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HSBC India Launches Prive Credit Card for High-Net-Worth Clients

Designed for Ultra-Wealthy Clients, HSBC Privé Redefines Luxury with Exclusive Travel, Lifestyle, and Bespoke Privileges.

HSBC India Launches Prive Credit Card for High-Net-Worth Clients

HSBC India has introduced the HSBC Privé credit card, its first premium credit card designed for private banking clients. The Global Private Banking business in India serves ultra-high-net-worth individuals (UHNWI) and high-net-worth individuals (HNWI) with investable assets over USD 2 million. According to the bank, the card—launched in collaboration with Mastercard—offers curated privileges, including elevated travel, exclusive access, and exceptional lifestyle benefits.

Global Expansion and India Launch

The launch in India is part of HSBC’s global expansion, following its debut in Hong Kong. The invitation-only card is set to roll out in additional markets worldwide, HSBC India said on Friday, December 13.

HSBC Privé Privileges

Tailored to the needs of entrepreneurs and professionals, HSBC Privé provides access to premium airport lounges, first-class airline tickets, global Michelin Star restaurants, and bespoke experiences like private jet travel to Antarctica.

Commenting on the launch, Sandeep Batra, Head of Wealth and Personal Banking at HSBC India, emphasised the card’s alignment with the dynamic lifestyles of its clients, offering exclusive services beyond traditional banking.

Batra said, “For our Global Private Banking clients who lead dynamic lives with a spirit of ambition and entrepreneurship, we offer a distinctive wealth management approach and our clients choose us not only because of our deep understanding of their needs, but also our capabilities to provide them with bespoke services beyond private banking.”

Spending Trends Among UHNWIs and HNWIs

According to the Global Entrepreneurial Wealth Report 2024, Rich Indian entrepreneurs are spending their wealth on luxury residences, goods and experiences as they remain optimistic about their business prospects in the home market and believe their personal wealth will grow, HSBC India noted.

Statistics from Mastercard Asia Pacific reveal that credit card spending by the UHNW and HNW segments, represented by World and World Elite Mastercard cardholders in India, grew by 87 percent year-over-year in 2023. Overseas spending on experiences and travel categories saw significant growth, rising by 69 percent and 56 percent, respectively, over the same period. This indicates strong and growing interest in these categories among HNW and UHNW cardholders, the bank said.

Gautam Aggarwal, Division President, South Asia at Mastercard, added, “…this association will enable Mastercard and HSBC to elevate extraordinary experiences for the latter’s Global Private Banking clients. Integrating personalised services and priceless propositions with security that inspires confidence, HSBC Privé will set a new benchmark in the UHNWI and HNWI segment.”

Tailored Benefits for HSBC Privé Cardholders

With India witnessing significant growth in its UHNWI segment, HSBC Privé aims to cater to the rising demand for luxury goods, travel, and unique experiences. HSBC India highlighted that dedicated contact center agents are available to assist Privé cardholders in exploring an array of curated benefits, including:

Elevated travel: A companion first or business class airline ticket with leading airlines, access to premium airport lounges worldwide, travel Insurance, VISA at your doorstep and zero forex mark-up on all international spends.

Exclusive access: Worldwide access to bespoke private clubs, members-only lounges and workspaces at more than 150 locations across Asia, Australia, Europe and the United States, access to Michelin Star restaurants, access to bespoke experiences such as travel to the Antarctic by Private Jet, get complimentary golf access in Asia Pacific, offers on wellness program and sessions with celebrity trainers.

Exceptional lifestyle: Premium hospitality groups benefits, accelerated upgrade to the highest tier, exclusive shopping privileges and more.

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Written by WSL Desk

WSL Desk brings you the updates that are worth reading, straight from the Brands.

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