Axis Bank has partnered with Visa to launch an “ultra-premium” credit card in India.
The new card, Primus, will be offered by invitation only and will cater to select, ultra-high-net-worth individuals — defined as those with a net worth of over $30 million — Axis Bank, one of the largest private sector banks in India, said in a Monday (Aug. 12) press release.
“In partnership with Visa, we are happy to bring to India a globally acclaimed privileges and benefits platform, with the Visa Infinite Privilege offering, through our Primus credit card,” Arjun Chowdhry, group executive and head of affluent banking, retail assets, cards and payments at Axis Bank, said in the release.
The exclusive benefits of the Primus card include preferential access to more than 10,000 restaurants around the world; invitations to curated events like private art gallery tours, sporting events and fashion experiences; travel offerings like curated itineraries and access to private jets; and preferential rates and other value-adds at luxury hotels, according to the release.
The launch of this offering by Axis Bank and Visa comes at a time when India has become one of the world’s largest economies, and the number of ultra-high-net-worth individuals in the country is expected to increase by 58.4% over the next five years, per the release.
Axis Bank is Visa’s first partner on the Visa Infinite Privilege offering in India, Sandeep Ghosh, group country manager, Visa India and South Asia, said in the release.
“The Axis Primus Card offers unique privileges and unparalleled experiences, backed by the promise, trust and global acceptance of the Visa brand,” Ghosh said. “We believe this offering will elevate and exceed expectations of our cardholders at every turn.”
PYMNTS Intelligence has found that affluent consumers value security and rewards when choosing credit cards.
Among consumers who do not live paycheck to paycheck, 85% chose their credit cards for security reasons, while 77% did so because of the benefits of rewards programs, according to “New Reality Check: The Paycheck-to-Paycheck Report: The Credit Card Use Deep Dive Edition,” a PYMNTS Intelligence and LendingClub collaboration.
Store-specific card-linked rewards go a long way toward driving spending among consumers who make more than $100,000 a year, according to a PYMNTS Intelligence and Bayan collaboration, “Card-Linked Offer Growth Hinges on First-Time Users.”
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