American Express has been known for premium and expensive credit cards. However, the company has dropped its entry-level card eligibility criterion of Rs 600,000 annual income to Rs 450,000.
“We are witnessing higher engagement with the young and digitally-savvy demographic; 50-60 per cent of our new card members are below the age of 32 years,” says Manoj Adlakha, chief executive of American Express Banking Company in India.
Not only that — it is offering the card at an annual fee of only Rs 1,000 in the first year, and with a welcome gift worth the same amount. Effectively, a no-fee card.
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