The credit card’s reward rate of 0.40% seems too low for a card emphasizing on rewards, especially when options like IDFC First Select Credit Card which is a lifetime free alternative with a reward rate of up to 2% on all transactions. Considering a reward rate of 0.40% across all categories, cards like SBI Prime, with a similar annual fee, surpass it by offering a 2.5% value back on dining, groceries, departmental stores, and movies, along with 0.5% on other categories. When it comes to miles conversion, IndusInd Platinum allows transfer to just Krisflyer Miles, while earlier cardholders had options between Intermiles and Club Vistara Points too.
IndusInd Bank
IndusInd Bank Platinum Credit Card
Reward Points
Rewards
0.40% rewards on all spends
Lifestyle
Free vouchers of top brands
Travel
Redeem rewards against Airmiles
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About IndusInd Platinum Credit Card
IndusInd Platinum Credit Card is a rewards credit card currently available on the Visa and RuPay networks. Essentially a reward-focused card, IndusInd Platinum offers value back across all transactions in the form of reward points, which can be redeemed against various options, including air miles, cash credit, or products/vouchers from their rewards catalogue.
Although promoted as a rewards and lifestyle credit card, IndusInd Platinum struggles to establish itself as a rewarding option, especially in a market where several entry-level cards come with extensive benefits.
Despite reward points being the sole practical feature on this card, it gives a reward rate of 0.40%, which is too low. The card allows users to transfer the earned rewards to KrisFlyer Miles in a 4:1 ratio. Though the option of airmile conversion might look good, but with a low rewards earning rate, poor conversion ratio, and limited partner airlines, most spenders would not be able to save much through the card. IndusInd Platinum also offers multiple premium brand vouchers, like Postcard Hotel and Mont Blanc, as welcome benefits, but it should not be the only reason to get this card.
Rewards Program
You can earn reward points on your transactions and redeem them as per the below details:
- 5 reward points for every Rs. 150 spent1
- 1 RP = Re. 0.40 against cash credit redemption
- 1 RP = Re. 0.60 for non-cash redemption, except for Airmiles
- 400 RPs = 100 Krisflyer Miles
- Redemption against IndusMoments rewards catalogue and Pay with rewards
Other Features & Benefits
In addition to the reward points, the card also offers welcome bonus, insurance coverage and fuel surcharge waiver as per the details below:
Welcome Benefits: Luxe Gift Card and vouchers of top brands, including The Postcard Hotel, Montblanc, Amazon, Flipkart, Apollo Pharmacy, Uber, Ola, Pantaloons, Bata, and more after the payment of joining fee. These benefits are offered only on the paid variant.
Travel Insurance Coverage
- Lost baggage: Rs. 1 Lakh
- Delayed baggage: Rs. 25,000
- Loss of passport: Rs. 50,000
- Lost ticket: Rs. 25,000
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IndusInd Bank Platinum Credit Card: Fees & Charges
| Fee Type | Amount | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Nil | ||||||||||||||||
| Annual Fee | Nil | ||||||||||||||||
| Finance Charges | 3.95% p.m. (47.40% p.a.) | ||||||||||||||||
| Late Payment Charges |
|
IndusInd Platinum RuPay Credit Card Benefits
IndusInd Platinum RuPay Credit Card is lifetime free and can be linked to your UPI account, allowing you to earn 2X rewards for every Rs. 100 spent. The earned rewards can be redeemed against numerous options, including rewards catalogue, airmiles, and cash credit, all at the same redemption value as that of the IndusInd Visa Platinum Credit Card. The card allows you to make both online and offline transactions while offering rewards on UPI spends. Additionally, it also offers insurance and fuel benefits similar to the Visa variant. Here are the key benefits of this card:
- 2 reward points on every Rs. 100 spent through UPI
- 1 reward point for every Rs. 100 spent on non-UPI transactions
- 0.70 reward point for every Rs. 100 spent on select merchant categories2
- 2 complimentary domestic lounge visits in a quarter with RuPay Select variant and 1 complimentary domestic lounge visit in a month with RuPay Credit Card at RuPay exclusive lounges at DEL T3 terminal
- Uncapped 1% fuel surcharge waiver across all petrol pumps in India on transactions between Rs. 400 to Rs. 4,000
- Lost Baggage: Rs. 1 Lakh | Delayed Baggage: Rs. 25,000 | Loss of Passport: Rs. 50,000 | Lost Ticket: Rs. 25,000 | Missed Connection: Rs. 25,000 | Personal Air Accident Insurance: Up to Rs. 25 Lakh
Rewards Comparison: IndusInd Platinum Vs. IDFC First Select Vs. SBI Prime
IndusInd Platinum, IDFC First Select, and SBI Prime, all credit cards give a decent value back through rewards for your transactions. Let’s understand with the help of an example how much you can save with these cards in a month:
| Category | Monthly Spend | Savings via IndusInd Platinum | Savings via IDFC First Select3 | Savings via SBI Prime |
| Travel | Rs. 10,000 | Rs. 40 | Rs. 120 | Rs. 50 |
| Dining | Rs. 10,000 | Rs. 40 | Rs. 60 | Rs. 250 |
| Grocery | Rs. 15,000 | Rs. 60 | Rs. 260 | Rs. 375 |
| Movie Tickets | Rs. 5,000 | Rs. 20 | Rs. 100 | Rs. 125 |
| Retail Purchases | Rs. 10,000 | Rs. 40 | Rs. 200 | Rs. 50 |
| Online Shopping | Rs. 5,000 | Rs. 20 | Rs. 100 | Rs. 25 |
| Departmental Store | Rs. 10,000 | Rs. 40 | Rs. 200 | Rs. 250 |
| Total | Rs. 65,000 | Rs. 260 | Rs. 1,040 | Rs. 1,125 |
The calculation for the above illustration is done based on the following assumptions:
- Reward redemption value of IDFC First Select and SBI Prime Credit Card is 1 RP = Re. 0.25
- Reward redemption value of IndusInd Platinum Credit Card is 1 RP = Re. 0.40
Here, the value-back earned via IndusInd Platinum Credit Card has been calculated on rewards redemption against cash credit. However, if you want to maximise your returns via rewards then you can also opt for non-cash redemption options where you get Rs. 0.60 value-back per reward point. Though you can also convert your accrued reward points into Krisflyer Miles, it will only give a value-back in the ratio 4:1.
How much you can save via IndusInd Bank Platinum Credit Card?
Here’s a detailed example to help you understand how much you can save via IndusInd Bank Platinum Credit Card. Suppose you have spent Rs. 60,000 in a month as per the following details:
| Category | Amount |
Rewards/ Savings4 |
| Travel | Rs. 15,000 | 150 RP = Rs. 50 |
| Shopping | Rs. 10,000 | 100 RP = Rs. 40 |
| Dining | Rs. 10,000 | 100 RP = Rs. 40 |
| Grocery | Rs. 20,000 | 200 RP = Rs. 80 |
| Fuel | Rs. 5,000 | Rs. 40 |
| Total | Rs. 60,000 | Rs. 260 |
Considering the average monthly spend of Rs. 60,000, cardholders will be able to earn 550 reward points and a fuel surcharge waiver of up to Rs. 40, summing up to monthly savings worth Rs. 260.
Things to Know Before you apply
Get this card if
You are looking for a lifetime free card with basic benefits
You are more inclined towards reward points instead of cashback
You want flexible redemption options, including cash credit, air miles, rewards catalogue, etc.
You want to earn rewards on UPI spends (for IndusInd Platinum RuPay Card)
Eligibility Criteria
Age: 21 to 60 years (or till retirement age)
Occupation: Salaried or Self-employed
Minimum Income Required: Rs. 20,000 per month
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What do we like about this card?
IndusInd Platinum Credit Card is a lifetime free credit card that offers value back through reward points across all spends. The good thing is that consumers who frequently use their credit cards for purchases can maximize their benefits by accumulating more reward points and redeeming them for a variety of options, including cash credit, air miles, products from the rewards catalogue, and more.
Pros
- Complimentary vouchers and gift cards as welcome benefit
- Transfer of rewards into Airmiles at a 1:1 ratio
- Fuel surcharge waiver across all fuel stations
Cons
- Low reward rate of 0.40% across all categories
- No travel benefits like complimentary lounge access
- No milestone benefits are offered
Conclusion
IndusInd Bank Platinum credit card, positioned as a mid-level option, offers rewards and lifestyle perks. Despite being a lifetime free credit card, its 0.40% reward rate is relatively low, especially compared to other lifetime free credit cards, such as IDFC First Select, offering up to 2% reward rate. This card may be the right choice for frequent travellers who prefer to redeem rewards for KrisFlyer Miles; however, this can only be done at a 4:1 ratio. Beyond rewards, the card’s benefits are basic, including insurance coverage and a fuel surcharge waiver—features commonly offered by entry-level cards, like Flipkart Axis and Cashback SBI, available at a nominal fee of up to Rs. 999.
Frequently Asked Questions
Everything you need to know about this credit card
IndusInd Bank Platinum Credit Card is an entry-level credit card that offers basic benefits, including 1.5 reward points for every Rs. 150 spent, complimentary vouchers as welcome benefits, and 1% fuel surcharge waiver.
Yes, with IndusInd Bank Platinum RuPay Credit Card, you can earn reward points on both UPI and non-UPI transactions. You will earn 2 reward points on every Rs. 100 spent through UPI and 1 reward point for every Rs. 100 spent on non-UPI transactions.
To apply for this credit card online, visit the official website of IndusInd Bank, fill out the application form, and submit the required documents. Alternatively, you can apply offline by visiting your nearest IndusInd Bank branch and submitting the application form in person.
No, IndusInd Bank Platinum Credit Card does not offer reward points on fuel transactions. However, you can avail a 1% fuel surcharge waiver across all petrol pumps in India on transactions between Rs. 500 and Rs. 3,000, with a monthly capping of Rs. 100.
IndusInd Bank Platinum Credit Card does not provide exclusive travel benefits. However, you can earn reward points on every spend and redeem them for air miles at a rate of 400 reward points = 100 KrisFlyer Miles, allowing you save on travel expenses.
Footnotes
- No reward points are offered on fuel spends.
- Applicable on transactions at Utility Bill Payments, Insurance Premium Payments, Education Institute Fees and Government Services.
- For IDFC First Select Credit Card, rewards earned on the first Rs. 25,000 spent on the first 3 spending categories are calculated as per the base rate, while rewards on all other spends are as per the accelerated earing rate.
- The redemption of reward points for the above transactions is done at a value of 1 RP = Re. 0.40 against cash credit.
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Shruti Sharma
Shruti Sharma is a skilled content writer with a passion for simplifying personal finance for consumers. Specializing in credit cards and financial planning, she offers valuable insights that empower individuals to make informed financial choices. Through her writing, she shares practical tips and guides readers through the nuances of credit card usage.
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2 Comments
How much Domestic and International Lounge Access is available on this Credit Card.
IndusInd Bank Platinum Credit Card is an entry-level credit card primarily designed to offer value back in the form of reward points. It does not offer domestic or international lounge access. However, with the RuPay variant, you can access RuPay-exclusive lounges.
With RuPay Select Credit Card, you get 2 complimentary domestic lounge visits per quarter. With RuPay Credit Card on UPI, you get 1 complimentary domestic lounge visit per month at RuPay-exclusive lounges, including DEL T3 Terminal.