To this select group of card owners, wide acceptance. brand/bank image. and ease of the application process were a card's most important features. With regard to these preferences, only Diners Clud, with about 70000 members, was strong and presented a distinct positioning. American Express did not issue a local credit card. the other major competitors were bank cards. Two of them about 100000 cards had already overtaken Diners Club. The local banks did not charge a joining fee and kept the annual fee at about $15. all foreign-exchange transactions in India were heavily regulated by the central bank. As result, credit cards issued in India could be used only for local transactions in local currency.