Amex sheds upmarket obession

Known traditionally for snob value in catering only to wealthy customers, American Express is now looking at the middle-income segment to expand its base in India.

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.

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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.