Premium credit cards lend exclusivity to the already exclusive and elite batch of citizens in the country. Holding these premium cards bring a whole powerhouse of benefits and features to the already powerful credit card. From delivering specialized gifts to your family, to getting you exclusive deals and offers, this card is now the ‘must-have’ possession for the socially-conscious elite upper class batch of the country. Now a credit card is no longer a status symbol. Premium credit cards in their svelte black or dark hues mark the status of a person, accounting to approximately half a million credit cards in the country, a mere 1/5th of the total credit card market. With the help of these cards, customers can get access to far-fetched deals like exclusive VIP tickets to a sold-out concert, or being caressed and pampered with pricey gifts from your credit card house. The significant rise in the demand for these cards can be marked with the increase in the income and standard of living of people in the country. While regular credit cards may be available at no extra cost, these exclusive cards come at a price, as their objective is to cater to the needs and requirements of their affluent customers.
You can have premium credit cards but at a big price. Yes, with some banks, you need to shell out a one-time joining fee which can tower as high as Rs. 50,000, while other banks compensate by taking a lesser amount of joining fees and making up for it by levying regular annual charges. These charges may vary and fluctuate with the transcending market regulations and norms. Banks justify these charges by claiming that with the elite services up on offer with these cards, customers have no reason to complain as they get back all they spend. You may be given exclusive and expensive gifts on registration followed by gifts and privileges when you need them. You may also receive upgrades and discounts at all your favorite boutiques and stores, premium concierge services every time you travel across the world, and personal shopping services, sometimes even at your doorstep. The latest scheme to join the premium cards club is ‘hand-picked rewards’. Customers enjoy the liberty to choose their own gifts from a selection of exclusive stores and brands, to complement the desires and needs of their members. Customers thereby, feel pampered and cared for, besides their status symbol, relishing their experience with the premium card.
The most intriguing and distinguishing feature of this card is that not everyone can be a part of the premium card club. In order to be a member of this club, you need to have an invitation. This is because these cards do not just satisfy the mere transactional needs of their customers. They also provide exclusive access to the card holder to their travel and lifestyle needs, thereby making a different type of service than that offered to the masses. If you are a member of the premium card club, then get your hands on a card that provides benefits suitable for your needs. While you need to shell out a large sum of money as joining or registration fees, many credit card companies justify this expense as meager for in return, customers are bombarded with an array of exclusive offers and privileges. Before you make a premium credit card your new best friend, ensure that the deals and offers offered by such a card is in sync with your needs and requirements. Else, keep your distance from these pricey cards as you might end up borrowing loans like personal loans etc to repay the debt later.