CRED IndusInd Bank RuPay Credit Card – Benefits, Fees & Eligibility

Introduction

The CRED IndusInd Bank RuPay Credit Card is an entry-level co-branded credit card issued by IndusInd Bank in partnership with Dreamplug Technologies Private Limited (CRED). It is designed to offer premium privileges and accelerated rewards, enhancing the user's lifestyle with seamless transactions and exclusive benefits. Key differentiating benefits include a 5% back as CRED Points on E-commerce and CRED transactions, its enablement for UPI payments, and the comprehensive 'Total Protect' program for card security.

Welcome Benefits

• No Joining Fee: The card comes with a Nil joining fee.

Fees

• Joining Fee: Nil
• Annual Fee: Rs. 499 + Applicable Taxes
• Finance Charges: 3.95% per month (47.40% per annum)
• Late Payment Charges:
  • On outstanding balance up to Rs. 100: Nil
  • On outstanding balance from Rs. 101 to Rs. 500: Rs. 100
  • On outstanding balance from Rs. 501 to Rs. 1,000: Rs. 350
  • On outstanding balance from Rs. 1,001 to Rs. 10,000: Rs. 550
  • On outstanding balance from Rs. 10,001 to Rs. 25,000: Rs. 800
  • On outstanding balance from Rs. 25,001 to Rs. 50,000: Rs. 1,100
  • On outstanding balance above Rs. 50,000: Rs. 1,300
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5%
• Fuel Surcharge: Enjoy a 1% fuel surcharge waiver across all fuel stations in India. This waiver is applicable for all fuel transactions between ₹500 to ₹5000 only, with a maximum waiver of Rs. 300 per month.
• Spend-Based Waiver: There is no fee waiver facility available for the annual fee.

Rewards

• Earn 5% back as CRED Points on E-commerce transactions.
• Earn 5% back as CRED Points on transactions done on CRED (CRED pay, CRED travel, and CRED store).
• Earn 5% back as CRED Points on CRED UPI spends.
• Earn 1% back as CRED Points on Scan & Pay transactions through CRED.
• Earn 1% back as CRED Points on Insurance and Utility bills paid via CRED.
• Earn 1% back as CRED Points on all other transactions.
• Earn 1% back as CRED Points on all international transactions.
• Capping on Rewards:
  • Not more than 5,000 CRED Points can be earned at the accelerated reward rate of 5% in a statement cycle.
  • Not more than 500 CRED Points can be earned in a statement cycle for CRED UPI Scan & Pay transactions.
• Reward Exclusions: Select merchant categories will not accrue any CRED Points on transactions done on School & Education Services, Govt Institutions, Wallet Load, Rent, Jewellery, Fuel, and Quasi Cash / Cash Withdrawal.
• Scan and Pay transactions done outside CRED will not earn any CRED Points.
• Transactions done on Utility and Insurance outside CRED will not earn any CRED Points.
• CRED points will be valid for 24 months from the date of issuance.

Rewards Redemption Guide

• Reward points earned during a billing cycle will be transferred to the CRED app within 2–3 days of statement generation.
• Redemption Value:
  • 1 CRED Point = ₹1: Applicable on Flight and hotel bookings via the CRED app, CRED Store purchases, and transactions on select CRED Pay merchants.
  • 1 CRED Point = ₹0.50: Applicable on Credit Card bill payments and Utility bill payments made within the CRED app.
• Usage Limits:
  • Customers can use up to 70% of their available points per transaction for redemptions on Flights and hotels via the CRED app, CRED Store, and CRED Pay merchants.
  • For Credit card bill payment and Utility bill payments made within the CRED app, up to 100% of the available points can be used per transaction.
• There are no reward redemption charges applicable.
• Rewards can only be redeemed on the CRED app.
• Earned CRED Points expire after 24 months of their accrual.

Card Review

• Overall Verdict: The CRED IndusInd Bank RuPay Credit Card is an entry-level co-branded card that offers accelerated value-back on online and co-branded spends. With 5% value-back on UPI spends made through the CRED app, it stands out among cards offering high savings on UPI transactions. The rewards are credited as CRED Points, redeemable against travel bookings or bill payments on the CRED app at 1:1 and 2:1 ratios, respectively. This card is suitable for frequent online shoppers and those who often make UPI transactions, particularly with a preference for the CRED app. A low annual fee of Rs. 499 allows cardholders to maximize savings at minimal costs.
• Pros:
  • 5% rewards on all online spends without merchant restrictions.
  • Up to 5% savings on co-branded spends, including UPI transactions made via the CRED app.
  • Up to 1:1 rewards redemption ratio.
  • No joining fee charged.
• Cons:
  • No rewards on UPI, insurance, and utility spends made outside the CRED app.
  • Rewards can only be redeemed on the CRED app.
  • No significant lifestyle benefits beyond the rewards program.
  • No option to waive off the renewal fee.

Important Product Details

• Credit Card on UPI: The CRED IndusInd Bank RuPay Credit Card is enabled for UPI payments, allowing users to link it to UPI applications (including CRED or other UPI apps) and make payments by scanning merchant QR codes or entering UPI IDs.
• Total Protect Program: This first-of-its-kind program provides an insurance cover equal to the credit limit on the card, also available on add-on cards. It covers:
  • Unauthorised transactions in case of loss/theft of card: Insurance cover up to 48 hours prior to reporting the loss of the card.
  • Counterfeit fraud: Protection against misuse of card details to produce counterfeit cards.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver across all fuel stations in India for transactions between ₹500 to ₹5000, capped at Rs. 300 per month.
• Reward Point Expiry: CRED Points are valid for 24 months from the date of issuance.
• Reward Exclusions: Transactions on School & Education Services, Govt Institutions, Wallet Load, Rent, Jewellery, Fuel, and Quasi Cash / Cash Withdrawal do not accrue CRED Points.

Other Details

• The CRED IndusInd Bank RuPay Credit Card is a co-branded credit card issued by IndusInd Bank in partnership with Dreamplug Technologies Private Limited, widely known as CRED. There is a revenue sharing arrangement between IndusInd Bank and Dreamplug Technologies Private Limited for this co-branded credit card.
• Steps to Link RuPay Credit Card to UPI:
  1. Open your CRED or other UPI applications.
  2. Select the option to Add Credit Card/Link Credit Card.
  3. Select Credit Card Issuer Bank (IndusInd Bank).
  4. Select your CRED IndusInd Bank RuPay Credit Card.
  5. Proceed to generate UPI PIN.
• Steps to Set UPI PIN:
  1. Select CRED IndusInd Bank RuPay Credit Card.
  2. Enter RuPay Credit Card Details.
  3. Enter OTP and Set PIN of your choice.
• Steps for Making UPI Payments with your CRED IndusInd RuPay Credit Card:
  1. Scan Merchant QR Code or enter Merchant UPI ID.
  2. Enter Amount to be paid or pay auto-fetched amount.
  3. Select CRED IndusInd Bank RuPay Credit Card from the list of payment options.
  4. Enter UPI PIN of your Credit Card & Click Confirm.
• Redemptions are governed by the terms and conditions of CRED.
• General Terms & Conditions and Card Holder's Agreement are applicable.