Indusind Bank has recently launched a new credit card to their portfolio under Visa Signature variant and called it as Legend Credit card, in some places they also mentioned it as Signature Legend credit card. This appears to be positioned anywhere between Pinnacle credit card and Signature credit card variants but is infact better than Pinnacle credit card if used with a strategy as mentioned below.
Its a Paywave/Contactless Card and it seems the card number is not embossed on top of the card, that’s what their image says atleast, as below,
- Joining Fee: Rs.10,000+GST (no vouchers (or) Rs.25,000+GST with Vouchers
Indusind is not transparent when it comes to joining fee, but i came to know that this card is available for Rs.10k or Rs.25k and you get equivalent shopping vouchers. You may loose what you pay as taxes though. They seems to be issuing below vouchers now,
- 10K Pantaloons voucher
- 10K UCB voucher
- 10K Woodland voucher
- 10K Yatra.com voucher
- 10K Hidesign voucher
Good to see new set of brands with indusind these days. Yatra voucher is best fit for those who fly often, else, Pantaloons/UCB/Woodland gives good value for money as well.
Note: They no longer issue vouchers on 10k Variant.
Indusind Bank Legend Credit Card Reward points:
- Weekdays: 1RP/Rs.100 (1% value)
- Weekends: 2RP/Rs.100 (2% value)
- 1 RP = Rs.1
- 4000 bonus reward points on spends above 6 lacs from the card issue date. The bonus points will be credited post completion of 1 year.
So if you can spend 6 Lakhs in a year, all on weekends, this is what you get: Rs.16,000 as cash credit (Rs.12,000 Regular points + Rs.4,000 Bonus Points)
That’s about ~2.6% Reward rate which is almost equal to Pinnacle credit card that’s issued @ a whooping Rs.50,000 Joining fee. So if you can spend with the above strategy, you no longer need the Pinnacle card. Simply get the Legend card 🙂
Airport Lounge Access:
- Priority pass (only membership fee waived)
- Visa Signature Lounge Access (2/quarter, only for primary)
Though they’ve mentioned “You can also enjoy free visits in a year to international Lounges located within India and abroad.” in their website, there is no proper info on that. In meantime, they’ve recently added free Priority pass visits to Pinnacle card.
Foreign Currency Mark-up Fee:
Enjoy a partial wavier on Foreign Currency Mark-up on your Foreign Currency Transactions till 31st Dec 2017.
- Foreign currency mark up will be charged at 1.8%
- Discounted Foreign Currency Mark-up is applicable for transactions done till 31st Dec 2017
- The foreign currency markup will be charged at 3.5% and the differential amount will be credited end of calendar month on the cardholders card account.
That’s a nice move on Forex Markup fees, this feature makes this card to the list of best credit cards for international use.
Other Benefits: Golf Access, Roadside Repair Service, Concierge service
Features of Indusind Signature Legend Credit Card:
- CardExpert Rating: 4/5
- Reward rate: 1% to Upto 2.7%
- Complementary Airport lounge access: Yes, at Visa Signature Lounges (2 free access/quarter)
- Foreign Exchange Markup fee: 1.8%+Tax until Dec 2017 (3.5%+tax after that)
- Fuel Surcharge Waiver: Enjoy 0% surcharge (Transactions between INR 400/- to INR 4000/-)
With a decent reward rate and a nice spend based bonus, Indusind Bank Signature Legend Credit Card is a pretty nice offering with the kind of joining fee they have. However, you need to spend only on weekeneds to get the maximum value back, which makes it little bit tricky.
What’s our take on the new Indusind Bank Signature Legend Credit Card? Share your thoughts in comments below.