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India’s HDFC Bank has Launched an Ultra-Premium Credit Card

In 2011, HDFC launched its Infinia credit card, only 5,000 of which are to be issued. This case study examines how and why HDFC aims to meet the requirements of a small but potentially lucrative customer base: India’s ultra-rich.

In July 2011, HDFC launched Infinia, an ultra-premium credit card. It is being offered to only 5,000 customers, and its lack of a pre-set spending limit, other benefits, and marketing are all intended to position it as a highly exclusive product for the ultra-rich only.

India has a growing class of high net worth individuals (HNWIs). Defined as possessing at least $1 million of investable assets, India’s HNWIs numbered 153,000 in 2010. This represents annualized growth of 16.5% since 2003. With substantial assets to invest and a high propensity to consume, HNWIs are an attractive customer group for financial services companies.

Infinia fits in with and extends HDFC’s existing premium services. The bank has a well-established range of products for its more wealthy customers, including credit cards. As well as promising its own revenue stream, Infinia is a high-profile means of strengthening HDFC’s position in the ultra-premium market and attracting new customers, particularly in competition with American Express.

Read more in our latest case study – HDFC Bank Case Study: India’s HDFC Bank has Launched an Ultra-Premium Credit Card

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