Axis Bank has done the unthinkable: Launched a credit card it doesn’t want everyone to have.

With a joining fee of ₹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.

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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.

Exclusivity for the affluent

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 and hence, we have kept it as an invite-only card.”

The bank plans to keep the card’s user base limited to a few thousand, following a philosophy similar to that of the Amex Centurion, which reportedly has only about 2,000-2,500 active users in India. Mint was unable to independently verify this.

This level of exclusivity ensures that Primus remains a status symbol among the elite.

Rewards that elevate luxury

In the world of super-premium cards, lifestyle privileges often take precedence over monetary benefits. However, Axis Primus is attempting to balance both by offering high rewards alongside luxury perks.

Primus offers an impressive earning and redemption rate, rewarding customers on all spends with no exclusions. For every ₹100 spent, cardholders earn 1 EDGE Mile (EM), which can be converted to partner points at a 1:5 ratio. According to Sumanta Mandal, founder of TechnoFino, a platform specializing in credit card reviews, this translates to a substantial 5% rewards rate for partner transfers, making it a highly attractive proposition.

Axis Bank has partnered approximately 20 international airlines and hotel chains, including prominent names like Etihad, Qatar Airways, Singapore Airlines, United Airlines, Air India, Marriott, Accor, ITC, and IHG Hotels & Resorts, among others.

In addition to regular rewards, Primus offers milestone bonuses of 15,000, 25,000, and 35,000 EMs for quarterly spends of ₹20-30 lakh, ₹30-50 lakh, and over ₹50 lakh, respectively. Even at the lowest spending band, the reward rate can climb to an impressive 8%.

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A standout feature of Primus is the Complimentary Companion airfare on First or Business class tickets. Tejas Ghongadi, co-founder of The Points Code, a platform advising credit card users on optimizing reward points, highlights the significant value this offers to UHNWIs.

Mandal concurs, noting, “For those who travel internationally first or business class, unlimited free companion tickets in the same cabin is an amazing benefit.” The complimentary companion airfare allows a cardholder to bring a guest along in the same class at no extra cost.

Beyond these rewards, Primus also offers an array of luxury benefits, including concierge services, unlimited airport transfers, meet-and-greet services at airports, memberships to Taj Epicure and Bloomberg, unlimited lounge access at both domestic and international airports, discounts at Michelin-star restaurants, zero forex markup, and complimentary stays at select hotels.

Verdict: Ambitious offering with room to grow

Primus is undoubtedly a bold move by Axis Bank, positioning itself alongside global heavyweights like the J.P. Morgan Reserve and Amex Centurion. The primary allure of expensive lifestyle credit cards lies in the exclusivity they offer. With Primus, experts are adopting a cautious “wait and see” approach to evaluate Axis Bank’s ability to deliver the level of service expected at this price point.

“People take these cards for extreme credit limits and exceptional global concierge service that doesn’t give no as an answer to any request the cardholder makes. While Amex and J.P. Morgan have proven track records on both these fronts, Axis doesn’t have a good reputation for their customer service. It needs to be seen what the bank will deliver with Primus,” noted Ghongadi.

When it comes to lifestyle benefits, there’s a consensus that more could have been offered. Mandal agreed, stating, “Given the fees, the lifestyle benefits fall short.”

However, despite the shortcomings in lifestyle perks, Primus stands out for its rewards programme. “Axis has compensated for the lack of lifestyle benefits with a strong rewards programme. If our client is offered Primus, we will definitely suggest they take it, as we prioritize credit card rewards over exclusivity,” Ghongadi said.

Primus’ rewards programme is particularly notable compared to the Centurion, which, while offering outstanding concierge services and elite hotel status—like Hilton Honors Diamond Elite and Marriott Bonvoy Gold Elite—doesn’t match Primus in this area.

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“Ultra-luxury credit cards are typically known more for their luxury benefits than their rewards programmes, but Axis has taken a different approach by trying to balance both,” Mandal observed. “In any case, a good rewards rate with no capping is a strong proposition for Primus, especially since it’s designed for UHNWIs who are already high spenders and don’t need to manufacture spends for rewards.”