Known traditionally for snob value in catering only to wealthy customers, American Express, the world’s largest credit card issuer by purchase volume, is now looking at the middle-income segment to expand its base in India.
The company, which had a customer-card eligibility criterion of Rs. 10 lakh or more as annual income, has reduced this to Rs. 4 lakh.
“Till now we were not servicing the value-conscious customers in India,” said Shailesh Baidwan, country manager and head, consumer services, American Express Banking. “Our new product is tailored to satisfy the needs of the rapidly growing value-conscious segment,” he said.
American Express ranks third in India in terms of credit card spending, behind Citi and HDFC, and has a 13% market share in the country.