A recent press report said that HDFC Bank, has launched ‘Infinia’ cards for the uber-rich, high net worth community in India.
Aditya Puri, managing director, HDFC Bank, told reporters at a press conference that the card has been positioned directly against Amex, and the company believes the card to be a better product. The card is to be given by invitation only.
Special Features of the card
The card will not have any spending limits and the rate of interest is fixed at 1.99 per month, which is one of the lowest in the industry. The card also offers the customer Rs 3-crore air-accident cover, unlimited access to 600 airport lounges globally and dining options at hotels managed by Taj Hotels Resorts and Palaces.
The bank has not set any spending limit for its cardholders, customers can, on their own, define their credit limit.
The bank has planned to initially issue the card to 5,000 customers. Cardholders have to pay a joining fee of Rs 30,000 and a renewal fee of Rs 10,000 every year.
Reports also said that the company’s loan book has grown by 22 per cent and that it has not seen even a marginal slowdown in demand for any loan especially home loan.