American Express introduces 'The Platinum Club'

Our Banking Bureau
08 November 2006

Members of the club will automatically receive the new American Express Platinum Credit Card and a range of benefits through tie-ups with up-market dining establishments, luxury hotels, airlines and clubs.

Membership to The Platinum Club is available for a lifetime foundation fee of Rs 50,000.

According to Atul Mathur, senior vice president, ASEAN & South Asia, American Express, said, "Today India's affluent consumers appreciate the finer things in life, but the manifestation of that appreciation has changed - exclusivity, convenience, service, recognition and badge value are the new status symbols. They are looking for exclusive product and service offerings that add tangible value, have real utility and simplify their lives. "

American Express says that it conducted a study titled Inside the Affluent Space, which clearly indicated that driven by the increased sense of security and economic independence this consumer segment has acquired a new 'I've Made It!' mindset. People with this mindset have a clear idea of the lifestyle they want to lead - they are seeking the best quality, best service and also want the best value for their hard earned money.

"It's this combination of strong segment growth, and the evolving consumer mindset that made the idea of a Platinum Club in India so relevant, and compelling", added Mathur. "The Platinum Club represents a service innovation that we believe will set a new benchmark in the cards industry. Today's launch also represents a significant investment by American Express in an aggressive growth strategy to realize the incredible potential of this market. In fact this is the first time in India, that we are appointing a celebrity to endorse our offering."

"According to industry estimates, there are about one million high spending affluent in India today, and at a 25 per cent growth, their numbers are increasing rapidly," says Robert Hennin, vice president and country manger, American Express, India. "These high-earning, high spending consumers typically spend three times more than the average consumer on travel and dining out. With a annual credit spend of approximately Rs 3,60,000 which is 10 times that of the average consumer - these high spending consumers have an informed willingness to use credit to achieve their aspirations. In return, however, they expect to receive tangible recognition of their product use and they expect value for money."