American Express launches the Platinum Club in Bangalore

Company News

MUMBAI, May 4

American Express has launched its latest offering – the Platinum Club in Bangalore. Aimed at the burgeoning population of over three hundred thousand affluent* consumers, the Club offers tailor made benefits to suit the financial and lifestyle requirements of high spenders. The benefits include automatic membership of the American Express Platinum Credit Card, industry leading 10X Membership Rewards program and travel and dining benefits from a host of partners including Kingfisher Airlines and The Taj Group of Hotels. In addition, American Express has tied up with 500 Platinum Partners across India, Singapore and Thailand where Cardmembers will earn 10X membership rewards points.

Announcing the launch, Mr. Rob Hennin, Vice President and Country Manager, American Express said, “The economic boom in Bangalore has created a significant group of salaried consumers in the upper income bracket who live a cosmopolitan lifestyle. Bangalore has one of the highest rates of international travel in the country – with more than 65,000 Bangloreans traveling abroad each year. More than that Bangaloreans are also eating out more than once a week.

The increasing convergence of consumption patterns in Bangalore has prompted global companies such as ours to introduce premium brands in Bangalore. Status-signifiers from across the world are today within the reach of affluent consumers in Bangalore. These range from top-of-the-line cars, fine wines and cruise holidays to haute-couture designer wear and jewellery. This has generated a desire for exclusivity amongst the consumers in Bangalore whose spending ability is at par with their counterparts in the rest of the world.

“The growing demand from the consumers in Bangalore and the success of the American Express Platinum Club in Delhi and Mumbai has encouraged us to introduce the Platinum Club in Bangalore,” added Mr. Hennin.

The Platinum Credit Card will offer a sophisticated array of benefits that truly reflect the lifestyle demands of financially successful, high spending individuals in Bangalore who seek a combination of prestige, convenience and tangible value in their choice of Card.

As part of the “Membership Changes Everything” campaign to offer a premium and exclusive experience to the American Express Platinum Card members, Abhishek Bachchan, the first Platinum Card member, will host an exclusive evening at an exotic location in India for a select few Platinum Credit Card members.

* Emerging affluent consumers earn between Rs. 20 - 25 lacs or upwards a year, are between 30-45 years of age, travel abroad at least three times a year, and entertain and dine out at least three times more than an average consumer.

The Platinum Club Membership Privileges

The Platinum Club membership will automatically provide members with access to the Platinum Gourmet Club, Platinum Travel Club, Platinum Wellness Club and Platinum Golf Club - exclusive clubs created by American Express in partnership with the premium brands. These combined with the industry leading 10X Platinum Rewards Program will allow members to enjoy exclusive offerings, rewards and privileges at some of the most popular restaurants, spas and golf events in India.

To ensure that Card members get the maximum value from the offering, American Express has created a special set of welcome offerings valued at Rs.70,000 including a Longines Watch, Two Kingfisher Class Round Trip Tickets, and savings to the tune of Rs.10,000 on any Star Cruise. Platinum Club members will further receive a host of value-added lifestyle services such as direct enrollment into the King Club Gold Tier and access to a special Taj Dining Program. These benefits total more than Rs.70, 000 in value. The Platinum Club also offers another first for the industry - members can earn rewards that are 10 times more than the industry average - increasing the financial returns on their Card spend, manifold.

Card membership comes at a lifetime fee of Rs.50, 000 which can be paid in 5 monthly installments of Rs.10, 000 each.

Growth Strategy for Bangalore

Sharing American Express’ growth strategy for Bangalore, Mr. Firdaus Mogul, Vice President, Global Commercial Card said, “For several years, American Express has been the leader in the Commercial Card business in India and Bangalore. Our strategy is to build on this success and offer a wider range of financial and lifestyle products and services. The introduction of the Platinum Club will complement the recent launch of our Financial Advisory Services, which offers independent financial advice and wealth management products to the affluent customer. We believe this strategy will position us as a leading provider of products and services targeted at the affluent customer in Bangalore.”

About American Express - Leading the Premium Category Worldwide

American Express is a leading premium cards issuer and has long defined the attributes of high-end cards around the world. The Centurion Card is an iconic product that is well known for its virtually legendary value. In 1984, American Express introduced the world’s first Platinum Charge Card.

American Express launched the Platinum Charge Card in India in 2001 -- an exclusive card available by invitation only. The American Express Platinum and Gold Charge Cards, as well as the American Express Indian Gold Credit Card, continue to dominate the wallets of high spending card members. The new Platinum Credit Card is American Express’ latest offering for the premium segment in India.

Present in India since 1921, American Express provides high quality travel related services to individuals and corporates in India. American Express Card products available in India include the Green and Gold Charge Cards, Green and Gold Credit Cards, Airline Co-brand Cards, the Corporate Charge Card and The Platinum Charge Card.

American Express Company, a diversified travel and financial services company founded in 1850, is a world leader in charge and credit cards, travelers cheques, travel services, financial planning, investment products, insurance and international banking. The company has a network of more than 1700 travel service offices (both owned and representative) in more than 130 countries.

For further information please contact:

Vibha Bajaj

Director – Public Affairs & Communications

American Express

Phone: 0124-4190591

Email: Vibha.b.baja@aexp.com

Garima M Punia

Vox Public Relations

Phone #: 011 269 33451 – 57

Email: garimap@voxpr.co.in