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

IndusInd Bank Iconia Visa Credit Card

The IndusInd Bank Iconia Visa Credit Card is meticulously crafted to meet diverse lifestyle needs, offering exclusive privileges in areas such as golf, travel, and lifestyle. This card stands out with a robust rewards program, providing accelerated points on both weekday and weekend spends, alongside a beneficial fuel surcharge waiver. With a joining fee of Rs. 3,499 + GST and no annual renewal fee, it grants cardholders access to a spectrum of welcome benefits, including luxurious brand vouchers and hotel stays. Furthermore, it enhances entertainment experiences with a 'Buy 1 Get 1 Free' movie offer on BookMyShow and ensures peace of mind with comprehensive insurance coverage and complimentary concierge and auto-assist services. The card also features a complimentary Priority Pass membership, making it a compelling choice for individuals seeking a blend of premium benefits and value.

Welcome Benefits

• Experience Montblanc, a brand renowned for excellence since 1906, with access to an exquisite collection of watches, writing instruments, jewellery, leather goods, and eyewear across 12 stores in 6 cities.
• Receive a Luxe gift card, granting access to 30 global luxury and premium brands.
• Enjoy stays at The Postcard Hotel, a collection of intimate luxury hotels nestled in holiday destinations across India.
• Gain access to various discount vouchers from multiple brands like Amazon, Flipkart, Big Bazaar, Zee5, Apollo Pharmacy, Uber, Ola, BIBA online, Pantaloons, Bata, Raymond, Charles and Keith, Louis Philippe, Hush Puppies, ALDO, Vero Moda, Titan, and William Penn, available through Vouchagram.
• Please note, welcome gift is only applicable on select fee plans.

Fees

• Joining Fee: Rs. 3,499 + GST
• Annual Renewal Fee: Nil
• Add-on Card Fee: Nil
• Spend-Based Waiver: Nil
• Rewards Redemption Fee: Nil
• Interest Rate on Balance (for partial bill payment):
  • Monthly: 3.83%
  • Annually: 46%
• Interest-Free Tenure: 50 days from the credit card statement generation date, applicable only if the total amount due is paid in full.
• 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: Nil (only from IndusInd Bank locations).
• Reissuance/Card Replacement Fee: Rs 100.
• Charges for Overseas Transaction: 3.5% of the transaction amount, plus dynamic currency conversion charges.
• Credit Card Payment Cheque Return Charges: Rs 250.
• Balance Enquiry Charges on Non-IndusInd Bank ATMs: Rs 25.
• Charges for Cash Withdrawal/Cash Advancement: 2.5% of the advance amount, subject to a minimum of Rs 300.
• 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

• Earning Rewards

  • Earn 0.75 Reward Points on weekdays (Monday to Friday) for every INR 100 spent on domestic/international transactions.
  • Earn 1 Reward Point on weekends (Saturday and Sunday) for every INR 100 spent on domestic/international transactions.
  • Earn 0.70 Reward Points for every Rs. 100 spent on utility bills, insurance premium payments, government charges/services, and educational institution fees.
  • Fuel transactions will not accrue reward points (effective April 1, 2018).
  • The rewards program will be revised for select merchant categories from August 1, 2019.

• Movies

  • Enjoy a "Buy 1 Get 1 Free" movie ticket offer on BookMyShow once every month.
  • The price of the free ticket can only go up to Rs 200. If the second ticket is priced above Rs 200, the cardholder will pay the remaining amount using their IndusInd Bank Credit Card.
  • Get a 20% discount (up to Rs 200) on digital workshops, music, and comedy shows.

• Travel

  • Receive complimentary Priority Pass Membership for yourself and your add-on cardholder, providing access to 700+ lounges worldwide.
  • Enroll in the Travel Plus programme with an annual fee of Rs 5,000, which waives lounge usage charges of $27 for a maximum of 8 international travels per year (not applicable on Amex cards).
  • Travel Insurance Cover (provided by ICICI Lombard General Insurance Company Limited):
    • 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
  • Enjoy concierge services including pre-trip assistance, flight booking assistance, hotel reservations, sports and entertainment bookings, exclusive bookings, and assistance with flowers and gifts.

• Golf

  • Access 1 complimentary golf game every quarter.
  • Avail 1 complimentary golf lesson every quarter.
  • These benefits are available at leading golf clubs in Delhi, Ahmedabad, Chennai, Bengaluru, Hyderabad, Pune, and Mumbai.

• Insurance

  • Total Protect: A program covering up to the credit limit on your credit card for unauthorized transactions and counterfeit fraud.
    • Covers unauthorized transactions for up to 48 hours prior to reporting the loss/theft of the card to IndusInd Bank.
    • Protects against the use of counterfeit cards or card details.
  • Receive a complimentary personal air accident insurance cover of up to Rs 25 lakh.
  • Accidental air death coverage of Rs. 25 lakhs.

• Fuel

  • Enjoy a 1% fuel surcharge waiver at any fuel station across India for transactions between Rs. 400 and Rs. 4,000. Service tax levied on fuel surcharge, if any, will not be waived.

• Auto Assist

  • Benefit from a range of auto-assist services including roadside repair, emergency fuel supply, flat tire service, battery service, emergency towing service, accident management, and medical assistance.

Rewards Redemption Guide

• Redemption Options:
  • IndusMoments
  • Pay with Rewards
  • Airline Miles (Krisflyer, InterMiles, Club Vistara - subject to discontinuation)
  • Cash credit
• Reward Point Values (Effective Dates Apply):
  • From March 1, 2024, the value of non-cash redemptions (excluding airmiles) will be 1 Reward Point = Rs. 0.75.
  • From March 1, 2024, the value of cash redemption will be 1 Reward Point = Rs. 0.50.
  • Historically, 1 Reward Point has been valued at Re. 1 for cash redemption, 1 InterMile, or 1 Club Vistara Point. Please refer to the latest applicable terms and conditions.
• Discontinuation Notices:
  • Reward Points redemption towards Club Vistara Airmiles on www.indusmoments.com for your IndusInd Bank Credit Card will be discontinued effective October 31, 2024.
  • Reward Points redemption towards InterMiles for your IndusInd Bank Credit Card will be discontinued effective January 21, 2025.
• Maximum Cash Redemption:
  • Effective September 1, 2024, the maximum reward points allowed for cash redemption will be 5000 per calendar month.
• How to Redeem:
  • To redeem your reward points, you can contact the bank's mobile banking service or visit www.indusmoments.com, log in, and choose from the available redemption options.
  • Refer to the generic terms and conditions for detailed steps to redeem reward points.

Card Eligibility Criteria

• Eligibility Rules

  • Age: Between 21 and 65 years.
  • Must have a stable source of income.
  • Must possess a good credit score.
  • Annual Income/ITR Requirements:
    • For salaried individuals: Rs 3,60,000 per annum.
    • For self-employed individuals: Rs 4,80,000 per annum.

• Documents Required

  • KYC Documents (Mandatory):
    • PAN card
    • Aadhaar card
    • Passport-size photograph
  • Other Acceptable Address Proofs (if communication address differs from Aadhaar Card):
    • Voter’s ID
    • Driving License
    • Passport
    • Utility bills
  • Income Documents:
    • For salaried individuals:
      • Last 3 month’s bank statement
      • Last 3 month’s salary slip
      • Alternatively, details of other bank’s credit card
    • For self-employed individuals:
      • Latest copy of ITR
      • Alternatively, details of other bank’s credit card
  • All submitted documents need to be self-attested by the applicant.

Card Review

The IndusInd Bank Iconia Visa Credit Card is an excellent choice for individuals seeking a credit card that offers comprehensive advantages across various categories. It combines attractive reward benefits, valuable gift vouchers, and significant perks for movies, travel, golf, and insurance. A major highlight is its straightforward fee structure, featuring a one-time joining fee of Rs. 3,499 + GST with no annual or renewal fee, making it a cost-effective option in the long run. Enthusiasts of cinema will particularly appreciate the "Buy 1 Get 1 Free" movie ticket offer on BookMyShow, while frequent travelers will benefit from the complimentary Priority Pass membership, despite lounge visits being chargeable. The card's inclusion of complimentary golf lessons and games, along with robust insurance and auto-assist services, further solidifies its appeal. In essence, the IndusInd Bank Iconia Visa Credit Card delivers strong value, making it a suitable option for a wide range of consumers desiring a feature-rich credit card.

Important Product Details

• Joining Fee: Rs. 3,499 + GST, with Nil annual renewal fee.
• Reward Earning Rate: Earn 0.75 Reward Points per Rs. 100 on weekdays and 1 Reward Point per Rs. 100 on weekends. Specific categories like utility bills, insurance, government charges, and educational fees accrue 0.70 Reward Points per Rs. 100.
• Fuel Surcharge Waiver: A 1% waiver is provided across all fuel stations for transactions between Rs. 400 and Rs. 4,000.
• Movie Benefits: Enjoy a "Buy 1 Get 1 Free" movie ticket on BookMyShow once per month (up to Rs. 200).
• Lounge Access: Complimentary Priority Pass membership is provided for both primary and add-on cardholders; however, lounge visits are charged at up to US $27 + GST per person per visit, unless enrolled in the Travel Plus program.
• Golf Privileges: Includes 1 complimentary golf game and 1 complimentary golf lesson per quarter at select clubs.
• Insurance Coverage: Comprehensive benefits like Total Protect for unauthorized transactions and counterfeit fraud, along with up to Rs 25 lakh air accident insurance cover.
• Reward Redemption Value Update: Effective March 1, 2024, non-cash redemptions (excluding airmiles) are valued at 1 RP = Rs. 0.75, and cash redemptions at 1 RP = Rs. 0.50.
• Reward Redemption Discontinuation: Redemption for Club Vistara Airmiles (effective Oct 31, 2024) and InterMiles (effective Jan 21, 2025) will be discontinued.
• Cash Advance Charges: 2.5% of the transacted amount or Rs. 300, whichever is higher.
• Foreign Currency Markup: 3.5% on all foreign currency spends.

Other Details

• Product Status Disclaimer: This product has been discontinued for new sourcing and is displayed only as a reference for existing IndusInd Bank Iconia Visa Credit Cardholders.
• Credit Card Payment Modes:
  • Mobile Banking: Log in to the mobile banking app, navigate to Fund Transfer -> One Time Transfer, select IndusInd Acc/Credit Card, and fill in details.
  • Internet Banking: Log in to Internet Banking, click on Fund Transfer, navigate to IndusInd Credit Card Payment, and select the appropriate option. You can also pay other bank's Visa credit card bills.
  • Cheques/Draft Drop Boxes: Make payments via cheque or 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 another bank account.
  • Auto Debit Facility: Submit the duly filled Auto Debit form at any nearest branch to authorize debit from your IndusInd bank account for bill payment.
• How to Apply:
  • Online: Visit the IndusInd Bank’s official website or call the helpdesk at 1860 267 7777.
  • Offline: Visit your nearest IndusInd Bank branch with all required documents and fill out the physical application form.
• Credit Card Limit: The credit limit varies for different cardholders based on factors like past payment history, credit score, and income. Cardholders can request a higher limit by contacting customer care or visiting a branch.
• Card Activation and PIN Generation:
  • Internet Banking/Mobile App: Access the ‘Credit Card Service Request’ option under the Credit Cards section.
  • ATM: Visit any ATM and select the ‘Credit Card PIN Generation’ option from the main menu.
  • Customer Care: Contact credit card customer service for assistance.
• Visa Benefits: Visa offers swift and secure transactions. Cardholders can visit the bank's website for specific offers.
• The card is also issued in an Amex variant: IndusInd Bank Iconia Amex Credit Card.
• Contact Information: For assistance, call the helpdesk at 18602677777, email premium.care@indusind.com, or visit any nearest IndusInd Bank branch credit card helpdesk.
• Value Table Annual Estimations (for illustration purposes, actual savings may vary):
  • Priority Pass Membership (for primary and partner): USD 99 x 2 = Rs 13,266
  • Complimentary movie tickets: Rs 4,800
  • Fuel surcharge savings: Rs 2,400
  • Annual value of Reward Points (on average spend of Rs 30,000/month): Rs 6,120
  • Total Estimated Savings: Rs 26,586