IndusInd Bank Payback Credit Card – Benefits, Fees & Eligibility

IndusInd Bank Payback Credit Card

This credit card, launched in partnership with PAYBACK, is designed to offer a rewarding experience on day-to-day spending across various categories like dining, shopping, and entertainment. It comes with a low one-time joining fee and provides a range of benefits including fuel surcharge waivers, comprehensive concierge services, auto assist, and insurance cover. The card allows for easy redemption of PAYBACK points without a redemption fee on the IndusInd Bank website, or with a fee of Rs. 100 on other platforms. Please note: This product has been discontinued for new sourcing and is displayed only for existing cardholders. You may consider other existing credit card products from IndusInd Bank.

Welcome Benefits

• Get rewarded with 1,000 PAYBACK points as a Welcome Bonus upon payment of a one-time Joining Fee of ₹ 249 + GST.
• Receive complimentary PAYBACK PLUS membership for one year, offering monthly benefits of up to ₹ 20,000 (effective from December 1, 2020).
• Enjoy up to 10% discount year-round at Big Bazaar, Central, e-Zone, FBB, Brand Factory & more with complimentary Future Privilege Membership.
  • Please note: With effect from December 1, 2020, Future Privilege Membership (FPC) will not be applicable for new card issuances; new issuances will receive complimentary PAYBACK PLUS membership instead.
• Welcome Bonus Points will be credited to your PAYBACK membership number within 30 working days of payment of the Joining Fee.

Fees

• Joining Fee: ₹ 249 + GST (one-time).
• Renewal Fee: Nil.
• Rewards Redemption Fee: ₹ 100.
• Foreign Currency Markup: 3.5% on all foreign transactions.
• Interest Rates: 3.83% per month (46% per annum).
• Fuel Surcharge: Get a 1% fuel surcharge waiver on transactions between ₹ 400 - ₹ 4,000 at all fuel stations in India.
• Cash Advance Charges: 2.5% of the advance amount (minimum of ₹ 300).

Rewards

• Earning Reward Points:
  • Earn 20 PAYBACK Points on every ₹ 100 spent on movie bookings.
  • Earn 5 PAYBACK Points on every ₹ 100 spent on groceries and shopping.
  • Earn 5 PAYBACK Points on every ₹ 100 spent on dining delights.
  • Earn 2 PAYBACK Points on every ₹ 100 spent on other miscellaneous items, including utilities and insurance payments (excluding fuel spends).
  • Points balance as on the statement date will be transferred to your PAYBACK Account. Points will be transferred only if you hold an active PAYBACK Account.
  • Points will reflect in your PAYBACK Account within 10 working days of your Statement Date.
  • No PAYBACK Points are earned for fuel transactions.
• Bonus Rewards on Spends (Milestone Benefits):
  • Earn 500 PAYBACK Points on spending ₹ 20,000 or more in a month.
  • Earn 4,000 PAYBACK Points on spending ₹ 2,00,000 or more in a membership year.
  • Eligible spends include purchase transactions made on Primary and Add-on Cards. Cash Withdrawal, Balance Transfer, Fees, Interest Charges, Loans on credit card, and any transaction other than a Purchase Transaction will not be considered.
  • Only Settled Transactions successfully posted into the cardholder’s card account during a calendar month will be considered.
  • Monthly Bonus PAYBACK Points will be credited to the Cardholder’s PAYBACK account before the end of the next calendar month.
• PAYBACK Advantage:
  • Earn Points at millions of places globally.
  • Use your IndusInd Bank PAYBACK Credit Card for payments at a huge network of online and offline partners.
  • Accelerate your PAYBACK Points by earning points from different partner brands simultaneously (e.g., booking movie tickets through BookMyShow and paying with the card, you earn points from both partners on the same transaction).
  • It is mandatory to quote your PAYBACK membership number/registered mobile number to earn accelerated Points from PAYBACK partners.

Rewards Redemption Guide

• Redeem your PAYBACK Points for movie tickets on BookMyShow.com, groceries from Big Bazaar, shopping vouchers from VoucherWorld, or any product of your choice from the PAYBACK Rewards Catalogue.
• Redemption Value: 1 PAYBACK Point = Re. 0.25.
• How to Redeem:
  • Order from the PAYBACK website (rewards.payback.in) by choosing a product from the PAYBACK Rewards e-Catalogue.
  • Call the PAYBACK Contact Centre at 1860 258 5000 (between 10 am to 9 pm) and quote the item code of the product you wish to redeem.
  • Alternatively, you can redeem your PAYBACK Points to shop at PAYBACK partner brands in-store or online.
• To know your current balance of PAYBACK points, log on to the PAYBACK website (www.payback.in)/Mobile App, call the PAYBACK Contact Centre, or SMS PBBAL to 9212146468 from your registered mobile number.

Card Review

The IndusInd Bank Payback Credit Card is an easily manageable and pocket-friendly option, offering generous rewards in the form of PAYBACK points for various daily expenditures. It is well-suited for individuals who frequently spend on movies, dining, groceries, and shopping, benefiting from accelerated reward rates in these categories. The card's milestone benefits are particularly rewarding, allowing users to earn bonus points both monthly and annually based on their spending. Key advantages include a low joining fee, no annual renewal fee, a 1% fuel surcharge waiver, and comprehensive lifestyle benefits like 24-hour concierge services, Auto Assist, and insurance cover. While it offers strong rewards for specific spending patterns, it does not provide lounge access for domestic or international travel, nor does it offer golf benefits. Despite its discontinuation for new applications, for existing cardholders, it remains a valuable card due to its robust reward structure and ancillary services.

Important Product Details

• Welcome Gift: 1,000 PAYBACK points on payment of joining fee.
• Memberships: Complimentary PAYBACK Plus membership for a year; previously offered Future Privilege Membership (discontinued for new issuances from Dec 1, 2020).
• Reward Rate (Movies): 20 PAYBACK points per ₹ 100 spent.
• Reward Rate (Dining, Groceries, Shopping): 5 PAYBACK points per ₹ 100 spent.
• Reward Rate (Other Spends): 2 PAYBACK points per ₹ 100 spent.
• Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹ 400 - ₹ 4,000.
• Monthly Bonus: Earn 500 PAYBACK Points on monthly spends of ₹ 20,000 or more.
• Annual Bonus: Earn 4,000 PAYBACK Points on annual spends of ₹ 2,00,000 or more.
• Reward Redemption Value: 1 PAYBACK Point = Re. 0.25.
• Insurance Cover: Personal Air Accident Insurance cover of up to ₹ 25 lakhs and 'Total Protect' for fraudulent transactions up to the credit limit (48 hours prior to reporting loss/theft, and counterfeit fraud).
• Concierge Services: 24-hour complimentary assistance for pre-trip, hotel, flight, sports/entertainment bookings, exclusive event bookings, flowers, and gifts.
• Auto Assist: Complimentary roadside assistance including roadside repair, emergency fuel supply (up to 5 litres), flat tyre services, lost keys assistance, battery service, emergency towing, and accident management/medical assistance. Available in Mumbai, Delhi, Bangalore, Pune, Chennai, and Kolkata.
• Contactless Feature: Chip-based contactless card for fast, convenient, and secure payments by tapping at merchant locations accepting contactless payments. Can also be used for standard card payments, online purchases, and cash withdrawals.
• Lounge Access: No domestic or international lounge access.
• Travel/Golf Benefits: No specific travel or golf benefits mentioned beyond concierge services.

Other Details

• Concierge Service Offerings:
  • Pre-trip Assistance: Information about travel destinations, weather, landmarks, and modes of transport.
  • Hotel Reservation: Booking and arrangements in hotels worldwide.
  • Flight Booking: Necessary flight arrangements to desired destinations.
  • Sports and Entertainment Booking: Booking for sports events.
  • Exclusive Booking: Information and reservations for special events like workshops or talks.
  • Flowers and Gift: Arranging for special gifts and flower deliveries globally.
  • To avail of these services, call the Concierge Desk at 1860 267 7777.
• Auto Assist Services:
  • Roadside Repair Service: Mechanic arranged for mechanical/electrical faults.
  • Emergency Fuel Supply: Up to five litres of fuel delivered to your location.
  • Flat Tyre Services: Mechanic arranged to repair or replace the tyre.
  • Lost Keys: Locksmith arranged to make a new car key or open the car door.
  • Battery Service: Service provider arranged to fix a dead or malfunctioning car battery.
  • Emergency Towing Assistance: Towing service arranged to take your car to a garage.
  • Accident Management and Medical Assistance: Coordination of emergency activities, including message transmission, medical assistance, and vehicle towing.
  • Auto Assist services are available in Mumbai, Delhi, Bangalore, Pune, Chennai, and Kolkata.
  • For further details, call the Concierge Desk at 1860 267 7777.
• Total Protect Insurance Coverage:
  • Covers unauthorized transactions for up to 48 hours prior to reporting loss/theft of card.
  • Covers against counterfeit fraud.
  • Available on add-on cards as well.
• Example Spending Pattern and PAYBACK Points Earned (Illustrative):
  • Monthly Spends:
    • Shopping, groceries, dining: ₹ 15,000
    • Movies: ₹ 600
    • Others: ₹ 4,000
    • Fuel Spends: ₹ 2,000
    • Total Monthly Spends: ₹ 21,600
  • Annual Spends:
    • Shopping, groceries, dining: ₹ 1,80,000
    • Movies: ₹ 7,200
    • Others: ₹ 48,000
    • Fuel Spends: ₹ 24,000
    • Total Annual Spends: ₹ 2,59,200
  • PAYBACK Points Earned Annually from Spends:
    • Shopping, groceries, dining: 9,000 points
    • Movies: 1,440 points
    • Others: 960 points
    • Fuel Spends: 0 points
    • Total points from overall spends: 11,400 points
• Overall Points Calculation and Total Savings (Illustrative):
  • Points on Overall Spends: 11,400
  • Welcome Offer (on payment of Joining Fee): 1,000
  • Monthly Bonus Points (on spending ₹ 20,000 in a month, for 12 months): 6,000
  • Annual Bonus Points (on spending ₹ 2,00,000 in a membership year): 4,000
  • Total PAYBACK Points: 22,400
  • INR Value (at Re. 0.25 per point): ₹ 5,600
  • Savings on Fuel Spends (1% waiver on ₹ 24,000 annual fuel spend): ₹ 240
  • Total Savings: ₹ 5,840