08 May '11, 3am

Banks join fight for affluent card users: THE high-end credit card space is hotting up with banks jostling one a...

Banks join fight for affluent card users: THE high-end credit card space is hotting up with banks jostling one a...

THE high-end credit card space is hotting up with banks jostling one another to have a slice of the lucrative super-affluent pie. In mid-March, DBS Group launched its new DBS Insignia Visa Infinite card that comes with a credit limit of $1 million or more. This allows high net-worth individuals (HNWIs) to buy anything from rare art pieces to a luxury car on a single card. In fact, the largest single card transaction so far - a down payment for a car - was close to $180,000. The by-invitation only DBS Insignia card is available to those with a minimum annual income of $500,000. More than 200 cards have been issued within a month of its launch. Among its privileges are access to China Club, renowned wine makers in Bordeaux, dining experiences with Michelin-star chefs and speed pass access memberships to major airports in Asia. The Insignia card is part of DBS' strategy to be...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

Tweets