IndusInd Bank Platinum RuPay Credit Card – Benefits, Fees & Eligibility

IndusInd Bank Platinum RuPay Credit Card

Introduction

The IndusInd Bank Platinum RuPay Credit Card is designed to offer the convenience of UPI payments coupled with credit card benefits. This unique card allows users to effortlessly link it to popular UPI applications such as BHIM, Google Pay, PhonePe, and Paytm, enabling seamless digital transactions. It is a lifetime-free credit card, making it an attractive option for both seasoned cardholders and first-time users looking to build their credit score. The card is particularly beneficial for individuals who frequently use UPI for their daily transactions, offering accelerated reward points on such spends, along with additional perks like fuel surcharge waivers, comprehensive travel insurance, and robust fraud protection coverage.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: Rs. 100
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.95% per month (47.40% per annum)
• Fuel Surcharge: 1% waiver on fuel surcharge at any petrol pump across India.
  • For a monthly fuel usage of Rs. 4000, this translates to monthly savings of Rs. 40 and annual savings of Rs. 480.
• Cash Advance Charges: 2.5% of the total transaction amount or a minimum of Rs. 300.

Rewards

• Earning Reward Points
  • Earn 2 Reward Points on every ₹100 spent on UPI transactions.
  • Earn 1 Reward Point for every ₹100 spent on non-UPI transactions.
  • Earn ₹0.70 for every ₹100 on select merchant categories, applicable for both UPI and non-UPI transactions.
  • Reward Points are earned only for spends up to the assigned credit limit in every statement cycle.
  • Fuel transactions will not accrue any reward points.
  • No Reward Points are awarded for utility bills, government services, insurance premiums, education fees, and rental payments.
• Travel Benefits
  • Travel Insurance Cover: Provided by The Oriental Insurance Company Ltd.
    • Lost baggage cover: up to ₹1,00,000
    • Delayed baggage cover: up to ₹25,000
    • Loss of passport cover: up to ₹50,000
    • Lost ticket cover: up to ₹25,000
    • Missed connection cover: up to ₹25,000
    • Total travel insurance coverage up to ₹2.25 lakh.
• Insurance Benefits
  • Total Protect: A program that covers unauthorized transactions up to the credit limit on the card (and 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 the card or card details are stolen and used fraudulently.
  • Air Accident Coverage: Complimentary personal air accident insurance cover of up to INR 25 lakh.
• Fuel Surcharge Waiver
  • Enjoy a waiver of 1% on fuel surcharge at any petrol pump within India.
• UPI Enabled
  • The card can be linked to popular UPI apps such as BHIM, Google Pay, PhonePe, and Paytm for seamless digital payment experiences.
• Other Benefits
  • No specific movie, dining, domestic lounge, international lounge, or golf benefits are explicitly mentioned for this card.

Rewards Redemption Guide

• Choose from multiple reward redemption options tailored for maximum benefit.
• Redemption Options:
  • IndusMoments: Redeem points for instant discounts, cashback offers, and more on popular brands.
  • Airline Miles on KrisFlyer: Redeem reward points for KrisFlyer miles, with a conversion rate of 400 Reward Points = 100 KrisFlyer miles.
  • Cash Credit: Redeem your reward points for their cash value to pay off your outstanding credit card balance. The current value is 1 Reward Point = Rs. 0.35.
  • Pay with Rewards: Utilize this option for redemption.
• Important Updates Regarding Redemption:
  • Effective 15th December 2024, the value of non-cash redemption (excluding airmiles) will be 1 Reward Point = Rs.0.60.
  • Effective 1st September 2024, the maximum reward points allowed for cash redemption will be 2500 per calendar month.
  • Reward Points Redemption towards Club Vistara Airmiles will be discontinued effective 31st October 2024.
  • Reward Points redemption towards InterMiles will be discontinued effective 21st January 2025.

Card Review

The IndusInd Bank Platinum RuPay Credit Card is best suited for individuals who frequently make payments through UPI. It provides a rewarding experience with 2 Reward Points on every Rs. 100 spent via UPI and 1 Reward Point for every Rs. 100 spent on non-UPI transactions. As a lifetime-free card, it's an excellent entry-level option for beginners or first-time cardholders to establish and improve their credit score while enjoying the convenience of UPI.

• Pros:
  • Lifetime free credit card with zero joining and annual charges.
  • Can be linked and used seamlessly with various UPI applications like Google Pay, PhonePe, Paytm, and BHIM.
  • Offers accelerated reward points on UPI transactions.
  • Provides comprehensive travel insurance and other insurance benefits like Total Protect and Air Accident cover.
  • Includes a 1% fuel surcharge waiver.
• Cons:
  • Does not provide any complimentary lounge access benefits.
  • Lacks specific dining or movie benefits.
  • High foreign currency markup of 3.5% for international transactions.

Important Product Details

• Positive Highlights:
  • Lifetime Free with no joining or annual fees.
  • Seamless UPI integration for digital payments.
  • Earn 2 Reward Points on every ₹100 spent via UPI.
  • Earn 1 Reward Point on every ₹100 spent on non-UPI transactions.
  • Offers 1% fuel surcharge waiver across India.
  • Comprehensive travel insurance cover for lost baggage, delayed baggage, loss of passport, lost ticket, and missed connection.
  • Includes Total Protect for unauthorized transactions and counterfeit fraud, and a personal air accident cover of up to INR 25 lakh.
  • Multiple options for reward redemption including IndusMoments, KrisFlyer miles, and cash credit.
• Negative Highlights:
  • A redemption fee of Rs. 100 applies for reward points.
  • A foreign currency markup of 3.5% is charged for international transactions.
  • Fuel transactions, utility bills, government services, insurance premiums, education fees, and rental payments do not earn reward points.
  • The value of non-cash redemption (excluding airmiles) will change to 1 RP = Rs.0.60 from December 15, 2024.
  • Maximum reward points allowed for cash redemption will be capped at 2500 per calendar month from September 1, 2024.
  • Discontinuation of Reward Points redemption towards Club Vistara Airmiles (effective October 31, 2024) and InterMiles (effective January 21, 2025).
  • No lounge access or specific dining/movie benefits are offered.

Other Details

• How to Apply:
  • Applicants can visit the IndusInd Bank website or use the "Apply Now" button.
  • Both existing and new IndusInd Bank customers (excluding co-brand credit cardholders for existing customers) are eligible to apply.
  • The application process can be completed online by providing details, choosing a card offer, accepting terms, and completing a quick VKYC (Video Know Your Customer).
• How to Link Your Platinum RuPay Credit Card with UPI:
  • Step 1: Open your preferred UPI app (BHIM, PhonePe, Paytm, Google Pay).
  • Step 2: Select the option "Add Credit Card/Link Credit Card".
  • Step 3: Select the Credit Card Issuer Bank (IndusInd Bank).
  • Step 4: Select your IndusInd Bank Platinum RuPay Credit Card.
  • Step 5: Proceed to generate your UPI PIN by entering the last 6 digits of your credit card and its expiry date. An OTP will be triggered to your registered mobile number, which you will use to set your PIN.
• Making UPI Payments with Your Platinum RuPay Credit Card:
  • Scan a Merchant QR Code or enter the Merchant UPI ID.
  • Enter the amount to be paid or pay the auto-fetched amount.
  • Select Platinum RuPay Credit Card from the list of payment options.
  • Enter your UPI PIN and click confirm.
• Best Suited For: Shopping.
• Reward Type: Reward Points.
• International Usage: The card can be used for international transactions, but it is advisable to use it cautiously due to the 3.5% Forex Mark-up.