The IndusInd Pinnacle Credit Card used to be one of the best premium credit cards in India for a few years, but does it still hold that status in 2024? Not quite, is the quick answer. However, it can still be a good choice for those who need specific benefits that are available for a one-time fee.
Here’s everything you need to know about the IndusInd Pinnacle Credit Card in its current form:
Overview
| Type | Semi – Premium Credit Card |
| Reward Rate | 0.5% – 1.8% |
| Annual Fee | 15,000 INR + GST |
| Best for | Online Spends, Exclusive Banking benefit |
| USP | Redeem points for Stmt. Credit |
IndusInd Bank used to sell the Pinnacle Credit Card for 50,000 INR before 2020, but they have significantly reduced the pricing since the COVID-19 outbreak and so the benefits.
It is currently available for 15,000 INR with equivalent vouchers or even as a lifetime free variant, depending on the offer. Many have received the lifetime free upgrade offer in the past year.
Joining Fees
| Joining Fee | Rs.15,000+GST |
| Welcome Benefit | Upto Rs.15,000 Voucher (Gyftr EGV) |
| Renewal Fee | Nil |
The good thing about IndusInd credit cards is that most of them come with no renewal fee, and this includes the Pinnacle Credit Card as well.
The welcome benefit is a Gyftr EGV, which allows you to redeem vouchers from various brands. However, the available brands can change from time to time.
Note that you might receive a lower value for Amazon or Flipkart vouchers (such as 10,000 INR) compared to the full value for other brand vouchers like Yatra, Bata, etc., as part of the welcome gift.
Design
While the design shown in this section is the old version that I received a few years ago, the new vertical design certainly looks impressive. It even has a slight sheen when viewed from different angles—overall, a well-executed redesign.
If you’ve read the previous version of this article, you’ll know that I had been looking for a redesign, so I’m pleased to see the change.
Reward Points
| SPEND TYPE | Rewards | Reward Rate (Cash Credit) |
|---|---|---|
| Regular Online Spends | 2.5 RP / 100 INR | 1.8% |
| Online (Travel & Airline) | 1.5 RP / 100 INR | 1.1% |
| Select Categories | 0.70 RP / 100 INR | 0.5% |
- 1 Reward Point = 0.75 INR (for cash credit)
- Select Categories: Utility, Insurance, Government Services, Education, Rent.
Note that you can only use Indusind Credit cards (most variants) up-to its assigned credit limit in a month, beyond which it wont earn reward points, unless they run a spend-linked targeted offer stating otherwise.
Redemptions
There are multiple options to redeem rewards earned on pinnacle Credit Card. Here are some useful ones:
- Singapore Airlines – 2:1 (Krisflyer)
- Statement Credit – 1:0.75
- Indus Moments (dynamic value)
Usually the Reward points are used for statement credit redemptions as that’s the USP of the card for which it’s known for.
Note: The maximum number of reward points that can be redeemed for cash credit in one statement cycle is 7,500 reward points. (eff. 1st Sep 2024)
Airport Lounge access
| ACCESS TYPE | ACCESS VIA | ACCESS LIMIT |
|---|---|---|
| Domestic | Mastercard | 1/Qtr |
| International | Priority Pass | 2/Qtr |
Earlier, the IndusInd Pinnacle Credit Card did not offer the Priority Pass complimentary visit benefit, which was a notable drawback for frequent travelers.
However, this changed around mid-2018 when the card’s features were updated to include this benefit.
Golf
- 2 Games & 2 lessons per month
- Spend Requirement: 25,000 INR (in previous statement cycle)
It’s good to see that IndusInd Pinnacle Credit Card still comes with Golf benefit despite various rounds of devaluations.
The expected spend requirement to avail the Golf benefit is fair enough, as IndusInd Golf booking system is one of the best in the industry.
IndusInd Exclusive A/c
One of the noteworthy benefit of holding a Pinnacle Credit Card is that you can get a Zero Balance IndusInd Bank Exclusive Account which otherwise comes at ~1L AMB.
If you ask why Exclusive A/c? Well, it’s because of the IndusInd Exclusive debit card, which offers 0% Forex Markup fee on international POS transactions and also ATM withdrawals.
I’ve used it in many countries, and it has consistently worked as expected.
However, be sure to check for any ATM charges when withdrawing abroad. Look for ATMs in public transit areas or government ATMs, as these typically do not incur withdrawal fees.
Other Benefits
- Bookmyshow Offer: Buy1 Get1 offer, Upto Rs.200 per ticket, upto 3 tickets per month
- 1% fuel surcharge waiver (txn range: 400-4000 INR)
While IndusInd Bookmyshow benefit used to work wonderfully well in the past, it’s not the case lately as the quota is getting used up pretty quick.
How to Apply?
IndusInd Bank Pinnacle World Credit Card can be applied online as they’ve moved to digital application mode few years ago.
IndusInd Credit Card applications are largely sourced online these days with relatively faster approvals and dispatch, as early as 24 hrs post digital KYC.
Bottomline
The IndusInd Pinnacle Credit Card used to be an excellent cashback card, offering 2.5% cashback in the past. However, as of 2024, many things have changed, and it now serves only a small segment of users, especially those who’re looking for the IndusInd Exclusive Account.
If you’re looking for a good cash-back card, SBI Cashback Card offering 5% cashback (against 1.8% on Pinnacle) on most online spends is a great option.
It might be time for IndusInd Bank to introduce a new “premium” credit card to fill the gap left by the Pinnacle Credit Card.
If you’re an IndusInd Pioneer Customer looking for similar rewards, the IndusInd Pioneer Legacy Credit Card is a good alternative.
Do you still hold IndusInd Pinnacle Credit Card in 2024? Feel free to share your experiences in the comments below.
