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

IndusInd Bank Contactless Corporate Card

Introduction

The IndusInd Bank Contactless Corporate Card is designed to meet the evolving financial needs of modern corporations, offering a streamlined approach to expense management. This card enables businesses to effectively monitor and control employee expenditures, simplifying the reconciliation process. As part of a Corporate Liability program, the bank assigns a credit limit to the corporate, which can then be allocated to individual employee cards according to the company's policies and requirements, based on a comprehensive credit assessment. The card provides a world of conveniences, combining simplicity with enhanced security features, and aims to offer a comfortable and relaxing experience for corporate users. While it may not offer traditional reward points or significant privileges, it provides valuable benefits in travel, insurance, and fuel surcharge waivers.

Fees

• Joining Fee: Nil
• Renewal 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. Transaction ranges mentioned include between ₹ 500 to ₹ 10,000, and also between Rs. 400 to Rs. 4,000, and Rs. 400 to Rs. 5,000.
• Cash Advance Charges: Nil

Rewards

Benefits to Corporate

• Designated Relationship Manager: A dedicated IndusInd Commercial Cards relationship manager is available for day-to-day service queries and product clarifications.
• E-Statements: Both individual and consolidated e-statements are available for easy download for all cardholders.
• Consolidated Payment: Simplifies payment processes by allowing corporates to make one consolidated payment for all employees' individual cards. The company is liable to make a single payment to the bank for the total amount due as mentioned on the Corporate consolidated statement.
• 4th Line Embossing: The company name can be embossed on the card, with up to 19 characters (inclusive of spaces and department name) available for customization.
• Dedicated Customer Service: 24x7 customer service is available on Toll Free Number 1860 267 7777 or via email at corporate.cards@indusind.com for assistance during emergencies or other queries.

Benefits to Employee

• Priority Pass Program: The company has the option to provide employees with a Priority Pass Program membership, granting access to over 700 airport lounges worldwide for enhanced travel comfort. To opt-in, contact the Corporate Card Relationship Manager.
• Fuel Surcharge Waiver: Enjoy freedom from surcharge at fuel stations across India. A 1% surcharge is waived off on fuel transactions. Specific transaction ranges for waiver mentioned are between ₹ 500 to ₹ 10,000, and also between Rs. 400 to Rs. 4,000 and Rs. 400 to Rs. 5,000.
• Insurance Coverage:
  • EMV Chip Security: Cards are issued with an EMV Chip for enhanced security, making transactions more secure than magnetic stripe cards.
  • Counterfeit Fraud Cover: Comprehensive insurance coverage in case the card or card details are stolen and used fraudulently by producing counterfeit plastic.
  • Lost Card Liability: Covers unauthorized transactions on the card post-reporting the loss to the bank.

VISA Offers

• Visa Airport Lounge Access Program: Enjoy complimentary access to select premium Airport Lounges in India. Cardholders receive up to 1 complimentary lounge visit per calendar quarter. Some sources also indicate up to 2 complimentary domestic lounge visits per quarter with the Visa Lounge program. These visits include gourmet meals, comfortable seating, free Wi-Fi, widescreen TVs, and bar services.
• Visa Commercial Offers: Being on the VISA platform, the card offers a host of benefits spread across Business Travel, Business Services, Food and Beverages, and more, aimed at combining business with comfort. For an exhaustive list of offers, refer to the Visa India website.

Card Review

The IndusInd Bank Contactless Corporate Card is a suitable choice for corporates prioritizing efficient expense management, reconciliation, and travel convenience for their employees. Its core strengths lie in providing robust administrative features like consolidated payments, dedicated relationship management, and 24/7 customer service. Employees benefit from travel perks such as optional Priority Pass membership for global lounge access and complimentary domestic lounge visits through the Visa program. Additionally, the card offers valuable insurance coverage against counterfeit fraud and lost card liability, along with a fuel surcharge waiver.

However, the card's primary drawback is the annual fee of Rs. 999 (plus taxes), which may not be justified for businesses primarily seeking rewards or cashback, as the card offers neither. Despite this, for corporates focused on operational efficiency, employee benefits, and security in business expenditures, this card can be a great fit. It is particularly well-suited for businesses with employees who travel frequently and those looking for a transparent system to manage corporate expenses.

Important Product Details

• Contactless Payment Feature: Allows users to make faster and secure payments by tapping the card on NFC-enabled POS machines.
• Expense Monitoring & Control: Designed to help corporates monitor and control employee expenses effectively.
• Hassle-free Reconciliation: Simplifies the process of reconciling corporate expenditures.
• Corporate Liability Program: Credit limits are issued to the corporate and can be bifurcated to individual cards.
• Designated Relationship Manager: Dedicated support for service-related queries.
• E-Statements: Individual and consolidated e-statements for easy download.
• Consolidated Payment Solution: Allows corporates to make a single payment for all employee cards.
• 4th Line Embossing: Customization option to emboss the company name (up to 19 characters) on the card.
• 24x7 Dedicated Customer Service: Available via toll-free number and email.
• Optional Priority Pass Program: Provides access to over 700 airport lounges worldwide.
• Fuel Surcharge Waiver: 1% waiver on fuel transactions within specified limits (e.g., ₹ 500-₹ 10,000, or Rs. 400-Rs. 5,000).
• Comprehensive Insurance Coverage: Includes protection against counterfeit fraud and lost card liability.
• EMV Chip: Enhanced security for transactions.
• Visa Airport Lounge Access Program: Up to 1 complimentary domestic lounge visit per calendar quarter (some sources mention 2).
• Visa Commercial Offers: Additional benefits across business travel, services, and dining.
• Joining Fee: Nil.
• Renewal Fee: Rs. 999 (plus applicable taxes).
• No Reward Points/Cashback: The card does not offer traditional reward points or cashback.
• Foreign Currency Markup: 3.5% on international transactions.
• Cash Advance Charges: Nil.

Other Details

How to Apply

To apply for an IndusInd Bank Contactless Corporate Card or for further queries, you can contact the bank via:

• E-Mail: corporate.cards@indusind.com
• Phone Banking: Call the 24x7 Customer Service officials on the toll-free number 1860 267 7777.
• Offline Application: Visit your nearest IndusInd Bank branch with the required documents and fill out a physical application form.

Card Usage and Features

• The card allows faster payments at merchant locations where contactless payment is accepted (NFC-enabled POS machines).
• It can also be used for standard swipe or dip transactions if a contactless POS machine is not available.
• It is a multi-purpose International Card suitable for:
  • Faster day-to-day payments at contactless merchant locations.
  • POS shopping at over 10 lakh merchant outlets in India and over 30 million worldwide.
  • Safe online shopping and e-commerce transactions.
  • Utility and other bill payments.
• Transaction Limits: You can use your Contactless card for any amount within the overall daily Point of Sales/Online Transaction Limit. For purchases done at Contactless payment POS machines, the transaction amount will be limited by regulatory guidelines. For transactions above this contactless limit, the cardholder will need to swipe the card and authenticate using the PIN.

Important Documentation

• Safety Tips on your Corporate Card
• Most Important Terms & Conditions
• Cardholders' Agreement
• Code of Bank's Commitment to Customers
• Benefit Guide
• Key Facts Sheet
• Terms & conditions for Priority Pass Program
• Terms & conditions for Fuel Surcharge Waiver
• Terms & conditions for Visa Lounge Access Program