IndusInd Bank launches ePay Amex credit card

[vm999]

A new credit card launched by IndusInd Bank.

Rewards are very attractive. Typical Amex by asking us to make >10 transactions per month to avail the full benefits.
Needs to see what are the reward limits and annual fee.

Reward for early payment

Get 5% cashback annually every time on payment of total due amount within 7 days of statement generation.

Unique Transaction based Rewards Program​

Earn up to 10 Reward Points on each transaction with your completely digital ePay American Express® Credit Card

• 1st to 4th transaction in a statement cycle- Earn 4 Reward Points on each transaction
• 5th to 10th transaction in a statement cycle- Earn 8 Reward Points on each transaction
• Beyond the 10th transaction in a statement cycle- Earn 10 Reward Points on each transaction
• Minimum transaction value- Rs 500

Spend on your card every month and get double the reward points

When you keep your ePay Card active for 11 months, you will get 2X Reward Points on all your spends done in the 12th month within an anniversary year.

E.g. if your card issuance date is 1st January, be active on your card from January to November by making at least 1 transaction each month and on December you will get 2X Reward Points on all your spends.

• 1st to 4th transaction in a statement cycle- Earn 8 Reward Points on each transaction
• 5th to 10th transaction in a statement cycle- Earn 16 Reward Points on each transaction
• Beyond the 10th transaction in a statement cycle- Earn 20 Reward Points on each transaction

 

[RajeshV]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

 

[helloworld]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

I know Indus never disappoint me 😀

They created credit card and made conditions as 'spend frequently and monthly' to earn lowest possible rewards/cashback.

And expecting us to keep that cashback in bank account for whole year to get the advertaised %. Nice!!

 

[Deleted member 11974]

Dogs tail bent means bent

 

[AlgoTrader]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

View attachment 33293

lol. this is crazy

 

[simplewarrior]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

View attachment 33293

I mean which MBA grad idea was this to name it as 5% cashback

 

[WhoU]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

View attachment 33293

This is a good move, if all banks implement it, it will encourage everyone to pay their bills sooner. But calling it 5% cashback is SCAM.

 

[helloworld]

So in Credit card world so far we have ..

- Mentioning LTF (Life time free)* card but spend X amount each year and waive the fee
- They also had another excellent idea of making every purchase eligible for 5% cashback but based on eligible merchants on provided mcc
- Providing 3% Cash points but Cash point actual value (0.25)

And to this list, now

- Excellent 5% cashback on paying bills but you have to keep that amount in bank account for 12 months to get that rate

In future, we may see 100% cashback also (which actually may be equals to =~2% as per their calculation)..

Seems like we have to pay more attention to those MITC papers 🤕

 

[Deleted member 11974]

So in Credit card world so far we have ..

- Mentioning LTF (Life time free)* card by hiding spend X amount each year and waive the fee
- They also had another excellent idea of making every purchase as 5% cashback by hiding based on eligible merchants on provided mcc
- Advertising as 3% or 2% Cash points by hiding Cash point actual value (0.25)

And to this list, now

- Providing 5% cashback by using annual rate of interest calculation

In future, we may see 100% cashback also using calculations like this (~4%).. seems like we have to pay more attention to those MITC papers. 🤕

banks seem to have a milestone based incentive on making people financially literate

 

[abhishek]

IndusInd bank never disappoint us to disappoint us!! 🙁🤣

 

[rohitpgarg]

I found the details in their card-specific MITC... The card is free, and the "cashback" is basically interest at the rate of 5% pa 😑

View attachment 33293

0.2% cashback advertised as 5% cashback

LOLMAX!!!

 

[cosmos]

Can this card be used for amex specific offers?
If yes, then ltf is good given all amex cards are paid.

 

[krishc]

is it really LTF or there is some hidden conditions there as well ?

 

[helloworld]

Can this card be used for amex specific offers?
If yes, then ltf is good given all amex cards are paid.

Get one ICICI gemstone card as LTF, that is better compared to this.

 

[Slayer]

I mean which MBA grad idea was this to name it as 5% cashback

I'm pretty sure he is from a BLACKI IIM

 

[BhaiyaJi]

After going through the 5% cashback actual calculations

 

[Deleted member 11974]

isliye kehta hoo amity se MBA mat kiya kario

 

[RAMESH BABU N]

what is the joining fee and annual fee for the same?

NIL joining fee. NIL annual fee. LTF card from Amex. Fully Virtual.

 

[RAMESH BABU N]

MITC.... for this card....

 

[RAMESH BABU N]

Since it is a digital ePay card, probably, it will be accepted on all Apps and payment platforms, unlike AMEX physical cards. We have to wait and see. It appears that AMEX is serious about getting a bigger share of the indian digital payment market. The way the rewards are planned, it confirms that Amex is really serious about this. Many tie-ups might be announced in the coming days.

 

[Deleted member 11974]

no it wont the rationale remains same
its an amex bin
doesnt matter whether virtual or not