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

With a registration fee of ₹5.9 lakh and an annual renewal of ₹At 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, with its closest rival, American Express Centurion, charging even more for membership, with a $100,000 joining fee. ₹8.26 lakh and an annual fee of ₹2.95 lakhs.

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Both cards are aimed at ultra-high net worth individuals (UHNWIs) who value exclusivity and privilege above all else.

But Axis Bank is playing hard to get. Primus is an invitation-only platform, 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 wealthiest

Axis Bank is not worried that high prices will deter potential customers.

“Given that Primus is meant for a niche user base, it is being launched at the price point that has been set for the value proposition it offers. It is targeted at ultra-high net worth individuals with very high purchasing power,” said Sanjeev Moghe, President and Head – Cards and Payments, Axis Bank, in an interaction with Mint“Its features are designed to meet the personalized needs and expectations of India’s discerning elite. This segment comprises a few hundred people and we will target them only. Since it is an ultra-luxury proposition, we have kept it as an invitation-only card.”

“Primus is targeted at wealthy Indians with high purchasing power. Its features are designed around the lifestyle and luxury of the rich. This segment comprises a few hundred people and we will target them only. We do not want to sell this card to just anyone and hence we have kept it as an invitation-only card.”

The bank plans to keep the card’s user base limited to a few thousand, following a similar philosophy to Amex Centurion, which reportedly has only 2,000 to 2,500 active users in India. Mint This could not be independently verified.

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

Rewards that elevate luxury

In the world of super premium cardsLifestyle privileges often take priority over monetary benefits. However, Axis Primus tries to balance both by offering great rewards along with luxurious benefits.

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

Axis Bank has partnered with around 20 international airlines and hotel chains, including leading 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 EM for quarterly spending of ₹20-30 lakhs, ₹30-50 lakh, and more ₹50 lakh, respectively. Even at the lowest spending range, the reward rate can go up 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 that advises credit card users on how to optimise reward points, highlights the significant value this offers to UHNWIs.

Mandal agrees, noting, “For those traveling internationally in first or business class, having unlimited complimentary companion tickets in the same cabin is an incredible benefit.” The complimentary companion airfare allows the cardholder to bring a guest in the same class at no additional cost.

In addition to these rewards, Primus also offers a host of luxury benefits, including concierge services, unlimited airport transfers, airport meet-and-greet services, Taj Epicure and Bloomberg memberships, unlimited lounge access at domestic and international airports, discounts at Michelin-starred restaurants, zero markup, and complimentary stays at select hotels.

Verdict: An ambitious offering with room for growth

Primus is certainly a bold bet by Axis Bank, positioning itself alongside global heavyweights such as JP Morgan Reserve and Amex Centurion. The main appeal of expensive lifestyle credit cards lies in the exclusivity they offer. With Primus, experts are taking a cautious “wait and see” approach to assess Axis Bank’s ability to deliver the expected level of service at this price point.

“People choose these cards for their extreme credit limits and exceptional global customer service, which does not say no to any request made by the cardholder. While Amex and JP Morgan have proven track records on both fronts, Axis does not have a good reputation when it comes to customer service. It remains to be seen what the bank will offer with Primus,” said Ghongadi.

As far as lifestyle benefits are concerned, there is a consensus that more could have been offered. Mandal agreed, saying, “Considering the fares, lifestyle benefits are insufficient.”

However, despite the shortcomings in lifestyle benefits, Primus stands out for its rewards program. “Axis has made up for the lack of lifestyle benefits with a robust rewards program. If our customer is offered Primus, we will certainly suggest them to take it up as we prioritize credit card rewards over exclusivity,” said Ghongadi.

Primus’ rewards program is particularly notable when compared to the Centurion, which, while offering excellent concierge services and elite hotel status (such as 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 often better known for their luxury perks than their rewards programs, but Axis has taken a different approach by trying to balance the two,” Mandal noted. “In any case, a good, uncapped rewards rate is a solid proposition for Primus, especially since it’s designed for high-spending individuals who are already big spenders and don’t need to incur spending to earn rewards.”