Indusind Iconia American Express Credit Card Review

By | October 5, 2016

This is a review by our reader Manish R Khetwani who also reviewed his Yes First Preferred Credit Card &ย Amex Platinum Reserve Credit Card recently.

Indusind Iconia American express credit card

Indusind Iconia American express credit card

My first credit card from IndusInd was the Platinum Select Credit Card, which was offered to me being an IndusInd Bank savings account holder. Within 6 months of usage I got an upgrade offer for the Signature Card. However, after studying the bouquet of Credit Cards on offer from IndusInd, I requested my RM to help me upgrade to the Iconia Card. (which is in fact 1 tier lower than Signature)

Indusind Iconia American Express Credit Card Reward Rate

The reasons were many. Primarily the Iconia card gave a return of

  • 2% on weekend spends, and
  • 1.5% on weekdays

whereas the Signature Card had a standard reward rate of 1.5% on all spends. The best feature of this Card is that it also gives reward points on fuel spends at any company petrol pump, and I made it a point to stack up on my tank on weekends giving a cool reward rate of 2% besides the fuel surcharge waiver.

Reward points on Fuel:

This is the best reward rate on fuel (except for the offer currently on Amex Cards for 3% cashback). Most cards do not give reward points on fuel, or waiver is concentrated on individual bank tie-ups like Citibank-IOC, or ICICI & American Express with HPCL.

One of the best features of this card is that you can convert your entire reward points into cash. The entire process is a breeze and the credit is reflected on your account within 2 days.

Another aspect is that they have a very good risk management team. Every high value transaction is immediately detected and verified from the customer. One of my transaction was reportedly kept on hold and immediately approved when I confirmed that I had indeed done the transaction.

Amazing Festive offersย  on Indusind Bank Credit Cards:

The most rewarding annual feature with the Indusind Cards (except Jet Cobranded Cards) is that they have a festival offer every year around Diwali. In the promotional offer currently on for this year, you can get 5% off on all your online spends (except in certain categories) and 2X reward points on all other spends if you cross a certain threshold of spends. Each customer is separately communicated with that minimum spend threshold depending on his spend history.

Other features include Golf Benefits, BookMyShow 1 on 1 free offer (although the quota is limited) and Lounge Access on certain Lounges specified for Amex Network Cobranded Cards like ICICI and Indusind.

I find it one of the most rewarding cards, though comes with a Joining fee of about Rs.10,000+ST (but you can negotiate as low at Rs.3,500+ST)

  • Pros : 1.5 โ€“ 2 % savings rate on all spends, cash redemption option, festival offers, Lounge Access
  • Cons : High Joining fees (tip: you can negotiate this with a lower welcome rewards)

CardExpert Rating: 4.5/5

65 thoughts on “Indusind Iconia American Express Credit Card Review

  1. Manu

    @Manish what about the dual network benefits, I had enquired about the card and The bank person told me that the customer has option of getting two Iconia cards one with Amex and other with Visa/Master(I don’t remember the exact).
    Pls clarify.

    Thanks in advance

    Reply
    1. Chaitanya Varma

      Yes Manu, I’ve applied for this card and I was told the same. The other is Visa which gives 0.75% on weekdays and 1% on weekend spends. The limit will be divided among the two cards.

      Reply
    2. Manish R Khetwani

      Manu, when I had opted for the card I was told to choose between the Amex & the Visa variant (not both). I choose the Amex variant as the rewards on the Visa variant is half that of the Amex. i.e. 0.75% on weekdays & 1% on weekends. If they are offering both the variants, you can opt for it as then you can also use it at those POS where Amex cards are not accepted.

      Reply
  2. Chaitanya Varma

    Manish, Siddharth,

    The joining fees is 3500 +ST. It has unlimited access to Amex lounges in India which outplays many premium cards.

    Were u offered a free upgrade to Signature credit card?

    Reply
    1. Siddharth Post author

      Chaitanya,
      What voucher were you able to get for “3500+ST”?
      I was attempting on this, but they aren’t going below 10k

      Reply
      1. Chaitanya Varma

        Siddharth,

        No welcome gifts for this price, but they told its LTF with no renewal fee also. You can try applying online from IndusInd website, when u select this card it says fees is 3500 one time ?.

        Reply
    2. Manish R Khetwani

      Chaitanya, there are different slabs for the joining fees and the joining rewards are given proportionately. No, there was no free upgrade to the Signature, but there were welcome benefits. When I got the card, there was access to the Amex Altitude Lounges in Delhi & Mumbai, which was specifically for Amex Co-branded cards of ICICI and Indusind, but these have been shut down with effect from August 2015. Since then they have introduced a new set of lounges which Amex has tied up with for access to card holders, which is given on the Indusind website. (But this does include the American Express Proprietary Lounges in Delhi & Mumbai, which can be accessed only by the Amex Platinum Charge Card, Platinum Reserve Card & the Jet-Amex Co-branded card)

      Reply
      1. Chaitanya Varma

        Thanks Manish for the info, I’m wondering where can we mostly use this Amex card given the fact that its acceptance is less, How is its acceptance at malls, petrol bunks? Even at Amazon it isn’t accepted. Now I’m little worried that it may not be accepted at places where I intend to spend.

        Also looking at POS machines can we identify Amex acceptance? Do HDFC, Axis, ICICI machines accept this card?

        Reply
        1. Manish R Khetwani

          Chaitanya, this card is accepted at almost all the places which accept Amex Network Cards including malls and petrol bunks (except probably Amazon which accepts only Amex proprietary cards). Generally look out for logo stickers of “Amex cards welcome” outside stores, or you can always enquire for acceptance of the same at the Payment Counter. As per my information, nearly all POS machines of ICICI, SBI & Yes Bank now accept cards on the Amex Network.

          Reply
          1. Chaitanya

            Thanks Manish, However its strange that Amazon India accepts proprietary direct Amex cards where has this IndusInd Amex isn’t accepted. I wonder what is denying this card technically.

  3. Anil

    I recent times received several calls for iconia Amex card being offered as lifetime free. I had taken this card few years back when it was launched at 3500 lifetime fee & no welcome rewards.
    Problem with indusind is they send sms as approved though at merchant end transaction declines. Limit gets blocked & only released when merchant does not claim for 30 days.

    Reply
    1. Chaitanya Varma

      Anil,

      I don’t think so, I’ve used this card for a couple of times at Amazon where the payment was failed but msg from bank says approved. I called up CC and they confirmed the credit limit was not blocked for failed transactions. Pls double check from ur end if this is the case.

      Reply
  4. Sundar

    Hi Sid

    I have applied online for a SBI Card (SImply Save) and Axis Credit Card. They have contacted me and I am yet to submit the documents like photo and proof of residence.

    I applied for SBI simply because I missed big billion sale in Flipkart of 10%

    I already have SCB, Citi and Kotak Cards. Now, I feel I should not go ahead with the above applications and not submit the documents.

    Having applied and with the application processed, shall I go ahead now with not getting them by not submitting documents…Will this affect my CIBIL Credit Score in anyway…

    Kindly answer

    Reply
    1. Siddharth Post author

      Sundar,
      If you have 800+ score, One application a month should be fine upto 3 or 4.

      Reply
  5. Narinder Pal Singh

    Hi,

    I have taken this card (American Express) last month and my experience is good so far. In the first bill, after every transaction they mentioned the reward points earned on that particular transaction, which is really useful.

    Only thing which i came to know later that offers running by American Express are not available on this card but those are for cards issued by them only.

    And guys please negotiate for the joining fee, as i negotiated and i got it at 3499+St with no annual fee.

    But i am not aware about the above 5% off offer, can any body tell me how i can get that?

    Reply
  6. Balaji

    Bank Bazaar says the fee for this card is 17999inr and I couldn’t find this in indusind site.

    Can someone please confirm is the 3499inr correct?

    Reply
    1. Siddharth Post author

      You can negotiate with the bank Balaji. Indusind is not transparent on their Credit Card Joining fees.

      Reply
        1. Siddharth Post author

          Just ask them to issue the card for Rs.3500 or so, without any welcome vouchers.

          Reply
          1. Manu kumar

            Better go for 6000 rupees + taxes

            A jet code worth that amount is provided. Its better to spend 1500 more and get 6000 back rather than giving 3500 and getting nothing

  7. RAJARAM

    Previously I have Indusind Platinum credit card, Unfortunately I convert in to Iconia card by paying Rs 10000/- and I have not received so far any gift voucher for Rs 10000/-. And I am facing lot of problem in online trading as well as on POS machines. without knowing that I have convert in to Iconia card. Dear friends Don’t accept any gift for that cards and convert to Iconia.

    Reply
  8. Gopal

    Hi Siddharth
    How do I check my credit score. Is there Charges? Can I know the score without any charges? What is the score at we should be to say it’s a good score.

    Reply
    1. Siddharth Post author

      You have to pay to know your CIBIL score. Its about Rs.550.
      Above 750 is good. More important, it shouldn’t have any negative remarks like “settled” loans.

      Reply
    2. Manu kumar

      If you have Kotak Mahindra relationship, get it from them, they give it for Rs 50 only…

      Reply
  9. Gokul

    Sid,

    i) Does this card gives rewards points for utility payments(Telephone, LIC, Health etc)

    ii) Does any other card gives reward points on fuel spends at any company petrol pump(beside fuel surcharge waiver) and Utility payments(LIC Premium, Health insurance etc)

    Thanks,
    Gokul

    Reply
    1. Rajat K

      Please see response..

      i) Does this card gives rewards points for utility payments(Telephone, LIC, Health etc) – Yes it does for all transactions.

      ii) Does any other card gives reward points on fuel spends at any company petrol pump(beside fuel surcharge waiver) and Utility payments(LIC Premium, Health insurance etc) – All IndusInd Bank cards provide reward points on fuel and utilities payment, also can check SC Extra value card for cashbacks.

      Reply
  10. Abhishek Roy

    Hi Sid,

    One of the best things about the card which hasn’t been touched by anyone and is infact a remarkable feature is that this card offers Unlimited Lounge entry to Primary as well as all Add on card holders. I find it very nice and you can actually take this card just for giving lounge access to your family members. If you have a better card than this then you can use that card for all your purchases. You can keep this card only for fuel and lounge access to all your family members! Isn’t it cool? I’m thinking of taking this card. I find both these offers worth the one time fee of โ‚น3499+ ST.

    Reply
    1. Siddharth Post author

      Unlimited to both primary on Add-on??!!
      Its not mentioned anywhere in the site, hope its a trick and will remain active as long as no one misuses it ๐Ÿ˜€

      Thanks much for finding the hidden Gem,
      might be a great news for frequent travelers out there.

      Reply
      1. Abhishek

        It is written in their website in the fine prints. I too was amazed. Right now I’m trying to find if Diners Premium allows lounge benefits to add on cards or not. I’ll let you know accordingly

        Reply
        1. Siddharth Post author

          That’s great, you’ve got Eagle eyes ๐Ÿ˜‰
          Always thought about Diners cards in same way, but never tried. Keep us posted ๐Ÿ™‚

          Reply
          1. Abhishek Roy

            Update your Diners Lounge Access Post dude!! I confirmed that Diners Premium too allows unlimited access to lounges on it’s add-on cards!!! If everything is this way then I am pretty sure Diners Rewardz will also allow lounge access to both primary and add on card members. As of now Diners Black and Diners Premium Provide unlimited lounge access to it’s add on card members!!! Diners Rewardz remains to be confirmed.

          2. Siddharth Post author

            Done. Possibly a glitch at Diners end. Tough to fix though as its monitored by Diners. Anyways we can expect the “unlimited” to be devalued soon as soon as people start using them. They can’t bleed much ๐Ÿ˜€

          3. Abhishek Roy

            I don’t think they’ll close it so quickly. HDFC Bank even though doesn’t mention on their website that add-on card has lounge access but on two separate occasions I have seen the customer care guys as well as the guys who call you for upgrading your existing cards know this very well and specifically tell the customers that you’ll get unlimited lounge access on your add-on card as well. This has happened with Diners Black as well as Diners Premium. I am not sure about Rewardz though.

          4. Anon

            Siddharth, Abhishek: The ICICI Jet Airways Sapphiro Amex co-branded card also allows unlimited lounge access for add-on cardmembers.

  11. Jay

    Update on few things..

    Received my upgraded card today.

    1. It no where says unlimited lounge access in the welcome kit though its displayed on the website. Customer Care guy confirmed unlimited lounge access to both Primary and Addon Card holder.

    2. You can request another Free Business Addon card in your business name (If you are into Business). It will have a separate transactions history in the same statement.

    3. Getting Addon card from IndusInd is now hassle free (just scan and send the kyc docs & form through email) compared to before where you had to visit the branch.

    Reply
  12. Jay

    Can anyone has any idea on how to change the card PIN ? IndusInd Care says we cannot change the PIN which they have sent. There are no option to choose the PIN also.

    Reply
    1. Abhishek Roy

      No. You can change it. One is by visiting the ATM. The second is by calling IndusInd Care and telling them that you want to change the ATM Pin over IVRS. It can be done. I have done this over phone for my Signature Debit Card.

      Reply
      1. Narinder Pal Singh

        That option of changing pin through ATM/IVR or through Internet banking is for only Master/Visa card variants but for Amex cards you need to request physical pin and can’t change it .

        Reply
      2. Rajat K

        I dont think PIN can be changed for this card, as is the case with other Amex cards issued by banks like ICIIC etc.. they clearly mention while issuing the card that the PIN is embedded into the card and is offline, and hence cannot be changed. Infact even if you lose or forget the PIN, the only option to get it is by asking the customer care to send it again via post..

        For other cards issued with Visa and Mastercard, PIN can ofcourse be changed โ€“ just like with cards from other banks..

        Reply
  13. Bibhash

    I applied for this card after reading this article.
    They show only 1 option of Joining fee 3499 on their website but after applying they will call you giving 3 options for joining fee:

    1. 3499 with no welcome gift
    2. 5000 with Staya Paul voucher worth 5000
    3. 6000 with Jet code of 6000

    Reply
    1. Siddharth Post author

      Cool, still #1 is best i believe, maybe Satya Paul voucher for some.

      Reply
  14. MANU KUMAR

    Siddarth,
    New option like Pantaloons, Ucb, Hidesign, Yatra etal have been added.
    So, a person now is not stuck with two choices, of Satya Paul and Jet..

    Reply
    1. Siddharth Post author

      Pantaloons too? Then its time to get one. Let me check with the branch.

      Reply
      1. Manu kumar

        Yes Siddartha, i too upgraded the card after coming to know about that offer..
        Panataloons and Woodland vouchers can be used any time, but satyapaul can not (esp for people who do not accessorize) a lot..
        Nice initiative on the banks emd to get new customers

        Reply
        1. Balaji

          Any idea on yatra vouchers? can they be used for buying bus tickets ?

          Reply
  15. Pal

    Is this card worth applying for fee of 10000 Rs. is there any way i can get it for lifetime free.

    I already have lifetime free diners premium card which give 2% point return even wothout 10x offer. are there lot of offers similar to what we see with hdfc and icici bank cards

    Reply
    1. Siddharth Post author

      Diners Premium is good enough for most expenses. Unless you’ve some usefull expenses to put on the vouchers, its not suggested.

      Reply
  16. Vamsi

    Can someone who is holding this card let me know when is the joining fee levied on the card? I have opted for 5k joining fee variant and I have received this two statements till today and I have not been charged the fee. Did any one had the same experience?

    Reply
  17. Tanmay Broachwala

    Can anyone also confirm the reward point to JPmile conversion ration? On its website it says 100 points = 100 miles? that is 1:1 ration which is pretty awesome for a co-branded card.

    Reply
  18. Ashish Nikhare

    I have this Indusind Iconia Amex Card for the past 1 year and using it seamlessly online. It is readily accepted online at all merchants and even if not, you have the option of paying through various Wallets (Payumoney, Paytm, Mobikwik, Freecharge). The only problem is offline at POS swipe machines. In Metros, most POS are AMEX enabled, however in Non-Metros, the problem still persists. So, POS swipes are dreams for Indusind Iconia Amex. But, there are always some solutions. I have found a variety solutions in the past 1 year. 1. Procure a Physical UDIO card, you can load your UDIO card upto 20000/- a month onetime, a second attempt to reload in the same month will fail. Use your UDIO Visa card at enormous POS machines unhindered. 2. Buy online Prepaid VISA/MASTER Bank Gift cards. Many are available online – Ticket compliments Card, Youfirst BOI Card, Axis Gift Card etc.

    Reply
    1. Siddharth Post author

      Nice Share. Someone else suggested Slonkit Card. Looks like a lot of prepaid cards are around.

      Reply
  19. Ashish Nikhare

    I found another way out to make AMEX work on POS machines in Non-Metros. Procure a physical SLONKIT Card, which is VISA enabled and can be used at enormous POS terminlas. Slonkit however doesn’t accept Amex to load money. However, Slonkit does accept BMS Wallet Virtual card. Its very easy, as BMS readily accepts AMEX. So the thing goes this way – Load money in BMS Wallet by AMEX – Load money in Slonkit by BMS Wallet Virtual Card – Thats it. Use your Slonkit Card seamlessly.

    Reply
    1. Siddharth Post author

      Never heard of that card. But that’s a clever idea.

      Reply
  20. Manoj Wadhwani

    Very informative above , i guess we have learn the knack to use this card . We will as we use it . It does seem to have a lot of benefits .
    Got it in 7000/ with jet code , why the discrepancy in rates , more transparency needed .

    Reply
  21. Vivek Thomas

    I was offered this card with two options

    1. 3499 + ST joining fee, life time free, no vouchers.
    2. 5999 + ST joining fee, life time free, Jet voucher worth the same amount.

    I am opting for option two. But based on the above comments, if they are options for Pantaloons, Yatra etc it makes it better. I will double check with the executive tomorrow when they process the application.

    Reply
    1. Vivek Thomas

      I went ahead and got my application processed. I have opted for the dual card option, where I would get both the Amex and Visa cards. There is the one time joining fee of Rs 5999 + tax which gives the equivalent as a Jet voucher. (I asked for other options, but they said for the Iconia, only Jet vouchers are available. You can also opt to pay Rs 3499+tax but there are no welcome benefits )

      Considering we get both the Amex and Visa cards, it seems really good as we get both the benefits.

      Reply
  22. Manu kumar

    Lets share Iconia specific Amex offers here as all amex offers are not applicable, wr can post post the applicable ones here

    Reply

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