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Credit cards go platinum

Published on Mon, Jun 04, 2007 at 15:14 | Source : Moneycontrol.com

Updated at Wed, Jun 20, 2007 at 17:36

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By Shalini Amarnani

Anand Saigal, 36, investment banker, like most upcoming hi-flyers, enjoys the good things in life.

He has a luxury car, enjoys international holidays, and his kids attend the best schools. He works hard and enjoys the comforts (and luxuries) that money can buy.

Anand has just added another status symbol to up the notch of his hideskin belt -- a platinum card.

This colour-coded plastic is much more than a credit card. It is a statement of arrival. If you have been invited to hold a platinum card, then you have moved into the uber category of the elite.

Platinum Benefits

Well, they are credit cards, but do not make the mistake of equating them with ordinary plastic. A few banks offer these credit cards and they give a slew of services to make your life easier.

A standard theme of the programmes, is upgrades and discounts for luxury travel and hotel accommodations, and, more important, concierge or personal shopping services.

Points can be redeemed for a dizzying array of luxury items, and at the very highest level, the customer gets to decide where she or he wants the points to be spent.

Are you invited to the party?

The distinguishing factor that makes the card so special is not the services it offers but the exclusivity.

Most of them have high membership fees. For instance American Express has a welcome package valued at Rs 70,000.

Explains Anil Vinayak, Head of Sales, Consumer Cards, American Express India, "The fees are not really charges but an entry criteria. We redeem it by various rewards, which include a Longines Watch, Two Kingfisher Class Round Trip Tickets, and savings to the tune of Rs 10,000 on any Star Cruise. In addition, Platinum club members will receive a host of partner benefits and privileges that total more than Rs 90,000 in value."

Here's a quick analysis of some of the cards on offer:

Parameters	Amex Platinum GRCC	Standard Chartered Platinum	Citibank Platinum	DEUTSCHE BANK PLATINUM	ICICI BANK PLATINUM
Dining Benefits	Complimentary Taj Epicure Gold Card valid for 3 years ,	Offers with Visa Platinum at International restaurants - Limited Relevant Domestic Offers		Complimentary CardTaj Epicure Silver Card - 10% Point Earnings
Lodging Partners	Partnering with The Taj Group	Offers at some Taj properties
Domestic Airline Benefits	High Level of Loyalty Program Membership Free Tickets and Upgrade Vouchers	Only offers on Air Charters	Discounts through a travel agent in India	No benefits	No benefits
Welcome / Upfront Gifts	2 Return Kingfisher Tickets to any destination in India on the KF network One Longines Watch One Time Star cruise voucher for Rs 10,000 Complimentary Wellness Programs / Sessions at Ozone, VLCC and Taj Jiva Total Value of over Rs. 70000	One Mont Blanc Pen OR 10000 Reward points Value: Rs 7500		Choice of: �Matrix SIM card preloaded with Rs 6000 talk time OR �Taj Epicure card preloaded with Rs 3000 OR �One Year Subscription of Time magazine Total value of Rs. 6000
Golf Priviliges	�Complimentary Access and no greens fees at 3 golf courses in India (Delhi, Mumbai and Bangalore)	�Jay Pee Greens - Noida	Access to two courses in India ( Delhi & Mumbai )	�Complimentary Access and no greens fees at 4 golf courses in India (Manessar, Mumbai, Kolkata and Bangalore)
Wellness	Relevant Offers within India - Ozone �20% of on actual Membership rates, taxes extra VLCC �Week at VLCC for a couple-One Time �30% flat discount on all Beauty & Slimming packages Taj Jiva 15% discount on spa usage	Oberoi �Resorts:10% of on Spa Treatments Ananda in the Himalayas �Special rates	Discounts through One travel agent in India
Rewards: Earn Rate	�1X MR on All spends ( 1 MR Point for every Rs. 40 spend on the card) �10 Times more Reward Points at over 150 Retail outlets in Delhi & Mumbai �10 Times more Reward points at 56 Restaurants in Delhi and Mumbai Option - Convert Reward Points earned into Air Miles with several international airlines and with Indian Airlines	1 Point / Rs. 125	�1 Reward point / Rs. 100	�1.5 Reward points / Rs. 100	�1 Reward points / Rs. 200 � For spends above Rs.75000 in a year 4 Reward points for every Rs. 200 �Above Rs. 2 Lacs, 6 points �Above Rs. 3 Lacs, 8 points �Above Rs.4 Lacs Lacs, 10 points
Joining Fees	Rs 50,000	Rs 4,995	Rs 75,000	Not Available	Not Available