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Name of the product

HDFC Bank Ltd’s Infinia credit card.

What’s special

This offering from India’s second-largest private sector bank provides unlimited credit limit to cardholders. Apart from American Express credit cards, no other card issuer offers such a facility. However, cardholders have the option to put their own limit.

Who can subscribe for the card

Given the high ticket size of credit being offered, the card is primarily meant for high networth individuals (HNIs).

You cannot subscribe the card on your own. The bank is giving membership mainly through invitation. The bank initially plans to offer subscription to those HNIs who are already customers of the bank. Later, it plans to extend the offer to other HNIs as well. For the bank, individuals having an investible surplus of 75 lakh fall in the HNI category.

Other features

Keeping in mind that HNIs travel frequently, the card provides an air-accidental cover of 3 crore and an emergency hospitalization cover of 50 lakh.

It also offers free access to 600 airport lounges around the world. Also, the card comes with 35,000 air miles for Singapore Airlines and its partner airlines.

The card also offers certain exclusive discounts, including dining options at hotels managed by Taj Hotels Resorts and Palaces.

Fees and Interest

There is a joining fee of 30,000 and an annual renewal fee of 10,000. However, if you spend at least 12 lakh through the card, the bank will either waive off renewal fee or offer 10,000 reward points.

The interest rate that a cardholder is required to pay on credit card dues in case he does not repay the amount within the grace period is 1.99% per month. Compare this with the industry standard of around 2.5-3%. Also, if you use your credit card outside India, the bank will charge a foreign currency fee of around 2%; this too is lower than industry standards. Significantly, there is no cash withdrawal fees.

Mint Money take

For HNIs, the card makes sense since it is one of the cheapest in the industry. However, check out the range of credit cards offered by American Express, the only other providing such facilities, and compare the features. For retail customers, who would be unable to spend 12 lakh per annum, the card is very expensive. The good part is they will not be able to subscribe to it on their own.

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