I started my relationship with Indusind Bank ~2 years back, just because I was able to select my own bank account number except first 2 digits, which will be the branch code. Whenever I want to receive some funds from my friends, I give them my Indusind A/c and they’ll be like.. “is it really your AC?!” Well, the point is, you can get a nice fancy bank AC number from Indusind.
- Joining Fee: Rs.10,000 + GST with welcome voucher (other options like 3.5k is also avail)
- Renewal fee: Nil
Good thing with Indusind is, they don’t have the annual fee concept for credit cards.
So now, after holding Indusind Exclusive account for about an year, its now time to try their credit cards. So I narrowed down to Iconia Amex. Why? It gives 2% value back on weekend spends, including fuel spends (maybe temporary). Here is a quick look into the important features and benefits of Indusind Iconia Amex credit card,
Features of Indusind Iconia American Express Credit Card:
- Weekend spends – 2% value back
- Weekday spends – 1.5% value back
- Reward points on Fuel as well. Another 0.75% cashback on fuel as per Gov. rules.
- Unlimited Domestic Lounge access
- Bookmyshow Buy1 Get 1 Offer (though i see it always runs out of quota)
- Good Festive offers (usually during Diwali)
For more details on benefits,
Check out our earlier review done by Manish’s here: Indusind Iconia Amex Credit Card.
While I’ve other bank cards that gives higher rewards, I went for this one just so I can upgrade to a better card in future like Pinnacle variant, as doing so i don’t need to maintain the average balance to keep my Exclusive account.
Indusind Credit Card Application process:
My Application was processed through the branch using some “HNI Quota” as my city is not covered in usual serviceable list. All they took was my indusind bank statement and PAN card details. It’s a pure account txn based credit card as they neither asked for ITR nor other bank cc info. So this is how it went:
- Signed the docs with 10k voucher benefit
- Two weeks passed, no sms, no email
- Called up Branch Manager to check the status
- Next day approved
- Other day dispatched and was delivered in 4 days
Imp. note: Indusind donot have a cc application tracking system for those who applied like me. Only branch guys can help and they seem to have good access to the credits team.
First Impressions of Indusind Credit Card:
The Card looks good, more of gray design, though i expected it to be black. The first thing I do every-time once I get a card is, charge it for Rs.100 on some wallet. I just did that and my first ever txn was failed – the 3D secure page did not ask me for OTP, sms notification says AC debited, paytm not funded and most importantly I neither have access to mobile app nor net banking to access my cc info. WTH!
I then found out that I need to register for net banking and so I did. It says card will be linked in 3 days but it took more than a week for me. Now the worst part is their net banking features is worser than Yesbank’s.
Ok, so now I checked what can I do with mobile banking app. Damn, it’s again asking me to register the card. It said 3 days and again it took a week. Unbelievably, their mobile baking app has lots of features for managing the credit card while the net banking doesn’t. Weird!
Credit Limit on Indusind Iconia:
I got one of the low 6 digit credit limit on this card. This maybe because i’ve many credit cards active at most point of time and that most credit cards on which i have high limit are not reported to credit bureaus. Only SBI and few others report the credit limit to CIBIL on which i have low limits as this one.
While checking with the branch on credit limit enhancement, i was said that they don’t have any wait time. If i want a better limit, i can always submit my 3Yrs IT papers for the same. I’m not planning to enhance it for now as i wont be using it for high value txn in near future.
Redeeming the Welcome Voucher:
After a week of my first statement generation, I got an sms that I’m eligible for the welcome voucher and asked to select the option. I choose the “Pantaloons Voucher” and it was delivered by SMS instantly. It’s a digital voucher, valid for one year.
Overall, the experience with Indusind bank credit card is not so good. Their systems were down twice during past ~2 months and they doesn’t seem to care about linking the credit card to the account during the dispatch, which is a very basic thing. Amex variant doesn’t work on Amazon for some odd reasons.
That all being said, you can have it as one of your backup card and maybe as your primary card for fuel spends – at HPCL pumps only, as you wont be charged any surcharge.
So, should you get a credit card with Rs.10,000 as joining fee? Well, i justify it like this: I do a 10k purchase in pantaloons for my family and i get a free credit card for doing so. You may come up with your creative justifications 🙂
Do you hold Iconia Amex or any other Indusind Credit card? Share your experiences in comments below.