IndusInd Bank has introduced a game-changer in the world of credit cards with the launch of its Platinum RuPay offering. Let’s delve into the features and benefits that set this card apart.
Fee Structure: A Pleasant Surprise
Joining Fee and Annual Fee: Zilch!
IndusInd Bank Platinum RuPay Credit Card breaks the norm by offering a Lifetime Free (LTF) experience, with no joining or annual fees. This financial freedom ensures a cost-effective journey with this credit card.
Type and Rewards
Versatile Rewards for Every Transaction
This RuPay credit card is not just about convenience; it’s about earning rewards effortlessly. The card presents a dual reward system:
- UPI Payments: Earn two reward points for every Rs 100 spent.
- Non-UPI Payments: Gain one reward point for every Rs 100 spent.
Reward Rate
Maximizing Returns: 0.7%
The IndusInd Bank Platinum RuPay Credit Card boasts a rewarding experience with a remarkable 0.7% reward rate. This competitive rate positions it as a lucrative choice for savvy spenders.
Issuer and Rating
Trust in Rupay: A 5-Star Offering
Rated ★★★★★ at 2.7/5, this credit card is powered by RuPay, assuring reliability and widespread acceptance.
Benefits: More Than Meets the Eye
Fuel Surcharge Waiver
One of the standout features is the fuel surcharge waiver. Enjoy the freedom from surcharges on fuel transactions, making every drive more economical.
Fees & Charges Simplified
Joining Fee: Zero | Annual Fee: Zero
Say goodbye to hidden costs with a zero joining fee and zero annual fee. No welcome or renewal benefits, but the real value lies in the rewards.
Rewards Breakdown
Maximizing Returns with Every Spend
Understand the returns on various types of spending:
- UPI Payments: 2 RP/Rs 100 (0.7% return)
- Non-UPI Payments: 1 RP/Rs 100 (0.35% return)
- Fuel Transactions: No Rewards (Zero)
- Utility, Insurance, Govt. Services, Education: 0.7 RP/Rs 100 (0.25% return)
Rewards Redemption
Unlocking Value: 1 RP = 35 Paise
Redeem your hard-earned reward points for statement credits, each valued at 35 paise. The redemption process is seamless, accessible through the Indus Moments website.
LTF IndusInd Bank Credit Cards
Exclusive Privileges: Airport Lounge Access & More
The IndusInd Bank Platinum RuPay Credit Card, being a Lifetime Free offering, doesn’t just stop at no fees. It extends exclusive benefits:
- **Complimentary Airport Lounge Access
:** A Missed Opportunity
While this credit card doesn’t provide domestic or international airport lounge access, its other features compensate for this omission.
Fuel Surcharge Waiver
Driving Savings: 1% Surcharge Waiver
Fuel up with confidence, knowing that the IndusInd Bank Platinum RuPay Credit Card offers a 1% fuel surcharge waiver on transactions ranging from Rs 400 to Rs 4000.
Other Benefits & Charges
Financial Transparency and Convenience
The card ensures a clear financial picture with:
- Foreign Currency Markup: 3.5% + GST (~4.13%)
- Interest Charges: 3.95% per month or 47.4% annually
- Rent Payment Charges: Zero – a unique feature among IndusInd Bank credit cards, allowing you to make UPI rent payments without incurring additional charges and earn a 0.7% cashback.
Final Thoughts: A New Player in the Field
IndusInd’s Entry-Level Gem
As RuPay credit cards gain popularity for UPI payments, IndusInd Bank joins the trend with the Platinum RuPay credit card. Positioned as an entry-level offering, it caters to the evolving needs of today’s cardholders.
LTF IDFC First Bank Credit Cards
Exclusive Offering, Exclusive Access
Currently limited to customers without any existing IndusInd Bank credit cards, this restriction differs from other issuers offering RuPay credit cards as a floating option. The hope lingers for future adjustments.
Rewards Comparison
Competitive Rewards, Uncapped
While the 0.7% rewards on UPI payments may seem modest compared to some competitors, such as Tata Neu Plus, Tata Neu Infinity, and SNAPDEAL BoB credit card offering 1% on UPI payments, the key differentiator lies in the absence of a cap on rewards. The IndusInd Bank Platinum RuPay Credit Card promises unlimited 0.7% rewards for substantial UPI transactions.
In conclusion, the IndusInd Bank Platinum RuPay Credit Card emerges as a compelling choice, especially for those engaging in high-value UPI transactions. Its unique features, coupled with a no-fee structure, position it as a strong contender in the ever-evolving landscape of credit cards.