Thursday, April 04, 2013

My experience with IndusInd Platinum Select Credit Card

A few months ago I visited local branch of IndusInd (Bathinda) for a credit card and the manager explained that it cost Rs. 3500 as a joining fee and nothing else; so I applied on the same day (primarily as an online payment mechanism for forthcoming overseas trip). Manager said it comes with complimentary Jet Airways ticket, but as I presumed, the so called "ticket" is a voucher code for Rs 1500 discount on the base fare. Base fare is normally Rs. 1 for domestic airlines in India (fuel surcharge comes almost 95% of the total fare); so in order to get that Rs. 1500, you gotta purchase 1500 airtickets! Sites like have been offering this sort of deceptive tactics for such a long time!

I received the kit with credit card in couple of months and I spent sometime to read "Most important terms and conditions" booklet (I am always alert with this sort of nondescript documents, easy to spot with its low font size, like EULA/Terms and Conditions of Mutual Funds, Life Insurance, Mortgages etc). It says credit card fee is Rs. 1499 so straightforwardly busted 3.5K joining fee. I started repeatedly complaining this matter with IndusInd customer care and bank, but all in vein.

I approached the manager in person and he said Rs. 3500 joining fee is for the offer with JetAirways ticket, and I could have opted-out this offer. Obviously when I visited him first for credit card he convinced me that the Jet Airways ticket comes as a complimentary to the credit card and never mentioned that opting out this freebie could save me Rs. 2000. He said that if I opted for a card without JetAirways offer, Rs. 1499 would be “Annual Fee” (as opposed to Rs. 3500 as one-time joining fee). Oh man, how deceiving this person really is! He then tried convincing me how I badly needed their Aviva life insurance policy, I gave it a shit.

It is interesting to note that the bank have not disclosed fee info on any of their credit cards at their site. However curious readers can still access the "Most important terms and Conditions" document in their website, which is tactically hidden in their webserver!

Update: They have increased their joining fee from Rs 1499 to Rs. 5000 in a matter of 2 weeks! I think my case might have influenced them for this decision, who knows! Original document scan is here:

The fee schedule clearly indicate that there are no annual fee for Premium Select card, so the bank manager is again busted with plain lie, again. After repeated emails and a petition through BCSBI and Banking Ombudsman, the manager wrote me the following:
Dear Dr. Bast

We sincerely appreciate your patience and co-operation in this regard. According to our records, we confirm we have reversed the joining fee of INR 2001.00 and the credit towards the same will reflect in the next month’s credit card statement.  Please view this lapse as only an aberration. We will give our best service always. You are our privileged customer and we value your relationship with us. Your relationship is important to us and we look forward to building further on this association. For any further queries, please call 1860 267 7777 or write to us  Assuring you of our best services. Sincerely,Nitin Mistry   Customer Care Officer   Premium Care Team   IndusInd Bank Limited

So my judicial proceeding is taking its on course and I hope no one else reading this post will have similar experience, so this post! 
Beware of IndusInd!