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All About Super Premium Credit Cards

Adhil Shetty

Banks have a distinct eligibility criterion for their super premium Credit Cards. They invite customers on the basis of their net worth, transaction history, and banking relationship. Here is a lowdown on the features of such cards.

All About Super Premium Credit Cards

Super premium cards were introduced by banks to woo high net-worth individuals. These Credit Cards, unlike the vanilla cards, relieves one from constrained spending and offer high purchasing power with high or no spending limit.

In order to obtain a super premium Credit Card, you must be identified as an ultra-high net worth individual (UHNIs) by the bank and have a good credit history.

What Are Super Premium Credit Cards?

These cards have been customised by banks keeping the spending habits of UHNIs in mind. Travelling, shopping, clubbing, etc. are some of the areas wherein the super premium cardholders enjoy significant benefits.

These cards come with unlimited lounge access at airports across the globe, 24-hours personal concierge facility, access to golf clubs and a lot of other luxury facilities. The services can even scale up to booking a yacht, hiring a charter plane and gifting exclusive precious stones. The card can be used anywhere and anytime without any restrictions.

One can get a super premium Credit Card on receiving a special invitation from a card company. Banks have a distinct eligibility criterion for offering premium Credit Cards and they invite customers on the basis of their net worth, transaction history, and banking relationship. The eligibility criteria may vary from one card company to another.

While there are some card companies which require customers to use a premium card first to assess the usage over a period of time, there are some that offer super-premium cards as part of their wealth management services to those who show an exemplary transaction track record.

Should You Get This Card?

You must take a call based on your lifestyle and spending habits. Assess your preferences, taste, usage and then evaluate what you can get with the card. The card fee is another important criterion to decide whether you should own it or not. This card usually comes with an annual fee starting from 10,000 to Rs. 4 Lakh.

The high fee is not a deterrent for the customers as they are repaid through vouchers, discounts, concierge services, etc.

Other Alternatives

Before you pick up a super-premium card, check if the facilities offered are in the area of your interest and are of brands that you prefer. You may get your required facilities in multiple co-branded cards at a cost lower than that of a super-premium card.

UHNIs may not care much about the cost of owning such cards, provided the service and the facility match with their requirements. In terms of overall facilities, super premium cards can give you a wholesome experience which you may not get by using any other card.

If you are someone who cares more about convenience and offers rather than brand, super premium Credit Cards are meant to be your chosen mode of payment.

BankBazaar is a leading online marketplace in India that helps consumers compare and apply for Credit Card, Personal Loan, Home Loan, Car Loan and insurance.

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