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

Introduction

The IndusInd Bank Iconia Visa Credit Card is a mid-range offering from IndusInd Bank, designed to cater to lifestyle requirements with tailor-made golf, lifestyle, and travel privileges. It stands out with exciting welcome benefits in the form of gift cards and vouchers from various brands, a "Buy 1 Get 1 Free" offer on movie tickets, and accelerated reward points on weekend spends. The card comes with a one-time joining fee and no annual fee, making it an attractive option for those seeking comprehensive benefits across entertainment, travel, and rewards.

Welcome Benefits

• The card provides various welcome benefits in the form of gift cards and vouchers.
• Experience Montblanc and choose from an exclusive collection of watches, writing instruments, jewelry, leather goods, and eyewear.
• Get a Luxe gift card, providing access to 30 global luxury and premium brands.
• Access The Postcard Hotel, a collection of luxury hotels in holiday destinations across India.
• Receive gift cards and vouchers for Amazon, Flipkart, Zee5, Big Bazaar, Apollo Pharmacy, BIBA online, OLA cabs, Uber, and more.
• Obtain exciting gift vouchers from brands like BATA, ALDO, Vero Moda, Titan, William Penn, and Pantaloons.
• Welcome gift is applicable on select fee plans.

Fees

• Joining Fee: Rs. 3,499 + GST (one-time payment).
• Annual Fee: Nil.
• Spend-Based Waiver: Nil.
• Rewards Redemption Fee: Nil (however, redemption values vary and are subject to change).
• Foreign Currency Markup: 3.5% of the transaction amount, plus dynamic currency conversion charges.
• Interest Rates: 3.83% per month (equivalent to 46% annually) on outstanding balances.
  • An interest-free period of 50 days is available from the statement generation date, provided the total amount due is paid in full.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver across all fuel stations for transactions between Rs. 400 and Rs. 4,000. Service tax levied on fuel surcharge will not be waived.
• Cash Advance Charges: 2.5% of the transacted amount or Rs. 300, whichever is higher.
• Add-on Card Fee: Nil.
• Late Payment Charges:
  • Up to Rs. 100 Total Amount Due: Nil
  • Rs. 101 - Rs. 500 Total Amount Due: Rs. 100
  • Rs. 501 - Rs. 1,000 Total Amount Due: Rs. 350
  • Rs. 1,001 – Rs. 10,000 Total Amount Due: Rs. 550
  • Above Rs. 10,000 Total Amount Due: Rs. 700
• Over-limit Charges: 2.5% of the over-limit amount used, subject to a minimum of Rs. 500.
• Charges for Credit Card Payment through Outstation Cheque: No additional charges, but only cheques from IndusInd Bank locations are accepted.
• 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 + GST per person per visit.

Rewards

• Rewards Rate:
  • Earn 0.75 Reward Points for every Rs. 100 spent on weekdays.
  • Earn 1 Reward Point for every Rs. 100 spent on weekends.
  • Earn 0.70 Reward Points for every Rs. 100 spent on utility bills, insurance premium payments, government charges/services, and educational institution fees.
  • Transactions are classified as Weekday/Weekend based on the transaction date.
  • Effective April 1, 2018, fuel transactions will not accrue reward points.
  • Effective August 1, 2019, the Rewards program was revised for select merchant categories.
• Movies & Dining:
  • Enjoy a "Buy 1 Get 1 Free" offer on movie tickets on BookMyShow once every month. The price of the free ticket cannot be more than Rs. 200.
  • Get a 20% discount (up to Rs. 200) on digital workshops, music, and comedy shows.
• Travel:
  • Complimentary Priority Pass membership for the primary cardholder and add-on cardholder, providing access to 700+ lounges worldwide. Each lounge visit using this Priority Pass will be charged at US $27 + GST per person per visit.
  • The Travel Plus program is offered at an annual fee of Rs. 5,000, where lounge usage charges of $27 are waived for a maximum of 8 international travels per year (not applicable on Amex cards).
• Golf:
  • Get 1 complimentary Golf game access every quarter.
  • Get 1 complimentary golf lesson every quarter.
  • These benefits are available at leading golf clubs in Delhi, Ahmedabad, Chennai, Bengaluru, Hyderabad, Pune, and Mumbai.
• Insurance Benefits:
  • Accidental Air Death: Rs. 25 lakhs.
  • Lost Baggage: Rs. 1,00,000.
  • Delayed Baggage: Rs. 25,000.
  • Loss of Passport: Rs. 50,000.
  • Lost Ticket: Rs. 25,000.
  • Missed Connection: Rs. 25,000.
  • Total Protect: Covers unauthorized electronic card transactions up to the credit limit, including for add-on cards.
    • Covers unauthorized transactions in case of loss/theft of card up to 48 hours prior to reporting the loss to IndusInd Bank.
    • Covers counterfeit fraud where card details are used to produce counterfeit cards.
• Concierge Benefits:
  • Pre-trip assistance.
  • Flight booking assistance.
  • Hotel reservations.
  • Sports and entertainment bookings.
  • Exclusive bookings.
  • Flowers and gifts.
• Auto Assist:
  • Roadside repair service.
  • Emergency fuel supply.
  • Flat tire service.
  • Battery service.
  • Emergency towing service.
  • Accident management and medical assistance.

Rewards Redemption Guide

• Redemption Channels:
  • Call the mobile banking number of the bank.
  • Visit IndusMoments website, log in, and redeem reward points against available options.
• Redemption Value:
  • 1 Reward Point = Re. 1 for redemption against cash (prior to March 1, 2024).
  • 1 Reward Point = 1 InterMile (for InterMiles members).
  • 1 Reward Point = 1 Club Vistara Point (for Club Vistara members).
• Upcoming Changes and Discontinuations:
  • From March 1, 2024, the value of non-cash redemption (excluding airmiles) will be 1 RP = Rs. 0.75.
  • From March 1, 2024, the value of cash redemption will be 1 RP = Rs. 0.50.
  • Effective September 1, 2024, the maximum reward points allowed for cash redemption will be 5000 per calendar month.
  • Effective January 1, 2024, the value of non-cash redemptions (excluding airmiles) will be 1 RP = Rs. 0.75.
  • Reward Points redemption towards Club Vistara Airmiles on www.indusmoments.com will be discontinued effective October 31, 2024.
  • Reward Points redemption towards InterMiles will be discontinued effective January 21, 2025.

Card Eligibility Criteria

• Age: Between 21 and 65 years.
• Income:
  • For salaried individuals: Rs. 3,60,000 per annum.
  • For self-employed individuals: Rs. 4,80,000 per annum.
  • Applicants should have a stable source of income.
• Credit Score: A good credit score is required.
• Documents Required:
  • Identity Proof: Aadhaar Card, PAN Card, and a passport-size photograph.
  • Address Proof: Aadhaar Card, Passport, Utility bills, Driving License, Voter’s ID (if communication address varies from Aadhaar Card).
  • Income Proof:
    • For salaried individuals: Last 3 months' bank statement and last 3 months' salary slips, or other bank's credit card details.
    • For self-employed individuals: Latest copy of ITR, or other bank's credit card details.
  • All documents need to be self-attested by the applicant.

Card Review

The IndusInd Bank Iconia Visa Credit Card is a well-rounded option for individuals seeking a credit card with diverse benefits across entertainment, travel, and lifestyle categories. Its one-time joining fee with no annual fee makes it cost-effective in the long run. The "Buy 1 Get 1 Free" movie offer and accelerated weekend rewards are significant advantages for regular spenders and movie enthusiasts. While the complimentary Priority Pass membership is a plus, it's important to note that lounge visits are chargeable. The comprehensive insurance coverage and concierge services add substantial value. However, the recent changes in reward redemption values and the discontinuation of certain airline mile redemptions might impact its appeal for some users. Overall, it's a good choice for those who can leverage its varied benefits and are comfortable with the updated reward redemption structure.

Important Product Details

• Positive Highlights:
  • Exciting welcome benefits including gift cards and vouchers from premium brands like Montblanc, Luxe, The Postcard Hotel, Amazon, Flipkart, and more.
  • No annual fee after paying the one-time joining fee of Rs. 3,499 + GST.
  • Accelerated reward points: 1 RP per Rs. 100 on weekends, 0.75 RP on weekdays.
  • "Buy 1 Get 1 Free" movie ticket offer on BookMyShow once a month (up to Rs. 200).
  • Complimentary Priority Pass membership for primary and add-on cardholders.
  • Complimentary golf games and lessons every quarter.
  • Comprehensive insurance coverage including accidental air death, lost/delayed baggage, lost passport/ticket, missed connection, and "Total Protect" for fraudulent transactions.
  • 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4,000.
  • Concierge and Auto Assist services for enhanced convenience.
• Negative Highlights:
  • Priority Pass lounge visits are chargeable at US $27 + GST per person per visit.
  • Fuel transactions do not accrue reward points (effective April 1, 2018).
  • Reward redemption values have been revised downwards for non-cash (excluding airmiles) and cash redemptions effective March 1, 2024.
  • Maximum reward points for cash redemption capped at 5000 per calendar month effective September 1, 2024.
  • Redemption towards Club Vistara Airmiles and InterMiles will be discontinued in late 2024 and early 2025, respectively.

Other Details

• Product Discontinuation: This product has been discontinued for new sourcing and is displayed as a reference for existing IndusInd Bank Iconia Visa Credit Cardholders.
• Credit Limit: The credit limit varies for different cardholders based on factors like past payment history, credit score, and income. The bank provides an option to request a higher credit limit by contacting customer care or visiting a branch.
• How to Apply:
  • Online: Visit the IndusInd Bank’s official website or call 1860 267 7777.
  • Offline: Visit the nearest IndusInd Bank branch with all required documents and fill out a physical application form.
• Card Activation and PIN Generation:
  • Via internet banking or the IndusInd Bank mobile app under the ‘Credit Card Service Request’ section.
  • At any nearest ATM by selecting the ‘Credit Card PIN Generation’ option.
  • By contacting credit card customer care for assistance.
• Credit Card Payment Modes:
  • Mobile Banking: Login to the mobile banking application, go to Fund Transfer, select One Time Transfer, choose IndusInd Acc/Credit Card, and fill in details.
  • Internet Banking: Login to Internet Banking, click on Fund Transfer, navigate to IndusInd Credit Card Payment, and select the appropriate option.
  • Cheques/Draft Drop Boxes: Make payments via cheque or draft at multiple drop box locations (branches and ATMs).
  • NACH Facility: Email the duly filled NACH form or submit it at the nearest branch to authorize debit from another bank account.
  • Auto Debit Facility: Submit a duly filled Auto Debit form at any nearest branch to authorize debit from an IndusInd Bank account for credit card bill payment.
• Disclaimer: Generic terms and conditions apply for various benefits and redemption options.