The advantages include a unique cash-back offer of up to 2 per cent that American Express credits into the card member's account based on spending; a credit limit up to 25 per cent higher than the existing ones; an introductory balance transfer facility at 1.45 per cent, enabling 50 per cent savings on interest costs, and a festive cash-back offer of Rs 501 that is credited to the card member's account on approval.

Added to the goodies are the global benefits of the American Express brand. There is a 24-hour Gold Card member helpline; personal financial services offering an array of retail banking products, and premium benefits including free emergency card replacement, travel accident insurance, purchase protection, limited loss liability and membership travel services.Says Mr Sanjay Rishi, vice-president and country manager, American Express Travel Related Services, India and Area Countries: "The American Express Gold Credit card is designed for the discerning customer who appreciates the privileges of being a Gold Card user. He wants financial flexibility, top-of-the-line customer service and the prestige associated with a globally respected brand."

Credit Card and Management Consultancy (CCMC) rates the new Gold Card pretty favourably. Says Mr Pushpendra Mehta, senior consultant, ``The American Express Gold card scores on attractive credit limit, cash-back scheme and its balance transfer facility.''

With the balance transfer service, card members can transfer their outstanding balances from other credit cards to the American Express Gold Credit Card at an introductory rate of just 1.45 per cent. The introductory offer is valid for a six-month period from the date of the first transfer.

Thereafter, normal interest rate of 2.79 per cent will be applicable. Through balance transfer facility, card members can save up to 50 per cent as the interest rate charged by American Express is 1.45 per cent, which is almost half of the 2.85 per cent interest charged by most other credit card issuers.

``This means that customers can hope to make a clean saving of up to 5.5 per cent in interest charges, which is better than the industry average," says Mr Rishi. Mr Mehta adds: ``Gold Card does translate into a saving of borrowing charges, especially when card spends are high.''

Regarding the cash-back facility, Mr Rishi explains, "For every purchase made on the card, 2 per cent of the value of the purchases made will be credited back to the card member's account.'' He adds, ``This is for the first time that a Gold Credit Card is rewarding consumers through cash-back." Mehta also adds,``Rewarding customers via cash-back is a method of encouraging card spend and recognising card customers with good account behaviour.''

The total cash-back earned will be reflected in monthly statements and the total will be credited to their accounts annually. The cash-back starts as soon as the card member begins using it and applies to every transaction, regardless of the value. The facility is valid on all the purchases, and card members do not have to pay an enrollment fee.

For all the value-addition, the Gold Card does not offer the much-in-vogue membership rewards scheme. "Our evaluations to develop the best product offer around the Gold Card showed that a typical Gold Card consumer would, given a choice, be willing to trade off the advantages of availing the highest credit limit for financial flexibility and features like cash-back instead of membership reward," says Mr Rishi. However, for customers who value membership reward, there are other card products, he adds.

The Gold Credit Card complements the Gold Charge Card, says Mr Rishi. "The Gold Charge Card meets the specific spending and financial management needs of card members who prefer not to have a revolving credit facility. It is ideal for those who prefer the discipline of settling bills at one go. The Gold Credit Card is packaged for those who use credit frequently and want the option of extending payment."

The eligibility criteria is strong financial standing for both existing Amex card members as well as those enrolling for the first time; good payment record and high spending (for existing Amex card members); and a gross taxable income of Rs 1.50 lakh. The annual fee is Rs 3,100 while enrollment means shelling out Rs 1,500. An existing Amex card member can shift easily to the Gold Credit Card for the simple reason that his credit-worthiness is already appraised. Given the extensive choice of credit cards available to the Indian consumer today, all the add-ons in the Amex Gold Credit Card might well be just what is needed to rake in business for the premium plastic.