American Express Banking Corp, which offers the fabled ‘black card’ to the world’s wealthiest, plans to also introduce a credit card for mid-income groups in India by the end of this week.
The credit card issuer has partnered with PAYBACK, India’s largest coalition loyalty programme, to launch the co-branded card.
“For the first time, we are entering the mid-income segment in India. This segment is large and rapidly growing. Individuals in the age group of 24-35 years with an annual income of Rs 4-7 lakh will be our target customers,” Shailesh Baidwan, country manager and head of consumer services at American Express, told Business Standard.
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