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 offers 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 – 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