Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card – Benefits, Fees & Eligibility

Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card

Introduction

The Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card is a co-branded offering designed to provide a variety of benefits to its holders without any joining or annual fees. This card is well-suited for individuals who frequently engage in movies and shopping, offering various rewards and discounts in these categories. It provides perks such as buy-one-get-one movie ticket offers, reward points on everyday purchases, and the convenience of being on the RuPay network, allowing for easy linkage with UPI apps for seamless transactions. The card aims to enhance financial freedom and lifestyle without the burden of extra charges.

Welcome Benefits

• No specific welcome benefits are offered with this card.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not Applicable
• Rewards Redemption Fee: N/A
• Foreign Currency Markup: 3.5%
• Interest Rates: 3.83% per month (46% Annually)
• Fuel Surcharge: 1% fuel surcharge waiver for transactions between ₹400 and ₹4,000 at all petrol stations in India.
• Cash Advance Charges: Nil

Rewards

Movies & Dining

• Buy One Get One (BOGO) offer on movie tickets every month via BookMyShow.
• The free movie ticket is capped at ₹200 per month. If the second ticket costs more than ₹200, the cardholder receives a discount of ₹200, and the remaining amount must be paid using the card.
• Note: There are no specific dining offers with this card.

Rewards Rate

• Earn 2.5 Reward Points for every ₹100 spent on E-commerce transactions.
• Earn 1 Reward Point for every ₹100 spent on UPI transactions.
• Earn 1 Reward Point for every ₹100 spent on Point-of-Sale (POS) transactions.
• No reward points are earned on fuel transactions.
• Reward points earned are valid for 24 months from the date they are credited.

Milestone Benefits

• Receive 3,000 bonus reward points upon reaching a spending value of ₹4,00,000 within a year of card activation.
• These reward points are credited to the cardholder’s account within 45 days after the completion of the first year.
• Milestone benefit target excludes specific categories such as utilities, government payments, education fees, and insurance premium payments.
• Rent expenditures are included in the qualifying criteria to attain the spending target.

Insurance Benefits

• Total Protect: Provides insurance coverage for lost or stolen cards and counterfeit fraud, up to the card's credit limit. This also applies to any supplementary cards.
• Air Accident Insurance: Free insurance coverage for air accidents up to ₹25 lakhs.

Lifestyle Benefits

• UPI Linkage: Can be easily linked with UPI apps such as Google Pay, BHIM, Paytm, etc., for hassle-free mobile transactions.
• Fuel Surcharge Waiver: Enjoy a 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 at all petrol stations in India.

Rewards Redemption Guide

• Reward points can be redeemed as cash credit, where 1 Reward Point = ₹0.40.
• For every 200 reward points, Club Vistara members can get 100 CV points.
• For every 200 reward points, cardholders will get 100 InterMiles.
• Reward points can also be redeemed for IndusMoments or used to "pay with rewards".

Card Eligibility Criteria

• Age: Between 21 and 65 years.
• Residency: Resident of India.
• Income: Minimum salary of ₹20,000 per month.
• Credit Score: Must have a decent credit score.

Card Review

The Poonawalla Fincorp IndusInd Bank eLITE RuPay Credit Card is an excellent choice for individuals who are frequent moviegoers and shoppers. As a lifetime-free credit card with no annual charges, it provides a premium experience without any associated costs, making it a budget-friendly option. A significant highlight is the monthly Buy One Get One (BOGO) offer on movie tickets through BookMyShow, which is perfect for entertainment enthusiasts, although it's capped at ₹200. For online shoppers, the card offers an attractive reward rate of 2.5 reward points for every ₹100 spent on e-commerce transactions. Additional benefits include a 1% fuel surcharge waiver and a milestone benefit of 3,000 reward points upon spending ₹4 lakhs annually, which incentivizes usage across various purchases. Overall, this card offers substantial value to its target audience despite its cons.

Pros

• It is a lifetime-free credit card with no joining or annual charges.
• The card can be linked with UPI apps for hassle-free digital transactions.

Cons

• There are no specific dining offers associated with this card.
• The card generally does not offer a very high reward rate compared to some other cards.

Important Product Details

• This is a lifetime-free credit card with no joining or annual fee.
• Earn 3,000 milestone reward points on spending ₹4,00,000 within a year, credited within 45 days after the first year completion. Exclusions for milestone calculation include utilities, government payments, education fees, and insurance premiums, while rent expenditures are included.
• Enjoy a Buy One Get One (BOGO) offer on movie tickets via BookMyShow once a month, capped at ₹200.
• Receive a 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 at any petrol pump across India.
• Includes 'Total Protect' insurance for coverage against lost/stolen cards and counterfeit fraud, up to the card limit.
• Provides free air accident insurance coverage up to ₹25 lakhs.
• The card can be easily linked with UPI applications like Google Pay, BHIM, and Paytm for convenient transactions.
• Reward points earned are valid for 24 months from the date of credit.

Other Details

• The card is offered on the RuPay network, enabling linkage with UPI apps.
• The card is best suited for Movies and Shopping.
• The reward type offered is Reward Points.
• Potential annual savings based on estimated monthly spends:
  • E-commerce transactions (₹6,000/month): ₹720
  • UPI transactions (₹3,000/month): ₹144
  • POS transactions (₹5,000/month): ₹240
  • BookMyShow Offer (1 complimentary movie ticket/month at ₹200 each): ₹2,400
  • 1% Fuel Surcharge Waiver (Monthly fuel usage of ₹3,000): ₹360
  • Total Estimated Annual Savings: ₹3,864