Premium travel cards are changing as banks tie perks to broader customer relationships; here’s what you need to know

I have spent years looking at credit cards primarily through one lens: how many points they earn, where those points can be transferred, what they are worth, and, ultimately, how many flights I can get out of them. That is how I view cards even now.

However, India’s premium credit card market is changing significantly, and anyone serious about travel rewards should take note. The best travel-reward cards are increasingly moving away from being standalone credit cards. Instead, banks are tying access to them—and sometimes continued access—to the customer’s broader relationship with the bank. In other words, the model is increasingly becoming ‘bank relationship plus credit card’ rather than simply credit card. Some of the cards that have historically been among the most attractive options to earn and redeem travel rewards are now being positioned as relationship products for affluent customers.

Card no longer the entire product

Take HDFC Bank’s Infinia. This offering has long been one of the cards that serious points collectors in India aspire to hold. It is invitation-only, and the bank has never treated it as a mass-market credit card. But from 1 April 2026, the relationship between the card and the bank became even more explicit.


HDFC Bank has sent out limitations to many customers that continued access to the Infinia programme is linked to either annual card spending of Rs.18 lakh or a relationship value of Rs.50 lakh in the current financial year. If the customer does not meet these criteria, the bank can offer an alternate card.

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Axis Bank offers the Magnus for Burgundy credit card, a sub-variant of its wildly popular Magnus credit card, specifically for Burgundy Wealth Management relationship holders. This card is especially relevant for travel rewards collectors because its rewards programme is explicitly linked to travel partner transfers. Axis Bank currently lists up to four partner miles for every five EDGE Reward points on the Magnus for Burgundy across most travel partners, subject to the applicable terms. The regular Magnus offers only two miles for every five EDGE Reward points, so the value of the points doubles with the Burgundy relationship. The message from the bank is quite clear: access to the most exclusive card offers is part of the reward for bringing a significant share of your financial relationship to the bank.

Not just an Indian approach

HSBC’s Premier proposition demonstrates that this isn’t just an Indian bank strategy.

The HSBC Premier credit card is available only to qualified HSBC Premier customers. To qualify for it in India, you can maintain a quarterly total relationship balance of Rs.50 lakh, have a salary account with a net monthly salary credit of Rs.3 lakh, or meet the specified mortgage route. The relationship balance can include savings and current accounts, fixed deposits, investments, insurance premiums and demat holdings with HSBC.

What makes HSBC particularly interesting for a travel-rewards customer is what sits on top of that relationship. The Premier card earns reward points that can be converted at 1:1 into airline miles and hotel loyalty points with participating partners. It also offers unlimited domestic and international airport lounge access for the cardholder, eight international guest visits, and a 0.99% foreign exchange markup. For frequent travellers, that makes the proposition interesting. The value is not simply in the card’s reward rate. It is in the combination of the Premier relationship and the card that comes with it.

Changing the economics for banks

From the user’s perspective, it is tempting to look at a premium credit card and calculate whether its annual fee is worth paying.

Banks, however, have a much bigger equation to solve. A customer with a Rs.5 crore relationship is potentially much more valuable than another customer who simply pays a Rs.10,000 or Rs.20,000 annual credit card fee. The former may have fixed deposits, mutual funds, insurance policies, a savings account, a current account, investments, loans and other products with the bank.

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The credit card is then not necessarily the product on which the bank needs to make its money. It becomes an acquisition and retention tool for the entire relationship. This is why I think the next phase of India’s premium credit card market will increasingly be shaped by wealth management.

A bank can afford to give an affluent customer a highly rewarding credit card if that card helps persuade the customer to consolidate assets with the lender. The other advantage is that a credit card is one of the most visible products a bank gives a customer. I might interact with my wealth manager a few times a year. I might look at my investment portfolio occasionally. But I can use my credit card several times a day. Every transaction reinforces the relationship with the bank.

For travel points collectors

The real value of a card isn’t the number printed on the rewards page, but what those points can ultimately buy. If I can convert reward points into airline miles and use them for a business- or first-class ticket, the value can be substantially higher than simply redeeming those points for cashback or merchandise.

That’s why premium travel cards have become so important to India’s frequent-flyer community. However, the relationship model brings an interesting complication. The card that offers the most attractive rewards may no longer be available simply because you have a high income and a good credit score. You may need to become a bank customer first.

The downside

This model has a potential downside for customers. Moving money to a bank just for a credit card that earns rewards can be very expensive. If you have to move Rs.50 lakh or Rs.5 crore to a bank, do not base that decision on whether you get a few extra airline miles.

The opportunity cost of where you invest that money can easily outweigh the card’s value. This is why I would be cautious about treating premium cards as a reason to consolidate wealth. I have seen enough devaluations over the years to know that building an investment or banking strategy around a specific credit card is rarely a good idea.

A glimpse into the future

I don’t think this means standalone premium credit cards will disappear. There will always be cards whose proposition is primarily based on income, spending and creditworthiness.

But at the very top end of the market, the direction is clear. The strongest card propositions are increasingly becoming integral to a broader banking relationship. For India’s affluent banking customer, the credit card may increasingly be the visible tip of a much larger relationship with the bank.

The Author is Founder And Editor, Livefromlounge.com