Best Premium Credit Card in India 2024 (October)

Premium credit cards are more than just a financial instrument. They are a symbol of sophistication and exclusivity that give access to unparalleled privileges and rewards. With the growing demand for luxurious experiences, the number of premium credit cards in the market is also increasing. In this article, we have shortlisted the best premium credit card in India.

Before we get into details, here are the credit cards that we have covered for Premium Credit Cards list:

1. HDFC Bank Diners Club Black Credit Card
2. Axis Bank Magnus Credit Card
3. SBI Aurum Credit Card
4. IndusInd Celesta Credit Card
5. HDFC Bank Infinia Credit Card Metal Edition
6. Axis Reserve Credit Card
7. American Express Platinum Credit Card

What are Premium Credit Cards?

Premium credit cards are designed particularly for high-net-worth and affluent individuals. They offer lavish privileges in every sphere, including travel, dining, shopping, and entertainment. Unlike regular credit cards, premium credit cards do not focus on cashback and rewards. They offer exclusive benefits such as high spending limits, unlimited airport lounge access, free spa sessions, and high-end dining offers. They charge a very high joining and annual fee, and they also have an eligibility criterion that is difficult to meet. However, when compared to the value they offer, the annual fee fades into the background.

What are the Added Advantages of Premium Credit Cards?

Premium credit cards offer a host of benefits to their users, and the following are just some of them.

• Rewards: Premium credit cards offer lucrative rewards to its users. Each rupee spent gives higher reward points, miles, and cashback, which can be redeemed for travel, dining, and hotel bookings.
• Travel perks: From unlimited lounge access at luxury airports to free membership priority passes at airports, free hotel and air ticket upgrades, and baggage and travel insurance, these cards are loaded with travel benefits.
• Dining indulgence: They give access to Michelin-starred restaurants and exclusive fine dining establishments with rewarding discounts and complimentary memberships to popular dining clubs.
• Shopping experience: Premium credit cards do not just offer high rewards on shopping; they also give access to exclusive boutiques and discounts on limited-edition clothes and accessories.
• Exclusive entertainment opportunities: With premium credit cards, get exclusive access to concerts and games along with VIP packages designed especially for the user.
• Enhanced financial services and protection: These cards come with a very high credit limit, low or nil foreign transaction fees, and extended warranties and purchase protection on goods such as mobile phones, laptops, and cameras.
• Improved security and benefits: Premium cards are also designed to offer premium protection against credit card frauds, emergency assistance in case of lost luggage and medical emergencies, and travel accident insurance.

Best Premium Credit Card in India – October 2024

Last updated 14th December, 2023.

#1 HDFC Bank Diners Club Black Credit Card

The HDFC Bank Diners Club Black Credit Card offers a range of benefits across travel, dining, and golf. It offers the following features and benefits to the users.

• Gives a welcome bonus of a complimentary yearly subscription to Forbes, Club Mahindra, Times Prime, MakeMyTrip Black, Amazon Prime and Swiggy One on spending Rs 1.5 lakhs in the first 90 days. These memberships will be renewed if the cardholder spends Rs 8 lakhs per annum.
• Unlimited airport lounge access in India and abroad.
• Earns 2x rewards on weekend dining, 5x on Rs 150 spent on retail, and 10x reward points for spending on SmartBuy.
• Get a 25% discount on all restaurant bill payments done through Swiggy Dineout.
• Other benefits include air accident insurance of Rs 2 crore, travel insurance of Rs 55,000, emergency overseas hospitalisation of Rs 50 lakhs, and credit liability cover of Rs 9 lakhs.
• Get a 1% fuel surcharge waiver at all fuel stations across India.
• The joining fee and annual fee is Rs 10,000. The annual fee will be waived if the expenditure exceeds Rs 5 lakhs.
• Eligibility:
  • Age: Between 21 years and 70 years
  • Income: It should be above Rs 1.75 lakhs per month for salaried individuals and Rs 21 lakhs per annum for self-employed individuals.

#2 Axis Bank Magnus Credit Card

The Axis Bank Magnus Credit Card offers travel, lifestyle, and wellness benefits to its users. Following are the features and benefits of the card.

• Gives a welcome bonus of one complimentary domestic flight ticket or a Tata CliQ voucher worth Rs 10,000.
• Unlimited domestic and international airport lounge access with 8 additional guest visits per year.
• Get up to 40% discount on 4,000 restaurants across India.
• On buying one ticket for a movie or event on BookMyShow, you can receive up to Rs 500 off on your next transaction on BookMyShow.
• Earn 25,000 EDGE reward worth Rs 5,000 for monthly spends of Rs 1 lakh. Get 5x EDGE reward points on travel spending and 12x EDGE reward points for every Rs 200 spent.
• Additional benefits include purchase protection of Rs 2 lakhs, credit shield of Rs 5 lakhs, lost card liability up to the credit limit, and insurance against lost or delayed luggage and documents up to USD 500.
• Joining and annual fee Rs 10,000.
• Eligibility:
  • Age: Between 21 and 70 years
  • Income: Above Rs 18 lakhs per annum

#3 SBI Aurum Credit Card

The SBI Aurum Credit Card is best suited for travel and rewards. Following are the features and benefits of the card.

• It offers welcome benefits worth 40,000 reward points worth Rs 10,000 and complimentary Zomato Pro, Eazydiner Prime, and BBStar membership.
• Get four reward points for every Rs 100 spent.
• Get four complimentary movie tickets every month.
• 4 complimentary domestic lounge access, and unlimited international lounge access with complimentary Dreamfolks lounge membership.
• Complimentary airport spa access during travel.
• Flight cancellation benefits up to 3,500 per ticket.
• Milestone benefits: Vouchers worth up to Rs 20,000 from Tata CliQ Luxury, Taj, and Apple for annual spending of up to Rs 20 lakhs.
• Other benefits include zero liability on lost cards, a 24*7 concierge service, and a low foreign currency markup rate.
• Joining and annual fee Rs 10,000. The annual fee is waived if spending exceeds Rs 12 lakhs.
• Eligibility: It is an invite-only credit card.

You might also be interested in reading about:

1. Best RuPay Fuel Credit Card in India
2. Best RuPay Credit Card for Shopping and Reward Points
3. Best RuPay Credit Card for Travel
4. How To Link Credit Cards To UPI?
5. Best Lifetime Free RuPay Credit Cards in India
6. Best RuPay Credit Card on UPI in India

#4 IndusInd Celesta Credit Card

The IndusInd Celesta Credit Card is designed for the user to enjoy luxury benefits in dining and lifestyle.

• It gives welcome benefits of Oberoi hotels and resorts vouchers worth Rs 50,000 and Montblanc vouchers worth Rs 50,000.
• Get one reward point for every Rs 100 spent on domestic spending, three reward points on international spending, and 0.7 reward points for every Rs 100 spent on utility bills, insurance payments, and government services.
• Unlimited complimentary domestic airport lounge access.
• 10% discount on Hertz car rental along with free driver and upgrade of car class.
• Get a complimentary EazyDiner Prime membership, a discount of up to 50% on premium restaurants in India and Dubai, and up to Rs 3,000 off on dining with the Sumptuous Beginnings program.
• Buy on get one offer on movie tickets and a 20% flat discount on ticket booking on BookMyShow.
• Get 3 complimentary golf lessons and 3 complimentary golf games every month.
• 1% fuel surcharge waiver.
• Other benefits include accidental air death up to Rs 2.5 crores, delayed baggage cover up to Rs 5,000, loss of travel documents up to Rs 50,000, lost baggage up to Rs 1 lakh, and lost ticket or missed connection up to Rs 25,000.
• Joining and annual fee Rs 50,000. The annual fee is waived if spending exceeds Rs 10 lakhs.
• Eligibility:
  • Age: Between 21 and 65 years
  • Income: Stable income for both salaried and self-employed individuals
  • Good credit history

#5 HDFC Bank Infinia Credit Card Metal Edition

HDFC Bank Infinia Credit Card Metal Edition offers benefits across travel, dining, shopping, and rewards. Following are its features and benefits.

• It gives a welcome bonus of complimentary Club Marriott membership for a year and 12,500 reward points upon card activation.
• At partner ITC hotel, get a one-night complimentary stay upon booking a night’s stay and free buffets.
• Unlimited domestic and international airport lounge access using a priority pass.
• Earn 5 Reward Points for every Rs 150 spent.
• Get an additional 15% off on all bill payments as Swiggy Dineout.
• The lowest markup fee is 2% on all foreign currency transactions.
• Unlimited golf games at prestigious golf courses in India and selected international courses.
• Other benefits include accidental air death cover of 3 crores, credit shield of up to 9 lakhs, and emergency overseas hospitalisation benefit of up to 50 lakhs.
• Fuel surcharge waiver of 1% on all fuel stations across India.
• Joining and annual fee Rs 12,500.
• Eligibility: It is an invite-only credit card.

#6 Axis Reserve Credit Card

Axis Reserve Credit Card offers best-in-class privileges to its users across travel, wellness, and entertainment segments. Following are the features and benefits of the card.

• Gives welcome business of Taj Experience E-Gift card, club Vistara Gold membership, and Zomato pro membership for free. Also, receive 50,000 reward points upon card activation.
• Offers unlimited airport lounge access at domestic and international airports with 12 complimentary visits for guests.
• 8 VIP assistance services up to 8 times a year with seamless airport experience.
•  Earn 15 EDGE reward points for every Rs 200 spent and 2x rewards on international expenditures.
• Get 50% off room tariffs for suites on weekends and 25% green points on food and beverage expenses.
• Get an Accroplus membership with a complimentary night stay across the Asia-Pacific region, complimentary room upgrades, and 50% off on dining.
• Complimentary lunch buffets at Accor Hotels in India.
• Exclusive offers at Oberoi Hotels and Resorts, including 15%-50% savings on rooms and suites.
• Fifty complimentary golf rounds per annum at the finest golf courses in India.
• Get a 1% fuel surcharge waiver.
• Other benefits include lost card liability up to credit limit, purchase protection of Rs 2 lakhs, coverage for loss and delay in baggage up to USD 500, credit shield of Rs 5 lakhs, and air accident coverage of Rs 45 lakhs.
• Joining and annual fee – Rs 50,000.
• Eligibility:
  • Income: Above Rs 18 lakhs per annum

#7 American Express Platinum Credit Card

The American Express Platinum Credit Card offers a whole range of benefits on ‘Platinum Experiences’. Following are the features and benefits of the card.

• Welcome bonus of Rs 45,000 worth of coupons for SeleQtions, Taj and Vivanta Hotels.
• Complimentary EazyDiner membership and discount of up to 50% and 1,800 partner fine-dining restaurants in India.
• Benefits worth Rs 37,000 for free room upgrades and late check-out at 5-star hotels.
• Unlimited access to 1,30 premium airport lounges across the world.
• Earn 3x rewards on every foreign transaction, 5x reward points on transactions done via the AmEx reward multiplier portal, and one membership reward point for every Rs 40 spent with your card.
• Get exclusive invitations to exceptional experiences and events.
• Pre-sale access to events, concerts, international awards and sports events.
• Other benefits include personal air accident cover of Rs 5 crore, Rs 50,00 for loss of check-in luggage, passport or other documents, and overseas medical insurance cover up to USD 50,000 for the first seven days.
• Joining and annual fee Rs 60,000.
• Eligibility:
  • Age: At least 18 years
  • Income: It should be above Rs 25 lakhs per annum for salaried individuals and Rs 15 lakhs per annum for self-employed individuals.

Eligibility Criteria to Apply for Premium Credit Cards

The eligibility criteria for premium credit cards are very stringent when compared to those of regular credit cards. Though the criteria vary across banks, the following are some of the standard factors banks check to issue a premium credit card.

• Age: Premium credit cards are issued only to individuals who have reached a certain age limit. Usually, the age limit is around 21 years, and sometimes it can even be above 26 years.
• Residential status: Certain banks issue credit cards to only residents of the country where the bank is. However, some also issue cards to non-resident citizens. The primary purpose is to check the stability of the country of residence.
• Income: Banks issue premium credit cards to individuals who have income above a certain cut-off. The cut-off is usually way above the national average.
• Employment status: Premium credit cards are issued to stable and self-employed individuals. The proof of income primarily includes pay slips and income tax returns.
• Creditworthiness: An individual’s creditworthiness is assessed through their credit score and credit history. Usually, individuals with credit scores above 750 are preferred by banks. Moreover, a strong credit history with on-time payments and low credit utilisation can help an individual’s candidature as it shows the ability to repay debt. Defaults, late payments, and negative remarks in the credit report can negatively affect the application. Banks also check the number of cards the individual holds, as having too many cards can reduce creditworthiness.
• Debt-to-income ratio: The ratio of the total monthly debt to total monthly income is the debt-to-income ratio. A low ratio is considered good.
• Relationship with the issuer: Banks offer premium credit cards to existing customers of the bank who have a premium account with the bank with a high balance or invest in deposits and other instruments through the bank.

How to Apply for a Premium Credit Card in India?

Applying for a premium credit card is similar to applying for a standard credit card. However, the approval process can be slightly different and time-consuming. The following steps will guide you to apply for a premium credit card.

• Check eligibility criteria: Before applying for any credit card, you must check the eligibility criteria. Do not apply if you don’t fulfil the eligibility criteria. Remember, each bank has specific criteria, so ensure you check the criteria properly.
• Fill out the application: Fill out the credit card application with the utmost care. Make sure the important information, such as name, age, address, income, and employment details are filled correctly. Always double-check the application before submitting it.
• Keep the documents ready: Banks usually ask for proof of identity, proof of address, and proof of income from you. A passport, PAN Card, Aadhar Card, or driver’s license is accepted as proof of identity. Proof of address is utility bills, rental agreement or Aadhar Card is accepted. Salary slips and income tax returns act as proof of income.
• Pay the application fee: Credit cards have an application and processing fee, which must be paid right at the time of application. Make the payment and save the acknowledgment in a safe place.
• Submit the application: Submit your application to the bank along with the documents and passport-size photographs. You can also submit the application online and upload the documents into the bank’s portal.
• Approval by Bank: Once you submit your application, the bank will review it and send you its decision through an email, message or post. Since it’s a premium credit card, the approval time can be longer than a regular credit card.

Premium credit cards are designed to meet the needs of individuals who seek luxury, convenience, and exclusive benefits. If you have a passion for refined experiences, then a premium credit card can be your key to a world of privilege. Before choosing a premium credit card, assess the benefits it offers along with your spending habits and match them with the benefits that are important to you. This way, you can find the card that is best for you.

FAQs

What is a black credit card?

There are certain premium credit cards which are loosely referred to as black credit cards which offer exclusive benefits to its customer base at a high cost.

Does HDFC have a black credit card?

HDFC has a credit card with the name, ‘Diners Club Black Credit Card’ which exclusive offers to their customers.

Are premium credit cards good?

Yes, premium credit cards are good as they offer exclusive benefits to their clients. The eligibility criteria for these cards and the selection of offers given are quite unique than the other credit cards provided by the financial institutions.

Looking for a Specific Credit Card?

• 

  Best
  Credit Cards

• 

  Fuel
  Credit Cards

• 

  Premium
  Credit Card

• 

  Business
  Credit Card

• 

  Students
  Credit Cards

• 

  Online Shopping Credit Cards

• 

  Airport Lounge Credit Cards

• 

  Book Flights Credit Cards

• 

  International Travel Credit Card

• 

  Movie Tickets Credit Cards

• 

  Rewards
  Credit Cards

• 

  Lifetime Free Credit Card

• 

  Utility Bill Payment Credit Card

• 

  Insurance Payment Credit Card