HDFC Bank launches credit card for uber rich

New Delhi: Eyeing the growing number of rich people in the country, HDFC Bank has launched a new credit card -- INFINIA -- which would be initially issued only to 5,000 individuals.The ultra premium credit card comes with virtually “no limits” -- not just in terms of spend, but also the luxuries such customers are accustomed to, HDFC Bank said in a statement.

“What prompted us to conceive INFINIA was the need our clients felt for such a product. We are confident INFINIA will soon be the card of choice for India's rich,” HDFC Bank Managing Director Aditya Puri said.

INFINIA would be available on both VISA and MasterCard platforms, the statement added.

HDFC Bank, which launched its first credit card in 2003, had a credit card base of 50.5 lakh at the end of March 31, 2011.

“HDFC Bank already enjoys the highest mind and wallet share in credit cards. With INFINIA, we will redefine the lifestyle experience of the elite,” HDFC Bank Country Head (Retail Assets and Credit Cards) Pralay Mondal said. According to a report by Merrill Lynch Global Wealth Management and Capgemini, India's High Networth Individual (HNI) population in 2010 grew 20.8 per cent to 1.53 lakh. As on March 31, 2011, HDFC Bank had a distribution network with 1,86 branches and 5,471 ATMs in 996 cities.

Source: Financial Express