IndusInd Bank Iconia Credit Card Review (Updated July 2018)

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IndusInd Iconia Credit Card Review

The IndusInd Iconia Credit Card comes in two variants i.e. American Express and Visa Cards. The Indus Ind Iconia American Express Credit Card fares better than its visa counterpart because you earn more reward points on every transaction. Like the super-premium credit cards offered by IndusInd, you get 2 Priority Pass Memberships. Additionally, you get fuel savings, Iconia Concierge Services etc. With a high joining fee of INR 1799 and some elite privileges, this card has been designed for high net worth individuals or a customer who wants to lead an iconic and luxurious lifestyle.

FinTown Rating: 3.5/5

IndusInd Iconia Credit Card
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Rating by Category:

Category                                              Rating (out of 5)
Annual Fee                                              4
Rewards Rate
 3
Benefits
3.5
Initial Bonus  3
APR  3.5

With advantages like 2 Priority Pass Memberships for you and your partner and golf privileges, this card has a lot to offer. Let us have a glance at the pros and cons of the IndusInd Iconia credit card.

Pros and Cons:

Reasons to Choose
Reasons to Avoid
Priority Pass Membership High Annual Fee
Golf privileges High interest rate
Welcome Offer  No cash back, only rewards
Air Accident Insurance

Rewards & Benefits – IndusInd Iconia Credit Card:

  • Welcome Offer: MakeMyTrip Gift Card, Vouchagrams of Aldo, William Penn, Giorgio Armani, Hidesign, Woodland
  • Rewards Programme:
    • 1.5 reward points on every INR 100 spent on weekdays and 2 reward points on every spend of INR 100 for weekends (For Amex Card)
    • 0.75 reward points on every INR 100 spent on weekdays and 1 reward point on every spend of INR 100 for weekends (For Visa Credit Card)
  • Priority Pass Membership: 2 Priority Pass Memberships
    • Unlimited domestic complimentary lounge visits  a year and 8 international lounge access for American Express
    • Travel Plus Program for Visa Card – 8 complimentary lounge visits and discounts  on individual visits
  • Golf privileges: Complimentary golf games once a quarter; Complimentary Hole in One insurance
  • Fuel Surcharge Waiver: Savings worth INR 960 in a year
  • Movie benefits: Savings worth INR 4,800

Is the Rewards rate good?

Case 1: Iconia American Express Card

On weekdays, you earn 1.5 rewards points or INR 1.50 on spending INR 100. Therefore, the rewards rate is 1.5%. On weekends, you earn INR 2 on every INR 100 spent. Therefore, the rewards rate is slightly high i.e. 2%.

Case 2: Iconia Visa Card

On weekdays, you earn 0.75 rewards points or INR 0.75 on spending INR 100. Therefore, the rewards rate is 0.75%. On weekends, you earn INR 1 on every INR 100 spent. Therefore, the rewards rate is 1%.

Is this card for you?

This card is for you only if you can pay an annual fee of INR 17,999. If not, you should look for other cards. Additionally, this card is good for golf enthusiasts. Furthermore, if you travel a lot, then the American Express variant would be more useful to you with its unlimited access to domestic airport lounges and discounted rates for airport lounge access via Priority Pass Memberships.

How to redeem rewards?

To redeem rewards, the quickest way is to send an SMS to IndusInd Bank, or you can log in to your IndusInd net banking account. Alternatively, you can contact the Phone Banking service of the bank and place a redemption request. You can redeem a maximum of 30, 000 points in one billing statement cycle. For getting cash credit and air miles, a minimum of 500 points is necessary.

There are two options for redeeming the points on this website. The first one is Redemption only and the second one is Redemption plus Shopping. Redemption plus Shopping, in simple words, is the website’s points plus pay option. Moreover, you can redeem your points directly at Indus Moments. It is an exclusive e-commerce store, only for IndusInd Bank customers.

How to make the most of this card?

To make the most of this credit card, use the credit card more often.  Additionally, you earn more rewards on all your transactions on weekends. It would also be smarter to choose the American Express Credit Card over the Visa Card variant to get unlimited domestic lounge access. Additionally, you can make use of Fuel Surcharge Waiver on the Amex Card.  2 free movie tickets a month can be availed. Therefore, you should make use of this offer.

IndusInd Iconia Credit Card –  Payments & Fees:

Annual Fee Nil, Joining Fee: INR 17,999
Foreign Transaction Markup Fee 3.5% of the transaction amount
Cash Withdrawal Fee 2.5% of the withdrawal amount  (minimum INR 300)
Late Payments Fee  Up to INR 700
Overlimit Penalty  2.5% of the over limit amount

Terms & Conditions Explained:

  • MakeMyTrip Gift card: This card is redeemable only on premium Hotels designated 5 Star (basis Star Category) by MakeMyTrip
  • Golf Privileges: Any golf benefits as applicable to a Cardholder that remain unutilized in a month by the Cardholder will not be carried forward to any future month

Application – Eligibility & Documents:

  • Applicant must be above 21 years in age
  • KYC-PAN, Address proof and ID Proof
  • One photograph
  • Salary slip/Form 16
Find Fintown’s List of India’s BEST CREDIT CARDS in 2018 [Best Offers]

Other Credit Cards with similar/better features:

HDFC Diners Club Premium Credit Card

The HDFC Bank Diner’s Club Premium Credit Bank is one of the best credit cards that gives you premium rewards. Furthermore, the reward points that you earn can be redeemed for AirMiles across Jet Airways (JPMiles), or Singapore Airlines (KrisFlyer Miles). (1 Reward Point = 0.50 AirMile ). Additionally, the insurance covers for Air accident death, emergency medical care overseas and lost credit card liability is also impressive, thereby, making this card attention worthy. Unlike the IndusInd Iconia card, this credit card offers a good rewards rate and 10X rewards on international spends.

SBI Prime Credit Card

The SBI Prime Card offers the perfect rewards programme when you are willing to pay a slightly higher Annual fee. Rewards are offered in a broad range of categories which includes dining bills, utility payments, grocery stores, movies, departmental stores etc. Moreover, some other advantages of this card are the reward points that you earn on your birthday for every spend of INR 100, golf privileges, milestone benefits. Additionally, you have the advantage of Club Vistara Membership and Trident Privilege Membership. If earning rewards is your single most priority, then the SBI Prime offers unparalleled benefits. Nevertheless, this is perfect when you are ready to pay an annual fee of INR 2,999. You can make the most of this card by achieving the specified annual spends.

Final Verdict:

This is a great credit card for customers who are particularly interested in using the complimentary golf games at prestigious clubs regularly. Furthermore, the complimentary Priority Pass Memberships also compensates for the joining fee. The IndusInd Bank Iconia Credit card also lets you watch a couple of movies every month. The fuel savings is an added bonus. So even if this card doesn’t give cash back, it has plenty of rewards that can be redeemed at various partners.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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