Advertisement

HindustanTimes Tue,16 Sep 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.

Advertisement

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.

 


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved