IndusInd Credit card De-valuation and Downgradation!!!

IndusInd Credit Card Rewards Program getting less attractive from 1st Aug 2019

Indusind has announced couple of changes to their credit card loyalty program .

The Changes are coming from  1st Aug 2019 and the details of this changes are worser than even one can think of.

The changes are very Unimpressive to the already lack - lustre department of Indusind Credit Cards.

Please note, the IndusInd Bank Credit Card Rewards program will be revised with effect from 1st August 2019, for earning Reward Points on the following indicative list of merchant categories:

•        Utility Bill Payments
•         Insurance Premium Payments
•         Government Services/Charges/Payments
•      Education Institute Fees

Spends on all other merchant categories will continue to earn Reward Points as per the existing Rewards program.

Note:The revision in the merchant categories for earning Reward Points is not applicable for IndusInd Bank Platinum Select Credit Card, 

IndusInd Bank Platinum Aura/Aura Edge Credit Card (Shop, Travel and Party plans), IndusInd Bank Nexxt Credit Card, 

IndusInd Bank PAYBACK Credit Card and 

IndusInd Bank Duo Card.

The Credit Card Reward Rates are now at 0.7% even for super premium / premium cards like INDULGE / CREST / PIONEER HERITAGE .

Rewards capped to your Credit Limit

You will earn reward points only for spends upto the assigned credit limit in every statement cycle. Meaning, if you pre-pay multiple times to the card and then spend due to low credit limit, then you no longer get rewards for those spends done beyond your credit limit.

One of the many worst decisions that Indusind took in recent times. Indusind has already been limiting the ability to earn points per “statement cycle” which was OKAY but now they’ve took it to one more level – worser.

Detailed terms & conditions on the changes are here.

THERE'S EVEN MORE THAN THIS

Due to above changes and other “un-announced” changes, it appears that Indusind is not willing to give you the reward points even for valid txns.

I recently did a valid offline retail txn on my Indusind Credit Card and the bank didn’t credit the reward points for that txn.

Eventhough I got the points after I raised a query, it appears that the Indusind team isn’t working in good intention when it comes to crediting the reward points you deserve.

INTENTIONS , INTEGRITY ARE DOWN THE HILL FOR INDUSIND CREDIT CARD.

CONCLUSIONS

Indusind no longer has plans to play the premium credit card game the right way. All their newly launched premium / super premium cards are just useless.

Very high Joining fees now clubbed with super useless rewards structure / Capping of reward points are currently a recipe of disaster waiting to happen with Indusind Credit card department.

What are your views on this ??

Online boost to the NPS

eNPS allows you to make online payments.

The NPS (National Pension System) is one of India’s largest retirement savings vehicles and an increasingly popular alternative to older systems such as the EPF and PPF. Part of its mojo is the eNPS, an online platform that allows customers to conduct many routine NPS transactions such as contributions, fund manager changes and fund changes.

How to contribute online (Net Banking)
Subscribers who have registered on the eNPS platform can contribute online. This is done in a few simple steps:

• Simply click on the ‘Contribution’ button on the eNPS home page. Enter your Permanent Retirement Account Number (PRAN), Date of Birth and the Captcha code.
• Enter the One-time-Password (OTP) that is sent to your registered mobile number and/or email address to authenticate your login.
• Enter your contribution amount. The system will automatically add a service charge and GST.
• Choose your payment gateway. Currently you can choose either SBI ePay or BillDesk. Choose the one that your bank is affiliated to. Login to your bank’s Net banking.
• Enter ‘NPS Contribution’ as your online transfer message and pay.

Charges
NPS customers have an associated point-of-presence (PoP) which is typically their bank. This institution completes the KYC for them at the time of account opening.

Online NPS contributions attract a service charge of 0.05% (Rs 25 for a typical contribution of 50,000). This is paid to the associated point-of-presence (generally your bank). Once these charges are added, you are directed to the payment gateway.

Payment Options
Avoid Cards: Customers could previously contribute to eNPS using credit or debit cards or through online banking. However, card payments carried hefty charges ranging from 0.8-0.9% of contributions. They still do. So a contribution of Rs 50,000 will attract a charge of about Rs 450.

Use Net Banking: Card charges made paying through net 

banking a no-brainer. However, net banking was previously restricted to banks associated with SBI ePay which excluded two of India’s largest banks – ICICI and Axis. NPS has now added Billdesk as a payment gateway allowing customers of both banks to make NPS contributions through net banking. Net banking costs just 0.6 rupees or 60 paise per transaction.

I am an ardent follower and lover of credit cards as they save money too if used and followed properly.

Most of the times when I speak with my friends / colleagues / associates , I have personally found NO ONE USES CREDIT CARD as they charge very hefty fees / charge very high Interest rates. 

A normal 1% Cashback card for that matter where the cashback is given in the form of points in the credit card reward system will give approx value back in my card.

Let us assume that I pay 50,000 using my credit card and 0.9% is the commission taken on that 50,000 and 18% GST levied on that 0.9% commission as well.

The total amount comes out to be 50,531 /- INR. 

A 1% cashback card will give me back 505.31 Rupees back in my Card Reward points.

A 1.5% cashback [ though rare] will give me 757.965 /- INR in the form of points.

if I calculate now, 50,531 - 505.31 = 50,025.69 /- INR there by paying only 25 rupees more.

I its 1.5% cashback , I am paying 49,773.035 /-INR . which is even lesser than internet banking. and hence very rare to get this kind of a deal.

If the amount is substantial, we have to look at effective Gains and not just the figure of 531 /- 

If the benefit of paying additional money is more , then why not to pay with Credit Cards??

 

Vistara and United Airlines Sign Codeshare Agreement

Vistara and United Airlines Sign Codeshare Agreement

18th June 2019

• Codeshare agreement with Vistara opens up more than 20 destinations across India for United Airlines
• Reciprocal frequent flyer benefits for Club Vistara and United MileagePlus members

New Delhi, 18 June 2019: Vistara, India’s finest full-service carrier, today joined hands with one of the world’s largest carriers, United Airlines, for an expanded association. The agreement enables United to codeshare on Vistara-operated Indian domestic flights and allows for customers of both carriers to earn and redeem frequent flier miles.

By the agreement, United Airlines will add its ‘UA’ designator code to more than 20 Vistara-operated flights each day opening up more than 20 destinations to United customers, including but not limited to Hyderabad, Kolkata and Ahmedabad. Ticket sales by the agreement will begin later this year, pending government approvals.

Commenting on this occasion, Mr. Sanjiv Kapoor, Vistara’s Chief Strategy & Commercial Officer, said: “We’re very happy to take our association with United Airlines to the next level with this codeshare agreement. This alliance will help us offer a vast global network to our customers and give us the chance of welcoming travelers from across the world to experience Vistara’s award-winning hospitality and service in India. Both United and Vistara are focused on providing seamless and hassle-free experience to customers, and we are confident that our respective customers will truly enjoy the benefits of this collaboration.”

United Airlines has served India from our New York/Newark hub for more than 14 years and in December of this year will begin operating new nonstop service between San Francisco and New Delhi,” said John Gebo, United’s senior vice president of Alliances. “We are pleased to enter into this new alliance agreement with Vistara to offer our customers traveling between the United States and India seamless access to more destinations throughout India”, he added.

The codeshare flights will offer convenient connections to and from the daily flights that United operates to Delhi and Mumbai directly from New York/Newark. Vistara flights operate from the same terminals as United at Delhi (T3) and Mumbai (T2), making connections at these airports more convenient and seamless. Beginning Dec. 5, 2019, United will start its seasonal service between San Francisco and New Delhi, enabling its customers from more than 80 U.S. cities to fly direct to India with just one stop in San Francisco. United Airlines customers travelling on Vistara will enjoy complimentary meals and will be able to choose between three different cabins, including India’s only Premium Economy class. The expanded partnership also offers shared frequent flyer benefits. United MileagePlus members will be able to earn and redeem frequent flyer miles on all Vistara routes and similarly, Vistara’s Club Vistara members will be able to earn and redeem CV Points on all Vistara and United routes.

As can be seen from the United Airlines Website - subject to receipt government operating authority , the flight timings are good enough , departing Delhi at morning 03:50 AM and arrival at 06:00 AM at San Francisco - Total journey of 15H 40 M

The Return Flight starts at 7:15 PM departure from SFO arriving a day later at 12:45 AM journey of 16 hours 

With JET AIRWAYS gone out , it seems good opportunity for Air Vistara to make the most of it as full fledged Airline with Loyalty Program. 

I am not a big fan of Air India Frequent Flyer Program and not a fan of Air India Network and Airline also. 

what do you think of this tie- up will result into??

UBER GIFT CARDS - WHY TO PURCHASE ?

UBER GIFT CARDS - WHY TO PURCHASE

I WAS WONDERING FOR A LONG TIME NOW AS WHY TO PURCHASE GIFT CARDS FOR UBER IF THERE EXISTS ALREADY CASHLESS PAYMENT METHODS IN THE UBER APP ITSELF.

PAYMENTS IN UBER APP INCLUDES

1. PAYTM
2. CREDIT / DEBIT CARD
3. CASH
4. UPI 
5. GOOGLE PAY
6. AND OFF- COURSE THE GIFT CARD

I WAS NOT ABLE TO GET THE FACT AS WHY TO PURCHASE THESE GIFT CARDS AVAILABLE IN MARKET TO USE ON UBER APP

FOLLOWING MAY BE THE REASONS 

1. GIFTS RECEIVED FROM EMPLOYER 

Gift, voucher or token received by an employee or member of his household on ceremonial occasion or otherwise from the employer, is not taxable provided the value thereof is less than Rs 5,000 during a financial year. The ceremonial occasion could be birthday, anniversary of employee, festivals, etc. If the value of such gift/ voucher/ token is Rs 5,000 or more, the full amount is treated as taxable salary in the hands of employee Further, any gift received in cash or convertible in money (cash cheque) from employer shall be fully taxable income in the hands of the employee. 

2. FLEXIBILITY

        CAN BE USED ON UBER RIDES AND UBER EATS AS WELL.

3. DISCOUNT

         THE UBER GIFT CARD CAN BE PURCHASED FROM THE FOLLOWING

1. PAYTM  - PAYTM LINK
2. WOOHOO - WOOHOO UBER GIFT CARD
3. AMAZON - AMAZON PAYMENT

APPROX 2% TO 3% DISCOUNTS ARE GIVEN FOR PURCHASE OF THESE UBER CARDS WHICH HAVE 3 YEARS / 36 MONTHS OF EXPIRY.

DISCOUNTS ARE SOME TIMES RESTRICTED TO USING DEBIT CARDS / UPI / 

NET- BANKING ONLY. 

DISCOUNTS ARE NOT GIVEN ON CREDIT CARD TRANSACTIONS

REFER TO TERMS AND CONDITIONS PRIOR GOING FORWARD AS THESE TERM AND CONDITIONS KEEP ON CHANGING 

4. CASHLESS TRANSACTIONS ON CASHED RIDE.

             THIS IS THE BIGGEST ADVANTAGE OF UBER CREDITS WHICH ARE ADDED USING UBER GIFT CARDS. 

              HIRE GO / HIRE PREMIER / INTERCITY RIDES ARE BOOKED USING CASH AS THE ONLY PAYMENT FOR INDIVIDUAL PROFILES [ EXCEPT FOR CORPORATE PROFILES ] .

               THAT MEANS EVEN IF YOU HAVE DEBIT / CREDIT CARD / UPI / PAYTM AS PAYMENT METHOD , YOU CANNOT BOOK THE RIDE . PAYMENT OPTION HAS TO BE IN CASH. WHEN THE RIDE FINISHES THE AMOUNT OF RIDE WILL BE DEBITED FIRST FROM UBER CREDITS AND THEN BALANCE / ARREARS WILL BE PAID IN CASH BY THE RIDER TO THE DRIVER.

THIS IS BY FAR THE BIGGEST ADVANTAGE OF CONVERTING A "CASHED TRIP" INTO A "CASHLESS TRIP" 

MY "CASH RIDE" OF 711.46 /- WAS SPLIT IN UBER CREDITS LOADED FROM UBER GIFT CARDS AND BALANCE WAS PAID IN CASH.

UBER CREDIT AS PAYMENT OPTION CAN BE SWITCHED ON AND OFF ON PAYMENTS PAGE IN UBER APP AND UBER EATS APP ALSO.

5. EARNING OF JP MILES [ JET AIRWAYS LOYALTY PROGRAM]

            WOOHOO IS A MEMBER OF JETPRIVILEGE OR JP MILES. PURCHASE OF UBER GIFT CARDS USING SHOP.JETPRIVILEGE.COM AND THEN PROCEEDING FURTHER TO BUY GIFT CARDS ON WOOHOO WILL GIVE YOU ADDITIONAL JP MILES AS PER TRANACTION. UBER GIFT CARDS PURCHASED VIA THIS METHOD WILL GIVE YOU ADDITIONAL 2 JP MILES PER 100 RUPEES SPENT OTHER THAN THE CREDIT CARD POINTS.

WHAT DO YOU THINK WHETHER YOU WOULD USE UBER GIFT CARDS NEXT TIME ?? 

INDUSIND BANK CREDIT NOW PARTNERS WITH VISTARA

 IndusInd Bank Credit Cards

Your rewarding journey only gets better as you continue to earn Club Vistara Points with our conversion partners.

You can now convert your IndusInd Bank Reward Points to Club Vistara Points for benefits like Award Flights and Upgrade Awards.

Convert 1 Reward Point of Premium IndusInd Bank Credit Card to 1 CV Point and 2 Reward Points of other IndusInd Bank Credit Cards to 1 CV Point. Please find the conversion ratio table below:

To convert, you may follow these simple steps:

• Contact the IndusInd Bank Helpline on 1860 267 7777.


• Quote your 9-digit Club Vistara membership ID along with your IndusInd Bank Credit Card Number to request for conversion.


• Specify the number of IndusInd Bank Reward Points that you wish to convert to CV Points.


• The equivalent CV Points will be credited to your Club Vistara account within 15 working days.

https://www.indusind.com/content/home/offers-and-terms-and-conditions/credit-cards-offers-and-tnc/tnc-Vistara.html

Terms and Conditions

• All IndusInd Bank Premium Credit Card customers eligible to earn IndusInd Bank Reward Points can convert them to CV Points.


• For every 1 IndusInd Bank Reward Point converted for a Premium Credit Card, the customers’ Club Vistara account shall be credited with 1 CV Point.


• The Premium Credit Cards for this program will include IndusInd Bank Indulge Credit Card, IndusInd Bank Crest Credit Card, IndusInd Bank Pioneer Heritage Credit Card, IndusInd Bank Pioneer Legacy Credit Card, IndusInd Bank Legend Credit Card, IndusInd Bank Pinnacle Credit Card, IndusInd Bank Signature Credit Card, IndusInd Bank Iconia Credit Card, IndusInd Bank Platinum Credit Card and IndusInd Bank Platinum Select Credit Card*.


• For every 2 IndusInd Bank Reward Points converted for other eligible Credit Cards, the customers’ Club Vistara account shall be credited with 1 CV Point.


• The other eligible Credit Card variants will be IndusInd Bank Platinum Aura Credit Card and IndusInd Bank Platinum Aura Edge Credit Card**.


• Customers’ IndusInd Bank Credit Card account and Club Vistara account should be in active status and should have sufficient Reward Points balance for conversion.


• There should be a minimum balance of 500 IndusInd Bank Reward Points for redemption against CV Points.


• A conversion request once placed cannot be cancelled.


• The Club Vistara membership account will be credited within 15 days of the conversion request. In case the request is rejected, customers will be intimated within 15 days of the date of request.


• In order to ensure timely processing of the conversion request, customers will need to ensure that the CV membership ID provided is correct.


• CV Points converted will be governed by Club Vistara terms and conditions.


• IndusInd Bank and Club Vistara terms and conditions apply.


• Vistara and IndusInd Bank, reserve the right to modify, discontinue or terminate this arrangement, at any point without prior notice.


• This offer shall be governed by the laws of India. Any dispute arising out of or in connection with this offer shall be subject to the exclusive jurisdiction of the courts of Delhi. By availing this offer, the customers shall be deemed to have accepted all the aforesaid terms and conditions.
• For the detailed list of Terms & Conditions of the IndusInd Bank Credit Card Rewards program, please click the below link

https://www.indusind.com/content/home/offers-and-terms-and-conditions/credit-cards-offers-and-tnc/tnc-Vistara.html

Redemption of IndusInd Bank Reward Points against CV Points with Club Vistara

Terms and Conditions for redemption of IndusInd Bank Reward points against CV Points

• To redeem your Reward Points against partner CV Points, simply
• Collect a minimum of 500 Reward Points
• Contact our banking team at 1860 267 7777 
• Quote your IndusInd Bank Credit Card number and Club Vistara membership ID
• Specify the number of Reward Points you would like to redeem
• These reward points can only be redeemed in multiples of 100

 

·       The CV Points will be credited to your Club Vistara membership account within 15 working days

·        For IndusInd Bank Indulge Credit Card, IndusInd Bank Crest Credit Card, IndusInd Bank Pioneer Heritage Credit Card, IndusInd Bank Pioneer Legacy Credit Card, IndusInd Bank Legend Credit Card, IndusInd Bank Pinnacle Credit Card, IndusInd Bank Signature Credit Card, IndusInd Bank Iconia Credit Card, IndusInd Bank Platinum Credit Card andIndusInd Bank Platinum Select Credit Card - 1 IndusInd Bank Reward Point will be converted to 1 CV Point

·       For IndusInd Bank Platinum Aura Credit Card and IndusInd Bank Platinum Aura Edge Credit Card - 2 IndusInd Bank Reward Points will be converted to 1 CV Point

      One of the good and early start for Indusind Bank Cards to get this thing right as seeing from demise of Jet Airways and having no value in the JP Miles acquired by fellow members

      What do you think about partnership between Air Vistara and Indusind Bank Cards ? 

Maximizing Your American Express MR Points Value

The American Express Membership Rewards program in India provides some amazing redemption options but not everyone gets it right, as loyalty programs are usually complicated and you need to have a bit of knowledge to maximize the value.

Here’s the ultimate guide to help you choose the best redemption option to get maximum value for your Amex Membership Rewards (MR) Points based on your needs. Let’s begin,

Statement Credit

• Value: 25ps/point

One of the advantage of holding Amex cards is that they allow you to convert your points to statement credit, which is as good as cash. A lot of those who’re new to credit cards choose this option but its probably the worst idea as Amex points are lot more valuable than just 25Ps.

So kindly ignore this and move to the next available option.

Gold Collection

American express has a concept of 24/18 carat Gold Collection on select cards like MRCC & Gold Charge card wherein you can redeem 24,000 or 18,000 points. Here are my favourite redemptions in this category,

Statement Credit

• Value: 41Ps/point

Note that this is different from the other statement credit option we saw above, as in this case you need to redeem minimum of 18k or 24k points at once.

Every once in a while, I go with Rs.10,000 statement credit option by redeeming 24,000 Points.

This isn’t the best idea to use Amex MR points but this allows me not to spend from my pocket. So I’m OKAY with loosing bit of value.

Amazon Vouchers

• Value: 44Ps/point

When I see upcoming spends on Amazon, I go with 18,000 Points redemption that gives me Rs.8,000Amazon Voucher.

Again, this isn’t the best option to use Amex MR points as even ICICI Amazon Pay Credit Card gives good returns on Amazon spends. But again, I do this at times to save money from actually spending.

Hot Rewards

Every once in a while Amex comes up with discounted points requirement for the catalogue redemptions. Once you’re in the membership rewards page, You can navigate to Hot rewards section as below,

• Shop -> Hot Rewards

One such offer running at the moment is you can get “SatyaPaul E-Gift Voucher INR 1000” for 1600 MR Points instead of 3600 MR Points (regular requirement). That gives you a value of 62Ps/Point, which is quite attractive.

Marriott Transfer

• Value: 50Ps to 1Rs/point

Now we’re getting into the hottest section: Travel redemptions.

If you’re someone who loves premium travel, you should definitely explore Marriott properties, as their loyalty program Marriott Bonvoy is the only major hotel loyalty program that’s relevant to Indians at the moment.

And the only Credit card that allows you to transfer points to Marriott is Amex. I’m a huge fan of this as you may already know. Most of my hotel stays at Marriott are taken care by Marriott Points, transferred from American Express.

With Marriott points you can easily get a value of at-least 50Ps in most properties and even more at times. You can get unbelievable value if you’re a Marriott Elite member.

For example, if you’re a Marriott Platinum Elite, you can redeem 12,500 points for a night and get a suite upgrade (most likely) + breakfast + lounge access in a luxury business hotel that easily sell a room for Rs.15,000 & above. So getting Rs.1/point isn’t tough especially when you’ve elite status like Gold/Plat with Marriott.

A quick look into my hotel reviews would help you understand how much value you could practically expect.

Note: It takes about 3-5 days to transfer Amex MR Points to Marriott Bonvoy Account.

Domestic Travel vouchers

• On Plat Travel: 40Ps/point (Bonus points received on milestone spends carry value of 66ps/88ps)
• Other Cards: 33Ps/point

If you’re not much into exploring premium hotels or just want to stay at non-Marriott properties in India, Amex has an option for you: Amex Domestic Travel vouchers.

Just like most other credit card loyalty program, you can also use your Amex MR points to book a domestic hotel or flight.

This is yet another good redemption option but as anyway I’ve points on other cards to take care of flight bookings I hardly use this.

Other Airline/Hotel Transfers

Apart from those mentioned above, you also have ability to transfer to 9 airline partners and other hotel loyalty programs like Hilton Honors.

Hilton is another good hotel chain for Indians to explore using points but problem is we need more points to explore different programs.

How to earn Amex MR points?

Just as you may already know, the ability to earn reward points with American Express is relatively low. Even though you can get amazing value with their merchant offers, the MR points earning potential is very low.

So the only way to earn more points is by participating in their accelerated promotions every now then.

For ex, you can get 5x bonus points on insurance, 10x/15x on travel spends etc. Apart from that, they also run supplementary card promo offers that will get you points for applying & spending. 

All these are temporary offers, so you need to keep yourself updated about the latest Amex offers. Easy way is to follow cardexpert on Facebook for instant updates. 

Just incase if you’re not holding Amex cards yet, here are some of the cards worth exploring,

• Amex Plat Travel (Currently FREE)  

                                  http://amex.in/refer/sWAPNTUSL5?CPID=100271290

• Amex MRCC (Currently FREE)

Note: You get additional points for applying through above links. Check the landing page for detailed referral offer info.

Final Thoughts

As always, there is no single best way to use Amex Membership Rewards points, as it depends on one’s lifestyle. For some, cash credit would do, while for others Marriott transfer makes a lot of sense and for some rare souls even airmiles gives amazing value when used right.

For me, combination of Gold Collection& Marriott points transfer works pretty well.

As the points earning capacity is low, there are only few things we could explore. I wish Amex does something to allow Indians get more reward points, like spend based promos with 3X/5X Points, which would be amazing. That would make us addict to the program like never before.

What’s your favourite Amex MR Points redemption? Feel free to share your thoughts in the comments below.