Indusind Bank’s Diwali offer is one of the lucrative ones in the industry as they usually come up with 2X/3X/5X promos every year with different spend level targets for each. The promo is purely Points based and that is good because Indusind allows you to convert the points to cash.
It makes sense for the bank to play with points rather giving users with cashback like Standard Chartered does. Though, every bank has their own economics and they do what’s suitable for them.
Indusind 2018 Rewardz Festival Offer Details:
- Offer period: 10th Oct to 10th Nov, 2018
- Target A: Spend X to Get 2X Reward Points
- Target B: Spend Y to Get 3X Reward Points
- Target C: Spend Z to Get 5X Reward Points
- Max. Points: 20,000 Bonus Points (regular points not included in this)
- If the Cardholder achieves Spends Equal to or Greater than Spend Level C , Cardholder will be eligible for 5x Reward Points on All Spends above Spend Level B, 3x Reward Points on All Spends above Spend Level A up to Spend Level B and 2x Rewards on all Spends up to Spend Level A
- Excluded Cards: IndusInd Bank Corporate Cards, IndusInd Bank Classic Credit Card, IndusInd Bank Gold Credit Card, Jet Airways IndusInd Bank Odyssey Credit Card, Jet Airways IndusInd Bank Voyage Credit Card and Credit Cards issued after September 30, 2018
- Excluded Spend Types: Loading of Mobile / Digital Wallets
- Fulfillment: 31st Dec 2018
- To Enroll: You should have registered via SMS (JOIN to 5676757)/email/Cust. Care
Here’s the offer i’ve received on my Indusind Iconia credit card:
- Spend INR 16000 for 2x Rewards
- Spend INR 38000 for 3x Rewards
- Spend INR 70000 for 5x Rewards
Indusind says: Spend Levels have been set for each Cardholder depending on factors such as, but not limited to, credit history, purchase patterns, payment behaviour, credit limit, loyalty and vintage of the Cardholder.
They seem to use multiple metrics like most other banks, while past year spends always takes the major part.
So if you’re disappointed with Amex Diwali Offer or SC Diwali Offer, now you’ve a reason to rejoice as you could save well above 5% if you’re holding Indusind’s premium Credit Cards like Indusind Pinnacle Credit Card or even Indusind Iconia if you could plan the spends on weekend.
Note: Payments to Credit Card reflects faster its like this: NEFT/IMPS>Indusind Ac>Bill Pay
However, good news is Indusind allows you to prepay as much as you want and use it later. It’ll get adjusted to ac instantly on charge, so you don’t need to worry about spending that all the same day.
Happy with 2018’s Indusind Rewardz Festival? Feel free to share your spend targets & thoughts in comments below.
Update: Fulfilment done on Dec 31st 2018, as promised.