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IndusInd Bank has announced the devaluation of its Rewards program w.e.f. 20th January 2022. The reward rates of IndusInd Credit Cards on real estate spends and rent payments have been significantly reduced. The reward rate that IndusInd credit cards offer on rent payments and real estate spends has been made equivalent to that applicable on a few other select categories that earn Reward Points at a reduced rate.
Must Read: Latest Credit Card Offers on Rent Payments
IndusInd Bank Rewards Program Devaluation
IndusInd Bank in August 2019 reduced the reward rate applicable on the following spends categories-
- Utility bill payments
- Insurance premium payments
- Government services/charges/payments
- Education institute fees
With effect from 20th January 2022, real estate spends and rent payments will also earn Reward Points at the same reduced rate as applicable for the aforementioned spend categories.
The reduced reward rate 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 which will continue to earn Reward Points at the current reward rate.
The following table illustrates the revised reward rates on the aforementioned spend categories (which now include real estate and rent payments) as applicable for the various IndusInd Bank Credit Cards-
| IndusInd Credit Card | Revised Reward Points Earning Rate on the aforementioned spends categories (real estate spends and rent payments included w.e.f. 20th Jan 2022) |
| IndusInd Bank Indulge Credit Card | 0.70 Reward Point per Rs. 100 |
| IndusInd Bank Crest Credit Card | 0.70 Reward Point per Rs. 100(on domestic and international spends) |
| IndusInd Bank Pinnacle Credit Card | 0.70 Reward Point per Rs. 100(on POS and E-commerce spends) |
| IndusInd Bank Legend Credit Card | 0.70 Reward Point per Rs. 100(on weekends and weekdays) |
| IndusInd Bank Signature Credit Card | 0.70 Reward Point per Rs. 100 |
| IndusInd Bank Iconia Visa Credit Card | 0.70 Reward Point per Rs. 100(on weekends and weekdays) |
| IndusInd Bank Iconia American Express Credit Card | 0.70 Reward Point per Rs. 100(on weekends and weekdays) |
| IndusInd Bank Celesta American Express Credit Card | 0.70 Reward Point per Rs. 100(on domestic and international spends) |
| IndusInd Bank Platinum Credit Card | 0.7 Reward Points per Rs. 150 |
| IndusInd Bank Platinum Aura Credit Card (Home Plan) | 1.4 Savings Points per Rs. 100(not applicable to Real Estate/Rental Payments) |
| IndusInd Bank Platinum Aura Edge Credit Card (Home Plan) | 1.4 Savings Points per Rs. 100(not applicable to Real Estate/Rental Payments) |
| InterMiles IndusInd Bank Odyssey Credit Card | 1 InterMiles per Rs. 100(on weekends and weekdays) |
| InterMiles IndusInd Bank Voyage Credit Card | 1 InterMiles per Rs. 100(on weekends and weekdays) |
| IndusInd Credit Card | Revised Reward Points Earning Rate on the aforementioned spends categories (real estate spends and rent payments included w.e.f. 20th Jan 2022) |
Another point worth noting is that Reward Points will be accrued only against spends up to the allowed credit limit on the card. Any further spends would not accrue any Reward Points.
Bottom Line
This sudden further devaluation of its credit card rewards program by IndusInd Bank by reducing the reward rate on real estate and rental payments is an unexpected move by the bank. One possible reason for this devaluation may be increased usage of credit cards by cardholders for making rent payments. Rent payments are big-ticket spends that are recurring in nature (you pay your rent every month). Therefore, rent payments can account for a substantial portion of the total Reward Points earned in a given payment cycle. Anyhow, this change will definitely affect the IndusInd credit cardholders in a negative way.
Also Read: Should you use your Credit Card for Rent Payments?
