IndusInd Bank Signature Visa Credit Card – Benefits, Fees & Eligibility

IndusInd Bank Signature Visa Credit Card

Introduction

The IndusInd Bank Signature Visa Credit Card is a premium offering from IndusInd Bank, designed for individuals seeking exclusive privileges across various categories such as travel, entertainment, and lifestyle. While new sourcing for this product has been discontinued, it remains a reference for existing cardholders, offering a host of benefits that include an exclusive stay at Oberoi Hotels as a welcome gift. Cardholders earn 1.5 Reward Points on every ₹100 spent, alongside complimentary domestic airport lounge access, global lounge access via Priority Pass, and complimentary golf sessions. The card aims to provide a luxurious and convenient lifestyle with comprehensive support services.

Welcome Benefits

• Receive a luxurious and complimentary stay at one of the best Oberoi Hotels.
• The welcome gift is available at select fee points only.
• Reservations can be made by contacting Oberoi Central Reservations after receiving the Oberoi Gift Voucher.

Fees

• Joining Fee: ₹50,000 + GST
• Renewal Fee: Nil
• Spend-Based Waiver: Not applicable (Nil)
• Rewards Redemption Fee: ₹100
• Foreign Currency Markup: 3.5% on all foreign currency transactions
• Interest Rates: 3.83% per month (45.96% per annum)
• Fuel Surcharge: 1% fuel surcharge waiver at any petrol pump across India for transactions between ₹400 and ₹4,000.
  • Monthly savings based on ₹8,000 fuel usage: ₹80
  • Annual savings based on ₹8,000 fuel usage: ₹960
• Cash Advance Charges: 2.5% or ₹300 (whichever is higher)

Rewards

• General Rewards Rate: Earn 1.5 Reward Points for every ₹100 spent on the IndusInd Bank Signature Visa Credit Card.
• Specific Category Rewards: Earn 0.75 Reward Points on every ₹100 spent on utility and insurance categories.
• Excluded Transactions: Fuel transactions will not accrue reward points (effective 1st April 2018).
• Program Revisions: The Rewards program was revised for select merchant categories from 1st August 2019.

Movies

• BookMyShow Offer:
  • Buy one movie ticket and get the other one absolutely free.
  • Customers can avail one free ticket per month (effective 1st June 2023).
  • This offer is valid on all theatres registered with BookMyShow across major cities.
  • The movie ticket discount is capped at ₹300 per transaction.
  • The offer is valid only for Visa Signature Cardholders for bookings on Thursday, Friday, Saturday, and Sunday.
• Non-Movie Bookings: Get a 20% discount on non-movie bookings, with a maximum discount of ₹200.
• Sathyam Cinemas Offer: Avail 4 free tickets every month through Sathyam Cinemas, with a maximum price of ₹120 per ticket.

Travel

• Priority Pass Program:
  • Receive a complimentary Priority Pass membership for yourself and your partner, providing access to over 1,000 premium airport lounges across the world.
  • Estimated annual benefit of USD 198 (approximately ₹9,900) for Priority Pass membership.
  • Estimated annual value for Priority Pass membership for self and partner: ₹13,266.
• Domestic Lounge Access: Get up to 2 complimentary domestic lounge visits per quarter on the primary card.
• Travel Plus Program:
  • Offers an exclusive travel assist program including access to 600+ VIP lounges worldwide and special waivers on lounge charges outside India.
  • Includes comprehensive travel insurance.
  • Lounge usage: Maximum of 8 lounge usages per year with a value of $27 per visit.
  • Enrolment fees: ₹5,000 per annum (effective 15th October 2013).
  • Estimated annual savings: Approximately ₹12,960.

Golf

• Enjoy 1 complimentary golf game every month at selected golf courses in India.
• Receive 1 complimentary golf lesson every month.
• Complimentary golf lessons are available at leading golf clubs in Chennai, Ahmedabad, Delhi NCR, Bengaluru, Hyderabad, Mumbai, and Pune.

Insurance

• Total Protect Program:
  • Covers for a sum up to the limit of your Credit Card and add-on cards.
  • Unauthorized Transactions: Insurance cover for unauthorized transactions up to 48 hours prior to reporting the loss or theft of your card to the Bank.
  • Counterfeit Fraud: Insurance protection if your card or card details are stolen and used fraudulently by producing counterfeit plastic.
• Air Accident Cover: Get a complimentary personal air accident insurance cover of up to ₹25 lakh.
• Travel Insurance Cover (in association with ICICI Lombard General Insurance Company Limited):
  • Accidental air death: ₹25 lakhs
  • Lost baggage: ₹1,00,000
  • Delayed baggage: ₹25,000
  • Loss of passport: ₹50,000
  • Lost ticket: ₹25,000
  • Missed connection: ₹25,000

Lifestyle

• 24-hour Concierge Services:
  • Pre-trip Assistance: Get information on destinations, activities, weather conditions, and transport options.
  • Hotel Reservation: Assistance with booking accommodations at hotels worldwide based on your preferences.
  • Flight Booking: Assistance with flight arrangements to your desired destination.
  • Sports and Entertainment Booking: Get tickets to your favorite matches, events, workshops, or talks.
  • Exclusive Booking: Information and reservations for special events or talks by eminent personalities globally.
  • Flower and Gift Delivery: Arranging for delivery of flowers, cakes, corporate gifts, and specific items like French wine or Swiss chocolates worldwide.
• Auto Assistance:
  • Roadside Repair Service: Arrangement for a mechanic in case of mechanical or electrical breakdown.
  • Emergency Fuel Supply: Delivery of up to five litres of fuel at your location if stranded.
  • Flat Tire Services: Arrangement for a mechanic to fix a flat tyre.
  • Lost Keys: Arrangement for a locksmith to open your car or make a new key.
  • Battery Service: Battery repair or replacement at the breakdown location.
  • Emergency Towing Assistance: Arrangement for a towing service to take your car to a repair shop.
  • Accident Management & Medical Assistance: Coordination for emergency message transmission, medical assistance, and vehicle towing in case of an accident or emergency.
  • Auto Assist services are available in Mumbai, Delhi, Bangalore, Pune, Chennai, and Kolkata.

Rewards Redemption Guide

• The rewards program is designed to be simple and easy, allowing faster earning and quick redemption.
• Redemption Options:
  • IndusMoments
  • Pay with Rewards
  • Airline Miles on Krisflyer
  • Cash credit
• Value of Reward Points (Effective 1st March 2024):
  • Non-cash redemption (excluding airmiles): 1 Reward Point = ₹0.75
  • Cash redemption: 1 Reward Point = ₹0.50
• Maximum Cash Redemption: Effective 1st September 2024, the maximum reward points allowed for cash redemption will be 7500 per calendar month.
• 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 for your IndusInd Bank Credit Card will be discontinued effective 21st January 2025.
• A step-by-step guide to redeem reward points against any of the mentioned options is available.

Card Eligibility Criteria

Eligibility

• Applicant’s age should be between 21 and 65 years.
• Applicant should have a stable monthly income.
• Minimum Income (as per ITR):
  • For Salaried Individuals: ₹48 Lakhs Per Annum (LPA)
  • For Self-Employed Individuals: ₹60 Lakhs Per Annum (LPA)

Documentation

• KYC Documents:
  • Aadhaar card
  • Passport
  • PAN card
  • Voter ID card
  • Driving Licence
• One recent passport-sized photograph.
• Income Documents for Salaried Individuals:
  • Latest 3-month bank statement
  • Latest 3-month Salary slip or other bank credit card details.
• Income Documents for Self-employed Individuals:
  • Latest copy of ITR
  • Other bank credit card details.
• All above documents need to be self-attested by the applicant.

Card Review

The IndusInd Bank Signature Visa Credit Card is positioned as a premium card for high net worth individuals, offering a comprehensive suite of luxury benefits. A significant highlight is its one-time joining fee of ₹50,000 + GST, with no annual renewal fee, providing what is advertised as "lifetime benefits." The card excels in providing value across multiple categories, including travel with complimentary Priority Pass and domestic lounge access, and entertainment with attractive movie ticket offers. The generous reward rate of 1.5 points per ₹100, along with a range of insurance covers (air accident, lost baggage, passport, etc.), and 24/7 concierge and auto-assistance services, reinforces its premium status. Complimentary golf games and lessons further cater to an exclusive lifestyle.

However, a critical factor for potential applicants is that this product has been discontinued for new sourcing and is only displayed as a reference for existing cardholders. This means new applications are not being accepted, and interested individuals would need to explore other credit card products from IndusInd Bank. Furthermore, recent revisions to reward point redemption values (1 RP = ₹0.75 for non-cash, ₹0.50 for cash, effective March 1, 2024) and the discontinuation of InterMiles and Club Vistara Airmiles redemption by specific dates in late 2024 and early 2025 might impact the card's value proposition for those heavily relying on airline mile transfers. Despite these changes and the unavailability for new applications, for existing high-spending cardholders, the card continues to offer substantial benefits and convenience.

Important Product Details

• Product has been discontinued for new sourcing; available only for existing IndusInd Bank Signature Visa Credit Cardholders.
• One-time Joining Fee of ₹50,000 + GST, with Nil Renewal Fee.
• Earn 1.5 Reward Points for every ₹100 spent (0.75 points on utility and insurance).
• No reward points on fuel transactions.
• Reward point values revised effective 1st March 2024: 1 RP = ₹0.75 for non-cash (excluding airmiles), 1 RP = ₹0.50 for cash redemption.
• Maximum 7500 reward points allowed for cash redemption per calendar month (Effective 1st September 2024).
• Discontinuation of Club Vistara Airmiles redemption effective 31st October 2024.
• Discontinuation of InterMiles redemption effective 21st January 2025.
• Complimentary luxurious stay at Oberoi Hotels as a Welcome Gift.
• Buy 1 Get 1 Free movie tickets on BookMyShow (one free ticket per month effective 1st June 2023, capped at ₹300 per transaction for Visa Signature weekend offer).
• Complimentary Priority Pass membership for global airport lounge access (over 1,000 lounges).
• 2 complimentary domestic airport lounge visits per quarter.
• Complimentary golf games and lessons each month at selected golf courses.
• Comprehensive insurance cover including air accident (up to ₹25 lakh), lost baggage (₹1,00,000), delayed baggage (₹25,000), loss of passport (₹50,000), lost ticket (₹25,000), and missed connection (₹25,000).
• "Total Protect" program covering unauthorized transactions and counterfeit fraud.
• 1% fuel surcharge waiver (transactions between ₹400 and ₹4,000).
• 24-hour concierge services for travel, entertainment, and gift assistance.
• Auto assistance services available in major Indian cities.

Other Details

• Total Savings (Estimated): ₹78,266
• Annual Value of Reward Points: ₹5,400 (on spending ₹30,000 per month, earning 450 points per month).
• Movie Ticket Savings (Estimated): ₹7,200 (based on 3 free movie tickets per month, which was the previous offer).
• Concierge Desk/Helpdesk Contact: 1860 267 7777