Axis Bank has partnered with Visa to launch an “ultra-premium” credit card in India. The new card, Primus, will be offered by invitation only and will cater to select, ultra-high-net-worth individuals — defined as those with a net worth of over $30 million — Axis Bank, one of the largest private sector banks in India.
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GLOAxis Bank has collaborated with Visa to introduce an “ultra-premium” credit card in India. The new card, called Primus, is available exclusively by invitation and is targeted at ultra-high-net-worth individuals with a net worth exceeding $30 million. Axis Bank, one of India’s largest private sector banks, announced the launch in a press release on Monday (Aug. 12).
“We are thrilled to partner with Visa to bring to India a globally recognized platform of privileges and benefits through the Visa Infinite Privilege offering with our Primus credit card,” said Arjun Chowdhry, group executive and head of affluent banking, retail assets, cards, and payments at Axis Bank.
Primus cardholders will enjoy exclusive benefits, including preferred access to over 10,000 restaurants worldwide, invitations to curated events such as private art gallery tours, sports events, and fashion experiences, as well as travel perks like custom itineraries and access to private jets. Additionally, the card offers preferential rates and other value-added services at luxury hotels, as detailed in the release.
The launch of the Primus card by Axis Bank and Visa coincides with India’s emergence as one of the world’s largest economies. The country is expected to see a 58.4% growth in its ultra-high-net-worth population over the next five years, according to the release.
Axis Bank is Visa’s inaugural partner for the Visa Infinite Privilege offering in India, said Sandeep Ghosh, group country manager, Visa India and South Asia.
“The Axis Primus Card delivers unique privileges and unmatched experiences, supported by the reliability, trust, and global recognition of the Visa brand,” Ghosh stated. “We believe this offering will consistently surpass our cardholders’ expectations.”
Research by PYMNTS Intelligence reveals that affluent consumers prioritize security and rewards when selecting credit cards. Among those who do not live paycheck to paycheck, 85% chose their credit cards for security reasons, while 77% were influenced by rewards programs, according to the “New Reality Check: The Paycheck-to-Paycheck Report: The Credit Card Use Deep Dive Edition,” a collaboration between PYMNTS Intelligence and LendingClub.
Additionally, store-specific card-linked rewards play a significant role in driving spending among consumers earning over $100,000 annually, as noted in the PYMNTS Intelligence and Bayan collaboration, “Card-Linked Offer Growth Hinges on First-Time Users.”
Source: Axis Bank
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