HDFC Bank launches new credit card with no pre-set limit on spending
The country’s second-largest private lender, HDFC Bank today launched an exclusive credit card with no pre-set limit on spends.
“The card is positioned directly against American Express and we believe it is a better product,” the bank’s Managing Director, Aditya Puri, said, pointing to the entrenched competitor serving the high-net category.
The bank will be issuing 5,000 of the credit cards christened Infinia, which come with a slew of privileges through partnerships, to its wealth management customers to start with on the basis of their networth and financial dealings history.
The bank management, however, declined to give details like the networth cut-off which will make a customer eligible.
The card’s annual fee will be Rs 30,000 while the bank will charge an interest of 1.99 per cent per month and levy a two per cent foreign currency fee.
“We have the largest network of merchant terminals across the country acquired by ourselves. The unique difference from others serving the segment is that Infinia will get accepted anywhere,” the bank’s country head for retail assets and credit cards, Pralay Mondal, said.
A senior bank official said American Express has around 1.50-lakh cardholders in India.
PTI
“The card is positioned directly against American Express and we believe it is a better product,” the bank’s Managing Director, Aditya Puri, said, pointing to the entrenched competitor serving the high-net category.
The bank will be issuing 5,000 of the credit cards christened Infinia, which come with a slew of privileges through partnerships, to its wealth management customers to start with on the basis of their networth and financial dealings history.
The bank management, however, declined to give details like the networth cut-off which will make a customer eligible.
The card’s annual fee will be Rs 30,000 while the bank will charge an interest of 1.99 per cent per month and levy a two per cent foreign currency fee.
“We have the largest network of merchant terminals across the country acquired by ourselves. The unique difference from others serving the segment is that Infinia will get accepted anywhere,” the bank’s country head for retail assets and credit cards, Pralay Mondal, said.
A senior bank official said American Express has around 1.50-lakh cardholders in India.
PTI
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