IndusInd Bank Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

The IndusInd Bank Platinum Credit Card, offered by IndusInd Bank, is positioned as a mid-range to premium credit card, ideal for millennials who enjoy shopping from premium brands and seek a luxurious lifestyle. It stands out with a generous reward rate of 1.5 reward points on every ₹150 spent, comprehensive insurance benefits including a ₹25 lakh air accidental death cover and extensive travel insurance, and a 1% fuel surcharge waiver. The card also provides 24/7 concierge and auto assist services, enhancing convenience and security for its users.

Welcome Benefits

• Montblanc: Access to an exquisite collection of watches, writing instruments, jewellery, leather goods, and eyewear from Montblanc stores located in 6 cities with 12 stores across India.
• The Postcard Hotel: Enjoy intimate luxury hotels hidden in holiday destinations across India.
• Vouchagram: Receive discount vouchers from multiple brands such as Amazon, Flipkart, Zee5, Apollo Pharmacy, Uber, Ola, and more. Brands are subject to change at the discretion of the Bank & Vouchagram.
• Vouchagram Premium: Access to various discount vouchers from multiple brands. Brands are subject to change at the discretion of the Bank & Vouchagram.
• Note: Welcome gifts are only applicable on select fee plans.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not applicable
• Rewards Redemption Fee: Rs. 100
• Foreign Currency Markup: 3.5% of the transacted amount
• Interest Rates: 3.83% per month (46% per annum)
• Fuel Surcharge: 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4,000 at all fuel stations in India.
• Cash Advance Charges: Rs. 300 or 2.5% of the amount withdrawn, whichever is higher.

Rewards

• Rewards Rate:
  • Earn 1.5 reward points on every ₹150 spent on this card (except on fuel).
  • Earn 1.2 reward points on every ₹150 spent on select merchant categories like utility bill payments and insurance premium payments.
  • No reward points will be earned on transactions towards fuel purchases.
• Movie & Dining:
  • The card does not currently provide any benefits on movies and dining.
  • The BookMyShow offer on IndusInd Bank Platinum Credit Card was discontinued effective October 1, 2022.
• Travel:
  • Comprehensive travel insurance cover provided by The Oriental Insurance Company Ltd.
    • Lost baggage: Up to INR 1,00,000
    • Delayed baggage: Up to INR 25,000
    • Loss of passport: Up to INR 50,000
    • Lost ticket: Up to INR 25,000
    • Missed connection: Up to INR 25,000
• Domestic Lounge Access: Not applicable
• International Lounge Access: Not applicable
• Golf: No golf benefits are provided to add-on members on Platinum Credit Card.
• Insurance Benefits:
  • Complimentary Air Accidental death cover worth Rs. 25 Lakhs.
  • Total Protect: A first-of-its-kind program covering fraudulent usage up to the credit limit on your card, also available on 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 your card or card details are stolen and used to produce counterfeit plastic.
• Lifestyle:
  • 24x7 concierge services.
  • Complimentary access to Auto Assist services including roadside repair, emergency fuel supply, and emergency towing assistance.

Rewards Redemption Guide

• Redemption Options:
  • Convert reward points into cash credit for paying outstanding amounts on the card.
  • Redeem points against products/vouchers at IndusMoments.
  • Redeem points for Airline Miles on Krisflyer.
  • "Pay with Rewards" option available.
• Redemption Value:
  • For cash redemption: 1 Reward Point = ₹0.40 (effective March 1, 2024).
  • For non-cash redemption (excluding airmiles): 1 Reward Point = ₹0.60 (effective March 1, 2024).
  • Previously, from January 1, 2024, the value of non-cash redemptions (excluding airmiles) was 1 RP = Rs.0.50.
• Maximum Redemption:
  • You can redeem a maximum of 2,500 reward points for cash credit in a billing cycle/calendar month (effective September 1, 2024).
• Discontinuation Notices:
  • 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 Review

The IndusInd Bank Platinum Credit Card is a decent credit card with a generous reward rate, making it suitable for individuals who frequently shop, especially from premium brands, and value comprehensive insurance coverage. It targets millennials seeking a lifestyle card that offers benefits across shopping and insurance. The card provides a strong value proposition with no joining or annual fees, a competitive reward earning structure, and essential services like fuel surcharge waiver, 24/7 concierge, and auto assist. While it lacks specific movie, dining, or lounge access benefits, its robust insurance covers, including air accidental death and extensive travel insurance, along with the "Total Protect" feature against fraud, make it a secure and valuable option for everyday spending and travel.

Important Product Details

• Earn 1.5 reward points on every ₹150 spent on this card (except on fuel).
• Get a complimentary air accidental death cover of up to ₹25 lakh.
• Enjoy a 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4,000.
• Benefit from 24x7 concierge services and auto assist.
• Comprehensive travel insurance covers lost baggage, delayed baggage, loss of passport, lost ticket, and missed connection.
• "Total Protect" program covers unauthorized transactions in case of loss/theft of card and counterfeit fraud.
• The card comes with Nil Joining Fee and Nil Annual Fee.

Other Details

• The card offers complimentary access to Auto Assist services such as roadside repair, emergency fuel supply, and emergency towing assistance.
• The BookMyShow offer on this credit card was discontinued effective October 1, 2022.
• Welcome benefits like Montblanc, The Postcard Hotel, Vouchagram, and Vouchagram Premium are applicable only on select fee plans.
• The "Total Protect" program covers unauthorized transactions up to 48 hours prior to reporting the loss of your card to IndusInd Bank.
• Application for the Platinum Visa Credit Card can be done online in 3 easy steps: input basic details, the bank fetches the best offer, and then sign the application digitally and complete instant V-KYC.
• Various benefits and redemption options are subject to specific terms and conditions, which are available on the bank's website.