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

Introduction

The IndusInd Bank Platinum Select Credit Card is positioned as an affordable to mid-range credit card, offering a blend of benefits across various categories. It provides 1 Reward Point for every Rs. 150 spent and comes with welcome gift vouchers from brands like EazyDiner, BATA, and Vero Moda. Key differentiating features include a 'buy 1 get 1 free' offer on movie tickets (though this offer has been discontinued), complimentary Priority Pass Membership, and comprehensive insurance coverage. Note: This card has been discontinued for new sourcing and is displayed for reference for existing cardholders.

Welcome Benefits

• 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 EazyDiner official website or on the EazyDiner Android & iOS app.
• Receive gift vouchers from BATA & Vero Moda. One gift voucher can only be used on a single transaction.
• Vouchagram offers various discount vouchers from multiple brands like Pantaloons, Bata, Raymond, Charles and Keith, and Hush Puppies. These brands are subject to change at the discretion of the Bank & Vouchagram.
• The welcome gift is applicable only on select fee plans.

Fees

• Joining Fee: Rs. 999 + GST
• Annual Fee: Nil
• Spend-Based Waiver: Nil
• 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 (45.96% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver for all transactions between Rs. 400 & Rs. 4,000 across all fuel stations in India.
• Cash Advance Charges: 2.5% of the withdrawn amount or Rs. 300 (whichever is higher).

Rewards

• Rewards Rate: Earn 1 Reward Point per Rs. 150 spent using your IndusInd Bank Platinum Select Credit Card.
• No reward points are accrued on fuel transactions (effective April 1, 2018).
• Movie Benefits:
  • Buy 1 movie ticket and get 1 free on booking through Bookmyshow.
  • You can avail of 1 complimentary ticket each month with a maximum ticket price of Rs. 200.
  • Get a discount of 20% on non-movie bookings (maximum benefit of Rs. 200).
  • Note: The BookMyShow offer on IndusInd Bank Platinum Select Credit Card was discontinued effective October 1, 2022.
• Travel Benefits:
  • You get complimentary Priority Pass Membership.
  • All lounge visits using Priority Pass will be charged at US $27 + GST per person per visit.
• Insurance Benefits:
  • Accidental Air Death: Rs. 25 lakhs
  • Lost Baggage: Rs. 1,00,000
  • Delayed Baggage: Rs 25,000
  • Loss of Passport: Rs 50,000
  • Lost Ticket: Rs 25,000
  • Missed Connection: Rs 25,000
  • Total Protect: This program covers you for a sum up to the credit limit on your Credit Card and is available on add-on cards. It covers unauthorized transactions in case of loss/theft of card (up to 48 hours prior to reporting the loss) and counterfeit fraud.
• Concierge Benefits: The IndusInd Bank Platinum Select Credit Cardholders get concierge benefits that include:
  • Flight/Hotel Bookings
  • Pre-trip assistance
  • Sports/Entertainment bookings
  • Flowers & Gifts
• Other Benefits (Auto Assistance): This card provides auto-assistance that would be helpful for you in:
  • Emergency fuel supply
  • Keys locked inside
  • Roadside repair service
  • Flat Tire Service
  • Emergency medical assistance

Rewards Redemption Guide

• The reward points are redeemable against a variety of options/offers available at IndusMoments.
• These Reward Points are also redeemable against InterMiles at a rate of 1 Reward Point = 1 InterMile. Note: Reward Points redemption towards InterMiles will be discontinued effective January 21, 2025.
• When redeeming against Club Vistara Points, 1 Reward Point = 0.5 Club Vistara Point. Note: Reward Points redemption towards Club Vistara Airmiles will be discontinued effective October 31, 2024.
• For redemption against cash credit, 1 Reward Point = Re. 0.75.
• Changes effective March 1, 2024:
  • The value of non-cash redemption (excluding airmiles) will be 1 RP = Rs. 0.60.
  • The value of cash redemption will be 1 RP = Rs. 0.40.
• Effective September 1, 2024: The maximum reward points allowed for cash redemption will be 2500 per calendar month.
• A Rewards Redemption Fee of Rs. 100 plus taxes is charged per redemption request.
• Refer to the bank's website for generic terms & conditions and the steps to redeem your reward points against any of the redemption options.

Card Review

The IndusInd Bank Platinum Select Credit Card, despite being discontinued for new sourcing, offers a comprehensive suite of benefits for existing cardholders at a nominal joining fee of Rs. 999 and no annual fee.

• Pros:
  • Affordable joining fee with no annual fee.
  • Decent rewards rate of 1 RP per Rs. 150 spent.
  • Valuable welcome benefits including EazyDiner discounts and gift vouchers from popular brands.
  • Extensive insurance coverage, including air accident, travel, and 'Total Protect' for fraudulent usage.
  • Complimentary Priority Pass Membership (though lounge visits are chargeable).
  • Fuel surcharge waiver.
  • Additional lifestyle benefits like concierge services and auto assistance.
• Cons:
  • The card has been discontinued for new sourcing.
  • The popular 'Buy 1 Get 1 Free' movie offer on BookMyShow was discontinued effective October 1, 2022.
  • Lounge access via Priority Pass is chargeable (US $27 + GST per visit).
  • Reward point values for cash and non-cash redemptions are being reduced significantly from March 1, 2024.
  • A monthly cap of 2500 reward points for cash redemption will be imposed from September 1, 2024.
  • Redemption options for InterMiles and Club Vistara Airmiles are being discontinued in late 2024 and early 2025.
• Who should apply: This card was best suited for individuals seeking an affordable card with a wide array of benefits across travel, entertainment, and insurance. For existing cardholders, it continues to offer value, but the recent and upcoming changes to rewards and benefits (especially movie offers and redemption values/options) significantly diminish its appeal.

Important Product Details

• The card is discontinued for new sourcing and is displayed as a reference for existing cardholders.
• Earn 1 Reward Point per Rs. 150 spent.
• Joining Fee: Rs. 999.
• Annual Fee: Nil.
• Easy redemption of Reward Points against cash credit and many other options.
• Welcome gift vouchers from EazyDiner, BATA, Vero Moda, and other Vouchagram brands.
• Complimentary Priority Pass Membership (lounge visits are chargeable at US $27 + GST per person per visit).
• Select Auto Assistance facility.
• Comprehensive insurance cover including air accidental cover and travel insurance.
• 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4,000.
• The 'Buy 1 Get 1 Free' movie offer on BookMyShow was discontinued effective October 1, 2022.
• No reward points are accrued on fuel transactions (effective April 1, 2018).
• Effective March 1, 2024, the value of non-cash redemption (excluding airmiles) will be 1 RP = Rs. 0.60, and cash redemption will be 1 RP = Rs. 0.40.
• Effective September 1, 2024, maximum reward points allowed for cash redemption will be 2500 per calendar month.
• Reward Points redemption towards Club Vistara Airmiles will be discontinued effective October 31, 2024.
• Reward Points redemption towards InterMiles will be discontinued effective January 21, 2025.

Other Details

• The IndusInd Bank Platinum Select Credit Card has been discontinued for new sourcing and is only displayed as a reference for existing cardholders.
• The BookMyShow offer on this card was discontinued effective October 1, 2022.
• Generic terms & conditions for the rewards program, insurance policies, and other benefits are available on the bank's official website.
• The card is described as both a "basic credit card" and a "Premium card" in different sections of the provided content.