Vivanta Hotels
9. 50% off on Suites at Oberoi Hotels and Resorts

"As India witnesses a notable uptick in the growth of its aspiring affluent consumer base, luxury credit cards serve as a gateway to a significantly elevated lifestyle. With each transaction, luxury credit cards provide the opportunity to unlock a host of exclusive privileges and perks. If you find yourself frequently travelling or dining out, and you value benefits such as lounge access complimentary memberships and airmiles, you must consider investing in one." said Sandeep Batra, Head, Wealth and Personal Banking, HSBC Bank.

According to Bankbazaar, here are two other premium but not hefty on the pocket, cards one could look at: 

HDFC Diners Club Black Metal Edition Credit Card 

Joining fees:  Rs 10,000/- plus Applicable Taxes

Spend Rs 8 Lakhs in 12 Months and get Renewal Fee waived for next renewal year

Unlimited Airport Lounge Access

6 Complimentary Golf games every quarter across the finest courses in the world

Complimentary Annual memberships of Club Marriott, Amazon Prime, Swiggy One as Welcome Benefit

10,000 Bonus Reward Points on spends of ₹ 4 lakh every calendar quarter

2X Reward Points on Weekend Dining

5 Reward Points for every ₹ 150 spent

Up to 10X Reward Points via SmartBuy 

SBI Card ELITE

Annual fees: Rsd 4,999

The lowest Foreign Currency Mark-up Charge of 1.99% on International usage

2 Reward Points on every Rs. 100 spent on International transactions 

Dedicated assistance on Flower Delivery, Gift Delivery, Online Doctor Consultation.

Enjoy complimentary Trident Privilege Red Tier membership 

Complimentary Club Vistara Silver membership 

Earn 9 Club Vistara Points for every Rs. 100 spent on Vistara flights 

Access over 1000 Airport Lounges worldwide 

Get 5X Reward Points on Dining, Departmental stores and Grocery Spends