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

Introduction

The IndusInd Bank Contactless Corporate Credit Card, issued by IndusInd Bank, is a specialized corporate card designed to meet the evolving financial management needs of modern businesses. It facilitates efficient monitoring and control of employee expenses, streamlines reconciliation processes, and offers a new approach to corporate financial handling. While it does not feature a traditional rewards program or cashback, its core value lies in its travel benefits, comprehensive insurance coverage for employees, and a fuel surcharge waiver, positioning it as a practical tool for corporate expense management.

Fees

• Joining Fee: NIL
• Annual Fee: Rs. 999 (plus applicable taxes)
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 3.5% of the transaction amount
• Interest Rates / Late Payment Charges: 3% of Total Outstanding
• Fuel Surcharge Waiver:
  • 1% waiver at all fuel stations on transactions between Rs. 400 to Rs. 4,000.
  • 1% waiver at all fuel stations on transactions between ₹ 500 to ₹ 10,000.
• Cash Advance Charges: No fee towards cash withdrawals.

Rewards

• Rewards Rate: NIL
• Movie & Dining: N/A
• Travel
  • Domestic Lounge Access:
    • 2 complimentary lounge visits per quarter with the Visa Lounge program.
    • Up to 1 complimentary lounge visit per calendar quarter with the Visa Contactless Corporate Card.
    • Enjoy gourmet meals, comfortable seating, free Wi-Fi, widescreen TVs, and bar services at select premium Visa airport lounges in India.
  • International Lounge Access: Option for membership to the Priority Pass Program, offering access to over 700 airport lounges worldwide.
  • Visa Commercial Offers: Access to a host of benefits on the VISA platform, including offers across Business Travel, Business Services, Food and Beverages, and more.
• Golf: N/A
• 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.
  • Enhanced security with an EMV Chip, making transactions more secure compared to magnetic striped cards.

Rewards Redemption Guide

• As the card does not offer reward points, there is no rewards redemption program applicable.

Card Review

The IndusInd Bank Contactless Corporate Credit Card is a suitable option for corporates seeking a robust solution for managing employee expenses and travel. Its strengths lie in its travel benefits, including complimentary domestic lounge access and the option for Priority Pass membership, along with essential insurance covers like Counterfeit Fraud and Lost Card Liability. The card also offers significant corporate-centric features such as consolidated payment, 4th line embossing for company names, and dedicated customer service. However, a notable drawback is the annual fee of Rs. 999 (plus applicable taxes) without any accompanying reward points or cashback program, which might not justify the cost for businesses prioritizing rewards. It is best suited for businesses that value streamlined expense management, travel conveniences, and security features over traditional rewards.

Important Product Details

• Positive Highlights:
  • Designed for monitoring and controlling employee expenses and hassle-free reconciliation.
  • Complimentary domestic lounge visits with the Visa Lounge program.
  • Option for membership to the Priority Pass Program for international lounge access.
  • Comprehensive insurance covers for employees, including Counterfeit Fraud and Lost Card Liability.
  • 1% Fuel surcharge waiver on transactions within specified ranges.
  • Contactless payment feature for faster and secure transactions.
  • Consolidated Payment option for corporates to make one payment for all employee cards.
  • 4th Line Embossing feature to emboss the company name on the card.
  • Dedicated Relationship Manager for service-related queries.
  • Individual and Consolidated e-statements available.
  • 24x7 Customer Service officials available for assistance.
  • EMV Chip for enhanced card security.
  • Access to Visa Commercial Offers across various categories.
  • No cash advance fees.
• Negative Highlights:
  • No reward points or cashback program.
  • Annual fee of Rs. 999 (plus applicable taxes).
  • Foreign Currency Markup of 3.5% on international transactions.
  • Interest Rates/Late Payment Charges of 3% of Total Outstanding.

Other Details

• Contactless Payment Feature: Allows users to make safe and secure payments with a simple tap of the card on NFC-enabled POS machines at merchant outlets. It can also be used for standard swipe or dip transactions if a contactless POS machine is unavailable.
• Contactless Transaction Limits: Can be used for any amount within the overall daily Point of Sales/Online Transaction Limit. For contactless payments, the transaction amount will be limited to the per transaction limit set by the Bank in line with regulatory guidelines. Transactions above this limit require swiping the card and authenticating with a PIN.
• Card Usage: A multi-purpose International Card that can be used for faster day-to-day payments at merchant locations accepting Contactless Payments, POS shopping at over 10 lakh merchant outlets in India and 30 million worldwide, safe online shopping and e-commerce transactions, and utility and other bill payments.
• Corporate Liability Program: The bank issues a credit limit to the corporate, which the corporate can then bifurcate to individual employee cards based on their policies and requirements. Corporate limits are assigned based on a complete credit assessment.
• How to Apply: Corporates can apply online by contacting Phone Banking (toll-free number 1860 267 7777) or E-Mail (corporate.cards@indusind.com), or offline by visiting the nearest IndusInd Bank branch with required documents and filling out a physical application form.
• Access to Terms & Conditions: Various terms and conditions documents, including Safety Tips, Most Important Terms & Conditions (MITC), Cardholders' Agreement, Code of Bank's Commitment, Benefit Guide, Key Fact Sheet, Incentive Program T&Cs, Priority Pass T&Cs, Fuel Surcharge Waiver T&Cs, and Visa Lounge Access Program T&Cs, are available for reference.