Swiping rewards

GOLD, SILVER, OR PLATINUM just aren’t enough for snobbish credit card customers. The new status symbols in plastic include signature or infinite cards, says Manish Sinha, head of consumer assets, HSBC India. Their bait: higher credit limits and more reward points on every purchase. Muge Yuzuak, managing director and country head, cards and personal loans, Citibank India, says the frequency of credit card transactions have gone up, even for tiny amounts. “The usage has spread, the industry has wisened up, and consumers understand what’s in it for them. Then come value-added schemes.” In fact, according to a survey by HSBC Bank in May, 69% of the respondents favoured rewards programmes. For the more focussed, there are cash-back cards (available from most banks), where customers get only shopping discounts. Then there’s the highflier’s dream—Citibank’s Premier Miles card. It rewards every credit card purchase with air miles. (Take your pick from among 100 domestic and international airlines). Axis Bank, too, has taken flight with its My Wings credit card. The hype over swipe just got bigger.