What does Axis Bank’s credit card PRIMUS offer for the ultra-rich?

A credit card with a joining fee of Rs 5 lakh plus GST. Renewal fee? Rs 3 lakh plus GST. Well, if you belong to India’s ultra-rich, welcome to Primus, the new credit card brought to you by Axis Bank in partnership with Visa, the global leader in digital payments.

Axis Bank last week unveiled the new super-premium card, Primus, to be offered to its select customers by invitation only. The major criteria to own Primus is that you must be an ultra-high net worth individual.

The bank said on its website that “for the first time in India, customers will have access to globally acclaimed, bespoke privileges & benefits curated under the Visa Infinite Privilege offering.”

Why Primus? 

The Primus launch comes at a time when India’s GDP has reached approximately $3.5 trillion, making it one the world’s largest economies. Along with this, a record 200 Indians have made it to Forbes 2024 World’s billionaire’s list.

Global real estate consultant Knight Frank in its May 2023 report said India’s ultra-high-net-worth individuals (UHNWI) with net worth over $30 million will rise by over half (58.4%) in the next five years.

PRIMUS was introduced to select clients in New Delhi and Mumbai at ‘Axis Bank PRIMUS Soiree’. The event was studded with elite corporate leaders and celebrities of India.

“Ultra-high net worth individuals have distinct and complex banking needs that require specialized services beyond those provided to other clients. The Primus credit card is thus designed to appeal to India’s wealthy elite and their distinct tastes for style, exclusivity and access,” the bank stated on its website.  

Benefits

The Axis Bank website highlighted the following benefits of owning the PRIMUS credit card for the ultra-rich:

Unforgettable culinary experiences: Preferential access to over 10,000 global restaurants, including coveted tables and last-minute reservations at Michelin-star establishments and the world’s top 50 restaurants.

Curated global events: Invitations to private art gallery tours, global sporting events to restaurant takeovers, exclusive menus and access to limited edition fashion experiences hosted by personal shoppers.

Travel redefined: Curated travel itineraries such as flying safaris, ski vacations, with exclusive access to private jets.

Luxury hotels: Access to the best global hotels at preferential rates and other value-adds, routed through a world-class concierge service with complimentary rewards for bookings.

India has 97.9 million outstanding credit cards as per the Reserve Bank of India (RBI) data released in January 2024.