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

Introduction

The IndusInd Bank Platinum RuPay Credit Card is an entry-level, lifetime-free credit card issued by IndusInd Bank, primarily designed for individuals who frequently use UPI for their transactions. It stands out by offering 2 Reward Points for every Rs. 100 spent on UPI transactions and can be seamlessly linked with popular UPI applications like Google Pay, PhonePe, and Paytm, making digital payments convenient and rewarding.

Fees

• Joining Fee: Nil (Lifetime free)
• Renewal Fee: Nil (Lifetime free)
• Rewards Redemption Fee: Rs. 100
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.95% Per Month (47.40% Per Annum)
• Fuel Surcharge Waiver: 1% fuel surcharge waiver, with a maximum saving of Rs. 40 monthly and Rs. 480 annually.
• Cash Advance Charges: 2.5% of the total transaction amount or a minimum of Rs. 300.

Rewards

• UPI Transactions: Earn 2 Reward Points for every Rs. 100 spent on UPI transactions.
• Non-UPI Transactions: Earn 1 Reward Point for every Rs. 100 spent on non-UPI transactions.
• Select Merchant Categories: Earn Rs. 0.70 for every Rs. 100 on select merchant categories, applicable for both UPI and non-UPI transactions.
• Reward Point Cap: Reward Points will be earned only for spends up to the assigned credit limit in every statement cycle.
• Exclusions: No Reward Points shall be awarded for utility bills, government services, insurance premiums, education fees, spends on fuel, and rental payments.
• Travel Insurance: Comprehensive travel insurance is provided, covering:
  • Lost Baggage: Up to ₹ 1,00,000
  • Delayed Baggage: Up to ₹ 25,000
  • Loss of Passport: Up to ₹ 50,000
  • Lost Ticket: Up to ₹ 25,000
  • Missed Connection: Up to ₹ 25,000
• Total Protect: A first-of-its-kind program that covers fraudulent usage up to the credit limit, also available on add-on cards. This includes:
  • Unauthorized transactions in case of loss/theft of card: Insurance cover up to 48 hours prior to reporting the loss of your card to IndusInd Bank.
  • Counterfeit fraud: Protection against unscrupulous use of stolen card or card details by producing counterfeit plastic.

Rewards Redemption Guide

• Cash Value: 1 Reward Point = Rs. 0.35 when redeemed for cash value to pay off outstanding credit card balance.
• Non-Cash Redemption Value: From 15th December 2024, the value of non-cash redemption (excluding airmiles) will be 1 Reward Point = Rs. 0.60.
• Cash Redemption Limit: Effective 1st September 2024, the maximum reward points allowed for cash redemption will be 2500 per calendar month.
• Redemption Options:
  • IndusMoments: Redeem for instant discounts, cashback offers, and more on popular brands.
  • Airline Miles: Redeem for KrisFlyer miles (400 Reward Points = 100 KrisFlyer miles).
  • Cash Credit: Use reward points to pay off your outstanding credit card balance.
  • Pay with Rewards: Utilize points for various payment options.
• Discontinuation Notices:
  • Reward Points Redemption towards Club Vistara Airmiles on www.indusmoments.com 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 serves as an excellent entry-level credit card for beginners or first-time cardholders looking to build their credit score and adapt to credit card usage.

• Pros:
  • Can be linked and used for transactions with popular UPI apps like Google Pay, PhonePe, Paytm, and BHIM.
  • It is a lifetime free credit card with no annual or renewal charges.
  • Offers competitive reward points on UPI transactions.
  • Includes valuable travel insurance and fraud protection benefits.
• Cons:
  • Does not provide any complimentary lounge access.
  • Does not offer specific dining or movie benefits.

Important Product Details

• Lifetime Free: No joining fee or annual fee.
• UPI Enabled: Linkable to UPI applications like BHIM, Google Pay, PhonePe, and Paytm for quick mobile transactions.
• Reward Earning:
  • 2 Reward Points on every Rs. 100 spent on UPI transactions.
  • 1 Reward Point on every Rs. 100 spent on non-UPI transactions.
  • Additional Rs. 0.70 for every Rs. 100 on select merchant categories (for both UPI & Non-UPI transactions).
• Fuel Surcharge Waiver: 1% waiver on fuel surcharge, saving up to Rs. 480 annually.
• Travel Insurance: Provides coverage for lost baggage, delayed baggage, loss of passport, lost ticket, and missed connection.
• Total Protect: Covers unauthorized transactions in case of card loss/theft and counterfeit fraud up to the credit limit.
• Reward Exclusions: No reward points on utility bills, government services, insurance premiums, education fees, fuel, and rental payments.
• Fees & Charges:
  • Rewards Redemption Fee: Rs. 100.
  • Foreign Currency Markup: 3.5%.
  • Interest Rates: 3.95% per month (47.40% per annum).
  • Cash Advance Charges: 2.5% of transaction amount or Rs. 300 minimum.
• Redemption Changes:
  • Maximum 2500 reward points for cash redemption per calendar month (effective Sep 1, 2024).
  • Discontinuation of Club Vistara Airmiles redemption (Oct 31, 2024) and InterMiles redemption (Jan 21, 2025).

Other Details

• How to Apply:
  • Click on "Apply Now" on the bank's official website.
  • Fill in your particulars.
  • Submit your application for the card.
  • Existing and new customers are eligible to apply, requiring details, card offer selection, acceptance of terms, and a quick VKYC.
• How to Link Your Platinum RuPay Credit Card With UPI:
  • Open your preferred UPI app (BHIM, PhonePe, Paytm, or Google Pay).
  • Select the option "Add Credit Card/Link Credit Card".
  • Select Credit Card Issuer Bank (IndusInd Bank).
  • Select your IndusInd Bank Platinum RuPay Credit Card.
  • Proceed to generate UPI PIN.
• How to Set UPI PIN:
  • Select "Generate PIN" option and choose Platinum RuPay Credit Card.
  • Enter the last 6 digits and expiry date of your credit card.
  • Enter the OTP received on your registered mobile number and set your desired PIN.
• How to Make UPI Payments with your Platinum RuPay Credit Card:
  • Scan a Merchant QR Code or enter a Merchant UPI ID.
  • Enter the amount to be paid.
  • Select Platinum RuPay Credit Card from the list of payment options.
  • Enter your Credit Card's UPI PIN and click Confirm.
• Terms and Conditions: Detailed terms and conditions for rewards, redemption options, travel insurance, fuel surcharge waiver, and lost card liability are available on the bank's website. The Most Important Terms and Conditions (MITC) and Card Holder's Agreement are also available for review.