Axis Bank, the Indian bank, has launched two new credit card products for affluent individuals and frequent travelers.

The new World Select and World cards are co-branded with Miles & More, a Europe-based international frequent flyer programme that offers rewards points across flights, hotels, car rentals and retail stores, among others. World Select has a joining fee of Rs10,000 ($173), while World costs Rs3,500.

"Over the past 12 months, customer interest and usage of credit cards has increased, with overall card spend going up by over 30 per cent in 2012," said Jairam Sridharan, head of consumer lending and payments.

Axis Bank currently has around 1.1 million credit card clients, with the total outstanding cards in the industry as of April 2013 at 19.5 million. Credit cards account for about 2 per cent of the bank's retail book, which presently records loan outstanding of about Rs1,200 crore.