HindustanTimes Sat,20 Dec 2014

Amex sheds upmarket obession

Sachin Kumar, Hindustan Times   June 26, 2013
First Published: 22:30 IST(26/6/2013) | Last Updated: 22:35 IST(26/6/2013)

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.


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