HDFC Launches No-Limit Credit Card

Hardik Dave (IPCC and CS Professional(FINAL) Student)   (15533 Points)

17 July 2011  
To tap the growing High Net-Worth Individual (HNI) customer base, HDFC Bank, India’s largest Credit Card Issuer has launched ‘Infinia’, a Credit Card with no pre-set limit. The Credit Card also claims to provide unlimited luxuries to its customers. It will initially be offered to a select 5,000 Customers only. Theinterest ratehas been fixed at 1.99% per month. The Card also offers a host of other benefits including a Rs. 3 Crore air accident insurance cover, an emergency hospitality cover of Rs. 50 Lakh, unlimited access to 600 Airport Lounges globally and dining options at hotels managed by Taj Hotel Resorts and Palaces.. . . . Benefits of using Credit Card Spend Now, Pay Later While this may be how most of the credit card issuers pitch their products, this is not the only reason why the popularity of plastic money has increased by leaps and bounds.The ease with which credit cards facilitate transactions – from paying grocery and telephone bills to getting petrol filled up in your car and paying for movie, train and air tickets – means that they have now become an integral part of our lives. According to data published by the ReserveBankof India (RBI), the amount transacted by Credit Cards in India in the month of May 2011 stood at Rs. 7880 Crores as against Rs. 6212 Crores in February 2011 and Rs. 5936 Crores in May 2010. These figures are expected to touch new highs as the number of HNI’s in India keeps increasing. According to a recent ‘World Wealth Report’ by Merrill Lynch Global Wealth Management and CapGemini, the HNI population grew 20.8% to 1,53,000 in the year 2010, placing India at the 12thspot, within striking distance of the Top 10 in the Global pecking order.