HDFC Bank, the largest credit card issuer in the country, has launched India's first ultra-premium credit card for the uber rich. Aptly named INFINIA, the card comes with virtually “no limits” ? not just in terms of spend, but also the luxuries such customers are accustomed to. The card will be initially offered to a select 5000 individuals.
HDFC Bank is also one of the leading players in the private banking space with a thriving clientele comprising the who’s who of India’s uber rich. With this initiative, the Bank is looking to revolutionize the way they live it up.
The recent ‘World Wealth Report’ by Merrill Lynch Global Wealth Management and Capgemini said India's High Networth Individual (HNI) population grew 20.8% to 153,000 in 2010 with the country rising to the twelfth spot for the first time and is now within striking distance of the top ten in the global pecking order. With this premium credit card offering, the Bank plans to become the undisputed leader in this segment.
Speaking on the occasion, Mr. Aditya Puri, Managing Director, HDFC Bank, said: “INFINIA is a super-premium offering from us to rich Indians. It is the culmination of a very successful journey that began in 2003 with the launch of our first card. We always had the premium positioning, clientele and the proven ability to service them. But what prompted us to conceive INFINIA was the need our clients felt for such a product. We are confident INFINIA will soon be the card of choice for India's rich.”
Pralay Mondal, Country Head, Retail Assets and Credit Cards, HDFC Bank, said: “We want to see an INFINIA in the wallet of every jet-setter in India. We derive this confidence from the fact that HDFC Bank already enjoys the highest mind- and wallet-share in credit cards. With INFINIA, we will redefine the lifestyle experience of the elite.”
INFINIA will be available on both VISA and MasterCard platforms. The Bank has a credit card base of 50.5 lakh as of March 31, 2011.
