This is a review by our reader Manish R Khetwani who also reviewed his Yes First Preferred Credit Card & Amex Platinum Reserve Credit Card recently.
Indusind Iconia American express credit card
My first credit card from IndusInd was the Platinum Select Credit Card, which was offered to me being an IndusInd Bank savings account holder. Within 6 months of usage I got an upgrade offer for the Signature Card. However, after studying the bouquet of Credit Cards on offer from IndusInd, I requested my RM to help me upgrade to the Iconia Card. (which is in fact 1 tier lower than Signature)
Indusind Iconia American Express Credit Card Reward Rate
The reasons were many. Primarily the Iconia card gave a return of
- 2% on weekend spends, and
- 1.5% on weekdays
whereas the Signature Card had a standard reward rate of 1.5% on all spends. The best feature of this Card is that it also gives reward points on fuel spends at any company petrol pump, and I made it a point to stack up on my tank on weekends giving a cool reward rate of 2% besides the fuel surcharge waiver.
Reward points on Fuel:
This is the best reward rate on fuel (except for the offer currently on Amex Cards for 3% cashback). Most cards do not give reward points on fuel, or waiver is concentrated on individual bank tie-ups like Citibank-IOC, or ICICI & American Express with HPCL.
One of the best features of this card is that you can convert your entire reward points into cash. The entire process is a breeze and the credit is reflected on your account within 2 days.
Another aspect is that they have a very good risk management team. Every high value transaction is immediately detected and verified from the customer. One of my transaction was reportedly kept on hold and immediately approved when I confirmed that I had indeed done the transaction.
Amazing Festive offers on Indusind Bank Credit Cards:
The most rewarding annual feature with the Indusind Cards (except Jet Cobranded Cards) is that they have a festival offer every year around Diwali. In the promotional offer currently on for this year, you can get 5% off on all your online spends (except in certain categories) and 2X reward points on all other spends if you cross a certain threshold of spends. Each customer is separately communicated with that minimum spend threshold depending on his spend history.
Other features include Golf Benefits, BookMyShow 1 on 1 free offer (although the quota is limited) and Lounge Access on certain Lounges specified for Amex Network Cobranded Cards like ICICI and Indusind.
I find it one of the most rewarding cards, though comes with a Joining fee of about Rs.10,000+ST (but you can negotiate as low at Rs.3,500+ST)
- Pros : 1.5 – 2 % savings rate on all spends, cash redemption option, festival offers, Lounge Access
- Cons : High Joining fees (tip: you can negotiate this with a lower welcome rewards)
CardExpert Rating: 4/5