Page 37 - IACC Newsletter October November 2013 Issue 13

Basic HTML Version

Common adverse reactions reported by people taking Cymbalta include nausea, dry mouth, drowsiness, fatigue,
decreased appetite, increased sweating, and dizziness. Generic prescription drugs approved by the FDA have the same
high quality and strength as brand-name drugs. Generic prescription drug manufacturing and packaging sites must pass
the same quality standards as those of brand-name drugs.
American Express launches iconic by-invite Centurion Card for India’s wealthiest
The card offers Rs 10-crore spending limit and access to luxurious airline services and super premium hotels and restaurants worldwide.
The world's most famous and most exclusive credit card — you only get one by invite; you can't apply for it — is in India,
and 200 or so very wealthy Indians now possess a rectangular piece of titanium, black in colour, offering a Rs 10-crore
spending limit.
American Express' Centurion Card — popularly known as the black card — has been a wealth and celebrity marker in the
West since 1999, when it was launched. India joined the list only now. So who are India's black card holders? It's all
supposed to be hush hush.
American Express did not wish to share any information on who it has invited, saying its company policy. And some black
card holders spoke to Economic Times only on the condition they not be identified.
ET spoke to plenty of people in the know, and they confirmed some of India's wealthiest families and celebrities have
received the invite. Certain members of business families such as Oberois, Munjals, Godrejs, Burmans and Bhartiyas are
learnt to have received the black titanium rectangle. Among Bollywood biggies, Amitabh Bachchan is a black card holder.
What does the black card offer, apart from Rs 10-crore credit limit? Well, first, you have to shell out Rs 2 lakh as joining
fee and Rs 2.5 lakh as annual membership charges. The privileges, as expected, are many.
The exclusive card gives you access to luxurious airline services and super premium hotels and restaurants worldwide. For
example, if you want reservations in a restaurant with a six-month waiting list, it helps if you own that piece of titanium.
Or, if you want a last-minute first class airline ticket, flash your black card.
Black card holders are also offered advisory services on matters such as art purchase and haute couture.
"With an ever-growing list of billionaires and projections of highest increase in 'Private Financial Wealth' in a market by
2017, the launch couldn't have been better timed," said Sanjay Rishi, president of American Express India, in an internal
email earlier this month. He said the company had received a great response within the first few weeks of the launch.
Super premium products such as black cards have knock-on effects.
Abraham Koshy, professor of marketing at the Indian Institute of Management, Ahmedabad, said news that India's elite of
the elite have received black cards will spur demand for more less-exclusive, but still high-end products. "It's the aspiration
thing," Koshy said. But does a black card add anything more to the stature of a billionaire or a mega celebrity? It does, said