IndusInd Bank Iconia Amex Credit Card – Benefits, Fees & Eligibility

IndusInd Bank Iconia Amex Credit Card

Introduction

The IndusInd Bank Iconia Amex Credit Card is designed to meet diverse lifestyle requirements, offering a range of golf, lifestyle, and travel privileges. This card provides multiple benefits including welcome gifts, entertainment, and travel perks, all for a joining fee of Rs. 3,500 + GST. Cardholders can earn 1.5 reward points for every Rs. 100 spent on weekdays and 2 reward points on weekends, which can be redeemed across various options such as cash credit, Airmiles, and IndusMoments. It also offers a complimentary Priority Pass membership with access to over 600 lounges worldwide, along with other benefits like 1+1 offers on movie bookings, complimentary golf, 24x7 concierge services, and auto assistance.

Welcome Benefits

• Montblanc Vouchers: Receive exclusive Montblanc e-gift vouchers, valid for up to six months, redeemable at 12 Montblanc stores across six cities in India. Experience fine craftsmanship with watches, writing instruments, jewellery, leather goods, and eyewear.
• The Postcard Hotel Vouchers: Get a complimentary voucher for stays at The Postcard Hotel, a collection of intimate luxury hotels in holiday destinations across India.
• Luxe Gift Card: A Luxe Gift Card worth Rs. 5,000, redeemable across 30 luxury brands and stores.
• Vouchagram Vouchers (E-merchants/Essential Categories): Enjoy discount vouchers from popular brands such as Amazon, Flipkart, Big Bazaar, Zee5, Apollo Pharmacy, Uber, and Ola. This welcome gift is applicable on select fee plans.
• Vouchagram Vouchers (Other Brands): Access discount vouchers from a wide range of brands including Pantaloons, Bata, Raymond, Charles and Keith, Louis Philippe, Hush Puppies, Biba online, Vero Moda, Aldo, William Penn, Titan, Hidesign, Woodland, United Colors of Benetton, and Urban Ladder. This welcome gift is applicable on select fee plans.

Fees

• Issuance Charge (Joining Fee): Rs. 3,499 + GST.
• Annual Renewal Fee: Nil.
• Spend-Based Waiver: Not applicable.
• Add-on Card Fee: Nil.
• Rewards Redemption Fee: Rs. 100 per redemption request.
• Foreign Currency Markup: 3.5% of the transaction value, plus dynamic currency conversion charges.
• Interest Rates on Balance: Monthly: 3.83%; Annually: 46%.
• Interest-Free Tenure: Up to 50 days from the credit card statement generation date. This is not applicable if the total amount due is not paid in full.
• Fuel Surcharge: 1% waiver on fuel surcharge at any fuel station across India.
• Cash Advance Charges: 2.5% of the advance amount, subject to a minimum charge of Rs. 300.
• Late Payment Charges:
  • Up to Rs. 100: Nil
  • Rs. 101 - Rs. 500: Rs. 100
  • Rs. 501 - Rs. 1,000: Rs. 350
  • Rs. 1,001 - Rs. 10,000: Rs. 550
  • Above Rs. 10,000: Rs. 700
• Over-Limit Charges: 2.5% of the over-limit amount, subject to a minimum of Rs. 500.
• Charges for Credit Card Payment through Outstation Cheque: No additional charges if the cheque is from IndusInd Bank locations.
• Charge Slip Request Charges: Rs. 300.
• Reissuance/Card Replacement Fee: Rs. 100.
• Credit Card Payment Cheque Return Charges: Rs. 250.
• Balance Enquiry Charges on Non-IndusInd Bank ATMs: Rs. 25.
• Railway Booking Surcharges: As applicable on the booking website.
• Charges for Making Credit Card Payment in Cash: Rs. 100.
• GST Charges: At the current rate, as notified by the Ministry of Finance, Government of India.
• Duplicate Statement Charges: Rs. 100 per statement (beyond the last 3 months).
• Priority Pass Usage Charges: Up to US $27 per person per visit.

Rewards

• Reward Point Accrual:
  • Earn 1.5 Reward Points for every Rs. 100 spent on weekdays (Monday to Friday).
  • Earn 2 Reward Points for every Rs. 100 spent on weekends (Saturday and Sunday).
  • Transactions are classified as Weekday/Weekend based on the ‘Transaction Date’.
  • All fuel transactions done through your IndusInd Bank Credit Card will NOT accrue reward points, effective 1st April 2018.
  • Please note: From 1st August 2019, the Rewards program will be revised for select merchant categories.
• Movies:
  • Buy One Get One Free movie ticket on bookings with BookMyShow.
  • A cardholder can avail one free movie ticket per month.
  • Offer valid on all theatres via BookMyShow across all major cities.
  • The price of the free ticket can go up to Rs. 200. If the second ticket is priced above Rs. 200, the cardholder will pay the differential amount using their IndusInd Bank Credit Card.
• Dining: Best suited for dining benefits. American Express® Connect provides special offers across dining.
• Travel:
  • Lounge Access:
    • Complimentary access to American Express lounges.
    • 8 complimentary domestic lounge access every year.
  • Priority Pass Program:
    • Complimentary Priority Pass Membership, providing access to over 1,000 airport lounges across the globe.
    • Annual membership value of Priority Pass is approximately USD 198 (Rs. 9,900 per annum).
  • Travel Plus Program:
    • Enables special waivers on lounge usage charges outside India, with a maximum of 8 lounge usages per year valued at USD 27 each.
    • Enrolment fees for Travel Plus are Rs. 5,000 per annum (effective 15th Oct 2013), with an approximate annual saving of Rs. 12,960.
  • Concierge Service (Iconia Concierge): A complimentary 24x7 service for hotel reservations, flight bookings, sports and entertainment bookings, exclusive event bookings, pre-trip assistance, and arranging flowers and gifts. Contact: 1860 267 7777.
• Golf:
  • Tailor-made golf privileges.
  • 1 complimentary golf game every quarter.
  • 1 complimentary golf lesson every quarter.
• Insurance:
  • Personal Air Accident Cover: Complimentary personal air accident insurance cover of up to Rs. 25 lakh.
  • Total Protect Program: Covers for a sum up to the credit limit on your credit card, also available on add-on cards.
    • Unauthorized Transactions: Insurance cover up to 48 hours prior to reporting loss/theft of the card.
    • Counterfeit Fraud: Protection against fraudulent usage by producing counterfeit cards.
  • Travel Insurance Cover (under Travel Plus Program):
    • Lost baggage: Up to Rs. 100,000
    • Delayed baggage: Up to Rs. 25,000
    • Loss of passport: Up to Rs. 50,000
    • Lost ticket: Up to Rs. 25,000
    • Missed connection: Up to Rs. 25,000
• Lifestyle:
  • Auto Assist (Iconia Auto Assist): Provides a range of roadside assistance services including roadside repair, emergency fuel supply, flat tire service, battery service, emergency towing service, accident management, and medical assistance.
  • American Express® Connect: Provides a wide range of special offers across categories such as travel, lodging, dining, retail, and online shopping.
  • American Express® EPAY: Simplifies utility bill payments (electricity, gas, phone, and insurance premiums) through ‘AutoPay’ for automatic payments.

Rewards Redemption Guide

• Redemption Options:
  • IndusMoments: Redeem accumulated Reward Points for special gifts/vouchers at the IndusMoments Reward Portal.
  • Airline Miles: Redeem points against AirMiles (e.g., Krisflyer). 100 RP = 100 AirMiles (implying 1 RP = 1 Airmile).
  • Cash Credit.
• Reward Point Value (Effective Dates):
  • From 1st January 2024: The value of non-cash redemptions (excluding airmiles) will be 1 RP = Rs. 0.75.
  • From 1st March 2024: The value of cash redemption will be 1 RP = Rs. 0.50.
• Maximum Cash Redemption: Effective 1st September 2024, the maximum reward points allowed for cash redemption will be 5,000 per calendar month.
• Minimum Threshold: A minimum of 500 reward points is required to redeem against Cash Credit and Airmiles.
• Discontinuation Notices:
  • Reward Points Redemption towards Club Vistara Airmiles on www.indusmoments.com for your IndusInd Bank Credit Card will be discontinued effective 31st October 2024.
  • Reward Points redemption towards InterMiles for your IndusInd Bank Credit Card will be discontinued effective 21st January 2025.

Card Eligibility Criteria

• Eligibility:
  • For Salaried Individuals: Annual income/ITR should be Rs. 3,60,000 per annum.
  • For Self-Employed Individuals: Annual income/ITR should be Rs. 4,80,000 per annum.
• Documentation:
  • KYC Documents: Pan card, Aadhaar card, and photograph are mandatory.
  • Other Acceptable Address Proofs (if communication address varies from Aadhaar Card): Voter’s ID, driving license, passport, etc.
  • Income Documents:
    • For Salaried Individuals: Last 3 month’s bank statement AND last 3 month’s salary slip, OR other bank’s credit card details.
    • For Self-Employed Individuals: Latest copy of ITR, OR other bank’s credit card details.
  • Note: All the above documents need to be self-attested by the applicant.

Card Review

The IndusInd Bank Iconia Amex Credit Card offers a comprehensive suite of benefits, making it an attractive option for individuals seeking premium lifestyle, travel, and entertainment privileges. With a joining fee of Rs. 3,500 + GST, it delivers substantial value through exclusive welcome gifts like Montblanc and Postcard Hotel vouchers, alongside a Luxe Gift Card. The card's reward structure, offering 1.5 RP on weekdays and 2 RP on weekends for every Rs. 100 spent, is competitive and superior to its Visa variant.

Key advantages include extensive travel benefits, such as complimentary Priority Pass membership (covering over 600-1000 lounges globally) and domestic lounge access, enhancing comfort for frequent travelers. Entertainment perks like the Buy One Get One Free movie tickets on BookMyShow provide significant savings. Furthermore, tailored golf benefits, a 24x7 concierge service, comprehensive auto assistance, and robust insurance coverage (including personal air accident and Total Protect against fraud) add to its appeal.

However, it is crucial to note that this product has been discontinued for new sourcing and is currently displayed only as a reference for existing IndusInd Bank Iconia Amex Credit Cardholders. Prospective applicants should consider the bank's existing range of credit card products. The reward redemption values for cash and non-cash redemptions have been revised downwards effective 2024, and redemption towards Club Vistara Airmiles and InterMiles will be discontinued in late 2024 and early 2025, respectively, which might impact the perceived value for some users.

Important Product Details

• Exclusive hotel and shopping gift vouchers as a welcome benefit.
• Buy 1 Get 1 free on movie ticket bookings with BookMyShow.
• Earn 1.5 Reward Points on every Rs. 100 spent on weekdays and 2 Reward Points on every Rs. 100 spent on weekends.
• Complimentary access to leading domestic airport lounges.
• Complimentary Priority Pass Membership for international lounge access.
• Complimentary golf games and lessons every quarter.
• 24×7 Concierge service and Auto Assistance for various lifestyle and travel needs.
• 1% fuel surcharge waiver on transactions at all fuel stations across India.
• Personal Air Accident cover worth Rs. 25 lakh.
• The product has been discontinued for new sourcing and is only available as a reference for existing cardholders.

Other Details

• Contact Information:
  • For assistance and further guidance, call the helpdesk at 1860 267 7777.
  • Email at premium.care@indusind.com.
  • Visit any nearest IndusInd Bank branch credit card helpdesk for details.
• Credit Card Payment Modes:
  • Mobile Banking: Log in to the mobile banking application, navigate to "Menu" -> "Fund Transfer" in "Payments", select "One Time Transfer" and choose "IndusInd Acc/Credit Card" from the dropdown. Fill in required details to complete payment.
  • Internet Banking: Log in to Internet Banking, click on "Fund Transfer" and navigate to "IndusInd Credit Card Payment". Select the appropriate option. You can also pay other bank’s Visa credit card bills by visiting "Other Visa Credit Card Payments" under the "Fund Transfer" category.
  • Cheques/Draft Drop Boxes: Make credit card payments via a cheque or a draft at multiple drop box locations, including branches and ATMs.
  • NACH Facility: Email the duly filled NACH form to premium.care@indusind.com or submit it at the nearest branch to authorize debit from your other bank account.
  • Auto Debit Facility: Submit a duly filled Auto Debit form at any nearest branch to authorize debit from your IndusInd Bank account for credit card bill payment.