IndusInd Bank Contactless Corporate Credit Card – Benefits, Fees & Eligibility

Introduction

The IndusInd Bank Contactless Corporate Credit Card is a specialized corporate card issued by IndusInd Bank on the Visa network. It is designed to meet the modern financial requirements of corporates, offering a streamlined approach to managing and monitoring employee expenses, thereby simplifying reconciliation. While the card is basic in terms of not offering traditional reward points or major privileges, it provides significant benefits in travel, insurance, and fuel surcharge waivers. Key differentiating features include the option for consolidated payment for all employee cards, 4th line embossing for corporate identity, and comprehensive insurance coverage for employees.

Fees & Charges Breakdown

• Joining Fee: NIL
• Renewal Fee: Rs. 999 (plus applicable taxes)
• Reward Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the transaction amount
• Interest Rates / Late Payment Charges: 3% of Total Outstanding is applicable on the due amount.
• Fuel Surcharge Waiver:
  • 1% waiver at all fuel stations on transactions between Rs. 400 to Rs. 4000 (as per one source).
  • 1% waiver at all fuel stations on transactions between ₹ 500 to ₹ 10,000 (as per another source).
• Cash Advance Charges: No fee is charged towards cash withdrawals.

Travel, Lounge & Lifestyle Perks

• Domestic Lounge Access:
  • 2 complimentary lounge visits per quarter with the Visa Lounge program, offering gourmet meals, comfortable seating, free Wi-Fi, widescreen TVs, and bar services (as per one source).
  • Up to 1 complimentary lounge visit per calendar quarter on your Card with the Visa Airport Lounge Access Program (as per another source).
• International Lounge Access: Option for membership to the Priority Pass Program, which offers access to over 700 Airport Lounges worldwide. Corporates can opt to provide this membership to their employees.
• Insurance Benefits:
  • Counterfeit Fraud Cover: Comprehensive insurance coverage in case the card or card details are stolen and used by producing copied plastic.
  • Lost Card Liability: Covers fraudulent transactions on the card post reporting the loss to the bank in case of theft or loss of card.
• Visa Commercial Offers: The card is issued on the VISA platform, bringing a host of benefits spread across Business Travel, Business Services, Food and Beverages, and many other categories. For an exhaustive list of offers, visit visa.co.in.

Credit Card Review

The IndusInd Bank Contactless Corporate Credit Card is a suitable option for corporates seeking efficient expense management, travel benefits, and insurance coverage for their employees. It offers valuable services such as consolidated payment and the ability to emboss the company name on the card. However, the card charges an annual fee of Rs. 999, which may not be fully justified for businesses primarily seeking reward points or cashback, as the card does not offer any. It is best suited for businesses prioritizing operational efficiency, employee benefits, and security features over a rewards program.

Important Product Details

• Card Type: Corporate Credit Card
• Card Network: Visa
• Contactless Payment: Allows users to make faster, safe, and secure payments with a simple tap on NFC-enabled POS machines. It can also be used for standard swipe/dip and online transactions.
• Security Features: Equipped with an EMV Chip for enhanced transaction security.
• Key Benefits:
  • Option of membership to the Priority Pass Program.
  • Comprehensive insurance covers for employees (Counterfeit Fraud Cover, Lost Card Liability).
  • 1% Fuel surcharge waiver.
  • 24X7 Customer Service officials available for assistance.
  • Consolidated Payment system for simplified corporate financial management.
  • 4th Line Embossing capability for company name on the card.
  • Designated Relationship Manager for service-related queries.
  • Individual and Consolidated e-statements available for easy download.
• Limitations: Does not offer reward points or cashback.
• Annual Fee: Rs. 999 (plus applicable taxes).

Other Details

• Consolidated Payment: Corporates can make one consolidated payment for all employees' cards, with the total amount due mentioned on the Corporate consolidated statement.
• 4th Line Embossing: The company name can be embossed onto the card, allowing up to 19 characters (inclusive of spaces and department name).
• Customer Service: 24x7 Customer Service officials are available on toll-free number 1860 267 7777 or via email at corporate.cards@indusind.com. A designated Relationship Manager is also available for commercial card queries.
• Contactless Transaction Limits: The card can be used for any amount within the overall daily Point of Sales/Online Transaction Limit. For contactless payments at POS machines, the transaction amount will be limited by the per-transaction limit set by the bank in line with regulatory guidelines. For transactions above this limit, the cardholder will need to swipe the card and authenticate using a PIN.
• Corporate Liability Program: The bank assigns a credit limit to the Corporate, which the Corporate can then bifurcate to individual cards based on their policies and requirements. Corporate limits are assigned based on a complete credit assessment.
• Application Process: Applications can be made online (via Phone Banking or Email) or offline by visiting a nearest IndusInd Bank branch with required documents.
• Legal Information: Various terms and conditions, safety tips, cardholder agreements, benefit guides, and key fact sheets are available for download from the bank's website.