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

IndusInd Bank Platinum Select Credit Card

The IndusInd Bank Platinum Select Credit Card is designed as a premium card that caters to diverse lifestyle needs, positioning itself as an affordable credit solution packed with multiple benefits. It offers a rewards program where cardholders earn 1 Reward Point for every ₹150 spent, with flexible redemption options including cash credit and various offers through IndusMoments. The card also provides exclusive lifestyle advantages such as movie ticket offers, comprehensive insurance coverage, and a fuel surcharge waiver, making it a well-rounded option for individuals seeking value across multiple categories, including shopping, travel, and entertainment. Please note, this product has been discontinued for new sourcing and is now only available as a reference for existing cardholders.

Welcome Benefits

• Vouchagram Discount Vouchers: Enjoy various discount vouchers from multiple brands like Pantaloons, Bata, Raymond, Charles and Keith, Hush Puppies, and more. These brands are subject to change at the discretion of the Bank & Vouchagram.
• EazyDiner Discount Offers: Get exclusive discount offers on EazyDiner. The discount voucher is valid for up to 6 months from the issuance date and can be redeemed on the official EazyDiner website or its Android & iOS app.
• Gift Vouchers: Receive gift vouchers from brands such as BATA and Vero Moda as a welcome gift. One gift voucher can be used per single transaction.
• Applicability: The welcome gift is only applicable on select fee plans.

Fees

• Joining Fee: Rs. 999 + GST
• Renewal Fee: Nil (zero annual/renewal fee)
• Rewards Redemption Fee: Rs. 100 plus taxes per redemption request.
• Foreign Currency Markup: 3.5% on all international transactions.
• Interest Rates: 3.83% per month (equivalent to 45.96% per annum).
• Fuel Surcharge: 1% fuel surcharge waiver for all transactions between Rs. 400 and Rs. 4,000 across all petrol pumps in India.
• Cash Advance Charges: 2.5% of the withdrawn amount or Rs. 300, whichever is higher.
• Priority Pass Lounge Visit Charges: All lounge visits using the complimentary Priority Pass Membership will be charged at US $27 + GST per person per visit.

Rewards

• Rewards Rate: Earn 1 Reward Point for every ₹150 spent on your IndusInd Bank Platinum Select Credit Card.
• Movies:
  • Enjoy a "Buy One Get One Free" (BOGO) offer on movie tickets when booked through BookMyShow and Satyam Cinema.
  • You can avail up to one complimentary ticket per month with a maximum ticket price of Rs. 200.
  • Get a discount of 20% on non-movie bookings, with a maximum benefit of Rs. 200.
  • Important Notice: Effective 1st October 2022, the BookMyShow offer on your IndusInd Bank Platinum Select Credit Card was discontinued.
• Dining: Access to exclusive discount offers on EazyDiner.
• Travel:
  • Complimentary Priority Pass Membership, allowing access to over 600 lounges worldwide (visits are chargeable at US $27 + GST).
  • Comprehensive travel insurance cover provided by ICICI Lombard General Insurance Company Limited, including:
    • 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
• Lounge: Complimentary Priority Pass Membership. Please note that all lounge visits using this membership are charged at US $27 + GST per person per visit. Domestic and International lounge access are explicitly stated as not applicable for complimentary visits.
• Golf: Not applicable.
• Insurance:
  • Personal Air Accident Insurance: Complimentary cover of up to Rs. 25 lakh.
  • Total Protect: This program covers fraudulent usage of your card up to the credit limit, also available on add-on cards. It covers:
    • Unauthorised Transactions: Insurance cover up to 48 hours prior to reporting the loss/theft of your card to IndusInd Bank.
    • Counterfeit Fraud: Protection against unscrupulous use of your card or card details by producing counterfeit plastic.
  • Comprehensive Insurance: Additional covers include lost passport, lost or delayed baggage, lost ticket, and missed connection.
• Fuel: Enjoy a 1% waiver on fuel surcharge at any petrol pump across India for transactions between Rs. 400 and Rs. 4,000.
• Reward Points Exclusion: Effective 1st April 2018, fuel transactions do not accrue reward points on your IndusInd Bank Credit Card.

Rewards Redemption Guide

• Reward Points Value:
  • Cash Credit Redemption:
    • Prior to March 1, 2024: 1 Reward Point = Re. 0.75.
    • From March 1, 2024: 1 Reward Point = Rs. 0.40.
  • Non-Cash Redemption (excluding airmiles): From March 1, 2024, 1 Reward Point = Rs. 0.60.
  • InterMiles Redemption: 1 Reward Point = 1 InterMile.
    • Important Notice: Reward Points redemption towards InterMiles for your IndusInd Bank Credit Card will be discontinued effective 21st January, 2025.
  • Club Vistara Points Redemption:
    • Main redemption section states: 1 Reward Point = 0.5 Club Vistara Point.
    • FAQ section states: 1 Reward Point = 1 Club Vistara Point.
    • Important Notice: Reward Points Redemption towards Club Vistara Airmiles on www.indusmoments.com for your IndusInd Bank Credit Card will be discontinued effective 31st October, 2024.
• Redemption Options: Reward points can be redeemed against a variety of options/offers available at IndusMoments, Pay with Rewards, and Airline Miles on Krisflyer, in addition to cash credit.
• Redemption Fee: A fee of Rs. 100 plus taxes is charged per redemption request.
• Monthly Redemption Limit: Effective 1st September 2024, the maximum reward points allowed for cash redemption will be 2500 per calendar month.
• Reward Points Accrual: No reward points are accrued on fuel transactions.

Card Review

The IndusInd Bank Platinum Select Credit Card is presented as a basic and affordable credit card, particularly well-suited for individuals seeking a card with a nominal joining fee of Rs. 999 and a wide array of benefits across various categories. It offers a decent rewards rate of 1 point per Rs. 150 spent, along with flexible redemption options. Key advantages include comprehensive insurance benefits (air accident, travel, total protect against fraud), a complimentary Priority Pass Membership for travel, and "Buy One Get One Free" movie ticket offers (though the BookMyShow offer has been discontinued). The fuel surcharge waiver adds to its utility.

Pros:

• Nominal joining fee with no annual/renewal fee.
• Comprehensive insurance covers, including air accident, travel, and fraud protection.
• Good reward rate on general spending.
• Flexible reward redemption options, including cash credit and airline miles.
• Complimentary Priority Pass Membership for international travel.
• Fuel surcharge waiver.
• Auto assistance and concierge services.

Cons:

• The product has been discontinued for new sourcing, making it accessible only to existing cardholders.
• The BookMyShow movie offer was discontinued effective October 1, 2022.
• Reward point redemption partnerships with Club Vistara and InterMiles are scheduled for discontinuation in late 2024 and early 2025, respectively.
• Lounge visits with Priority Pass Membership are chargeable (US $27 + GST per visit).
• A fee of Rs. 100 plus taxes is applied to every reward redemption request.
• Reward points are not accrued on fuel transactions.
• The value of cash credit and non-cash redemptions (excluding airmiles) has been revised downwards from March 1, 2024.
• A monthly cap of 2500 reward points for cash redemption will be effective from September 1, 2024.

Overall Verdict: For existing cardholders, the IndusInd Bank Platinum Select Credit Card offers significant value through its insurance benefits, travel perks, and a reasonable rewards structure, especially considering its zero renewal fee. However, the discontinuation for new applicants and the upcoming changes/discontinuations in key reward redemption partners and movie offers are important considerations. It's best for individuals who prioritize comprehensive insurance, occasional travel (understanding lounge charges), and diversified spending benefits at a low cost.

Important Product Details

• Earn 1 Reward Point for every ₹150 spent.
• Joining Fee: Rs. 999 + GST.
• No annual/renewal fee.
• Fuel surcharge waiver of 1% for transactions between Rs. 400 and Rs. 4,000.
• Complimentary Personal Air Accident Insurance cover of up to Rs. 25 lakh.
• Comprehensive travel insurance includes cover for lost baggage (INR 1,00,000), delayed baggage (INR 25,000), loss of passport (INR 50,000), lost ticket (INR 25,000), and missed connection (INR 25,000).
• "Total Protect" program offers insurance against unauthorized transactions (up to 48 hours prior to reporting) and counterfeit fraud.
• Complimentary Priority Pass Membership is provided; however, all lounge visits using this membership are charged at US $27 + GST per person per visit.
• Reward points are not accrued on fuel transactions (effective April 1, 2018).
• Reward redemption fee of Rs. 100 plus taxes per request.
• Foreign currency markup is 3.5% on international transactions.
• Interest rate: 3.83% per month (45.96% per annum).
• Cash advance charges: 2.5% of the withdrawn amount or Rs. 300 (whichever is higher).
• Important Update: The product has been discontinued for new sourcing.
• Important Update: BookMyShow offer was discontinued effective October 1, 2022.
• Important Update: Reward point value for cash redemption (1 RP = Rs. 0.40) and non-cash redemption excluding airmiles (1 RP = Rs. 0.60) revised from March 1, 2024.
• Important Update: Maximum reward points for cash redemption capped at 2500 per calendar month, effective September 1, 2024.
• Important Update: Reward points redemption towards Club Vistara Airmiles will be discontinued effective October 31, 2024.
• Important Update: Reward points redemption towards InterMiles will be discontinued effective January 21, 2025.

Other Details

• This credit card product has been discontinued for new sourcing and is now displayed solely as a reference for existing IndusInd Bank Platinum Select Credit Cardholders.
• Concierge Benefits: Cardholders receive concierge services including:
  • Flight/Hotel Bookings
  • Pre-trip assistance
  • Sports/Entertainment bookings
  • Flowers & Gifts
• Auto Assistance: The card provides auto-assistance services, which include:
  • Emergency fuel supply
  • Assistance for keys locked inside the vehicle
  • Roadside repair service
  • Flat Tire Service
  • Emergency medical assistance