Axis Bank's unthinkable move: A credit card you just can't buy

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₹5.9 lakh and an annual renewal of ₹3.54 lakh, Primus has positioned itself as India’s most expensive credit card. This ultra-premium offering is aimed squarely at the country’s elite, and its closest rival, the American Express Centurion, charges even more for membership, with a joining fee of ₹8.26 lakh and an annual fee of ₹2.95 lakh. Read this | Cashback, discounts and rewards: The benefits of co-branded credit cards Both cards cater to ultra-high-net-worth individuals (UHNWIs) who value exclusivity and privilege above all else.

But Axis Bank is playing hard to get. Primus is invite-only, a strategy that reinforces its status as a trophy asset for the super-rich. The bank is targeting a microscopic clientele – a few hundred high-net-worth individuals – and is in no hurry to expand its user base.

Axis Bank isn’t concerned about the steep pricing deterring potential customers. “Considering that Primus is meant for a niche set of users, it is launched at the price point its pegged at for the value proposition it offers. It is for the ultra-high net worth individuals with very high spending power," said Sanjeev Moghe, president and head - cards & payments, Axis bank, in an interaction with Mint.

“Its features are built to cater to the bespoke needs and expectations of the most discerning of India’s ultra-elite. This segment comprises a few hundred people and we will only target them. Given that it is an ultra luxury proposition, we have kept it as an invite-only card." “Primus is for the affluent Indian with high spending power.

Its features are built around the lifestyle and luxury of the rich. This segment comprises a few hundred people, and we will target only them. We don’t want to sell this card to just about anyone