Indusind Bank Iconia American Express Credit Card: Earn Extra on Weekends

Indusind Bank Iconia American Express Credit Card: Earn Extra on Weekends

Best Low-Fee Cashback Card

Good for

  • Weekend spenders
  • Consumers Interested in a dining cashback card
  • Consumers interested in an entertainment cashback cardv

Bad for

  • Consumers that spend most on weekdays
  • Individuals that tend to stay home
  • Consumers who do not spend on entertainment

Editor's Rating

4.0/5.0

The Indusind Bank Iconia American Express Credit Card is the best low-fee cashback card in the market. Cardholders earn a solid 1.5% on all spending categories on the weekdays and 2% on weekends, excluding fuel and utilities. The Iconia Amex Card also has a joining fee of just Rs. 3,500 with no annual fee thereafter. Additionally, the card comes with a wide range of perks, including 2 quarterly visits to American Express airport lounges in India, travel insurance, Lemon Tree hotel discounts and free golf. Due to these factors, the Indusind Iconia American Express Card is a great option for individuals looking for a great low-fee cashback card with elevated earnings on weekends.

ProsCons
  • 2% on weekend spending
  • 1.5% on weekday spending
  • No annual fee
  • One-time joining fee: Rs. 3,500
  • 0.70% rewards rate on utility spending
Card Overview
Pros:
  • 2% on weekend spending
  • 1.5% on weekday spending
  • No annual fee
Cons:
  • One-time joining fee: Rs. 3,500
  • 0.70% rewards rate on utility spending

What Makes Indusind Bank Iconia American Express Card Stand Out?

The Iconia American Express Credit Card is the best low-fee cashback card available in India. The card's low fee combined with competitive cashback rates make it a great choice for any individual interested in a great cashback card, without a high annual fee.. For example, cardholders earn 2% cashback on weekend spending and 1.5% on weekdays. These rates are applicable to all spending categories, except utilities (0.70%) and fuel. While the Iconia Amex Card incurs a joining fee of Rs. 3,500, it does not have an annual fee, making it effectively a "low-fee" card. Additionally, the card comes with 2 quarterly visits to domestic American Express airport lounges and travel insurance. Furthermore, the cardholder receives a free ticket with every ticket purchase and 3 free tickets a month through BookMyShow. Cardholders also receive a free ticket with every ticket purchase and four free tickets a month at Sathyam Cinemas (Chennai only). The card also offers 20% discount at Lemon Tree Hotel properties and free golf games at the locations listed below Therefore, the Iconia Amex Card is a great cashback option with no annual fee and solid perks.

Name of the CourseCity/ District
Kalhaar Blues & Greens Golf ClubAhmedabad
Kensville Golf ClubAhmedabad
Boulder Hills Golf ClubHyderabad
Poona Golf ClubPune
9 Aces (Golf Greens & Academy)Mumbai
Unitech Golf & Country ClubDelhi Noida
Jaypee GreensDelhi Noida
Jaypee WishtownDelhi Noida
Golden Greens Golf ResortDelhi Gurgaon
Ambience Greens ResortDelhi Gurgaon
Tollygunge ClubKolkata
Premium Golf Club in MumbaiMumbai
Kharghar Valley Golf ClubMumbai
Clover GreensBengaluru
Prestige GolfshireBengaluru
Madras Gymkhana ClubChennai
Name of the CourseCity/ District
Kalhaar Blues & Greens Golf ClubAhmedabad
Prestige GolfshireBengaluru
AKDR VillageChennai
Jaypee GreensDelhi Noida
Unitech Golf & Country ClubDelhi Noida
Golden Greens Golf ResortDelhi Gurgaon
Ambience Greens ResortDelhi Gurgaon
ProTouch AcademyKolkata
Boulder Hills Golf ClubHyderabad
Golden Swan Golf AcademyMumbai
Poona Golf ClubPune

How Does the Indusind Bank Iconia American Express Credit Card’s Rewards Program Work?

The Indusind Bank Rewards Program for the Iconia American Express Card allows cardholders to receive 2 points per Rs. 100 spent on weekends, 1.5 points per Rs. 100 on weekdays, and 0.7 points per Rs. 100 on utility bill payments. The redemption rate for these rates are 1 point = Rs. 1, essentially making these cashback rates. Finally, it is worth mentioning that American Express points do not expire.

  • 2 points per Rs. 100 spent on weekends
  • 1.5 points per Rs. 100 spent on weekdays
  • 0.7 points per Rs. 100 spent on utility bill payments
  • Points redemption rate: 1 point = Rs. 1

Indusind Bank Iconia American Express Credit Card's Features and Benefits:

Card Overview
  • Joining Fee: Rs. 3,500
  • Income Requirement: None listed by issuer
  • Age Requirement: None listed by issuer
Rewards Rate Details
  • 2 points per Rs. 100 spent on weekends
  • 1.5 points per Rs. 100 spent on weekdays
  • 0.7 points per Rs. 100 spent on utility bill payments
  • Points redemption rate: 1 point = Rs. 1
Benefits & Perks
  • 2 quarterly visits to domestic American Express airport lounges
  • 3 free tickets a month from BookMyShow and a buy one one get one free offer
  • 4 free tickets a month at Sathyam Cinemas and a buy one get one free offer (in Chennai only) The card also offers 20% discount at Lemon Tree Hotel properties
  • Up to Rs. 225,000 in travel insurance
  • Free golf games

Indusind Bank Iconia American Express Credit Card Rewards Exclusions

The following credit card expenditures are ineligible for rewards:

Points will not be awarded to Cardholders towards Card Transactions involving Cash Advances
EMI payments
Balance Transfer transactions
Fees such as joining fee, annual fee, Add-On Card fee, interest charges, or any other fee/charges.

How Does the Indusind Bank Iconia American Express Credit Card Compare Against Other Cards?

Read our comparisons of the Indusind Bank Iconia American Express Credit Card:

Indusind Bank Iconia American Express Card vs. Standard Chartered Ultimate Card

Consider this if you want high cashback earnings for all spending categories

Age Requirement 21-65
Annual Income Requirement None listed by issuer

The Standard Chartered Ultimate Card is the best cashback card on the market for those that can afford its hefty annual fee. The Ultimate card offers a higher cashback (3.33%, 5 points per Rs. 150 spent) than the elevated weekend rate (2%, 2 points per Rs. 100 spent) and regular weekday rate (1.5%, 1.5 points per Rs. 100 spent) offered by the Indusind Bank Iconia American Express. The Standard Chartered Ultimate Card also offers a great travel perk through the Priority Pass membership (1 lounge visit per month) which is attractive for frequent flyers that fly every month.

Due to the 2 quarterly lounge visits offered by the Iconia Amex Card, consumers will have more flexibility scheduling their lounge visits.The Iconia Amex Card also offers great entertainment benefits through free movie tickets. For those looking for the best cashback card, the Ultimate Card is our recommendation; however, the Indusind Bank Iconia American Express Card is a great backup option for those seeking to avoid high annual fees.

Indusind Bank Iconia American Express Card vs. Kotak Essentia Platinum Card

Consider this if you are interested in acquiring a card for groceries and retail spending

Age Requirement 21-60 (65 if self-employed)
Annual Income Requirement None listed by issuer

The Kotak Essentia Platinum Card is a great cashback option for grocery and retail spending. For instance, the card earns cardholders a best-in-market 10% cashback rate (10 Saving Points per Rs. 100 spent; 1 point = Rs. 1) on all grocery and retail spending with a minimum spend of Rs. 1,500 per transaction and monthly cap of Rs. 500. This differs from the lower, but more versatile 2% weekend cashback rate and 1.5% weekday cashback rate earned by the Indusind Bank Iconia American Express Card. Therefore, the Iconia Amex Card would be really attractive to consumers that are looking for a card to use on more than just groceries and dining.

The Iconia Amex Card also offers airport lounge-focused perks, making it more attractive for frequent flyers. Notably, on all other spending, the Essentia Card offers a rewards rate of 0.40% (1 point per Rs. 250, 1 point = Rs. 1). As a result, for consumers interested in grocery and retail shopping we would recommend the Kotak Essentia; however, for consumers looking for a good overall cashback card the Iconia Amex would be a better choice.

Indusind Bank Iconia American Express Card vs. Citi Cashback Card

Consider this if you find yourself spending on entertainment, utilities and fuel

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The Citibank Cashback Card is a great low-fee option for consumers looking for a credit card to use on entertainment, utilities and fuel. For instance, this card earns 5% cashback on movie spending, utilities and fuel each with a cap of Rs. 100 per month. This is higher than both the elevated weekend rate (2%, 2 points per Rs. 100 spent) and weekday rate (1.5%, 1.5 points per Rs. 100 spent) by the Iconia Amex Card. However, when compared to the same versatile rates, the Citi Card only earns 0.5% cashback for all other spending categories, making it unattractive to those seeking a more versatile cashback card.

The Iconia Amex Card may not have an annual fee but the hefty joining fee does make it unattractive as it is not waivable, therefore more expensive. In sum, if consumers are interested in earning cashback on entertainment, utilities and fuel then they should acquire the Citi Cashback Card; however, if they are more interested in an overall cashback card with elevated rewards on the weekends then the Iconia Amex Card would suit them better.

Indusind Bank Iconia American Express Card vs. Indusind Bank Iconia Visa Card

Consider this if you are interested in a solid cashback card that offers elevated weekend earnings

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The Indusind Bank Iconia Visa Card is not a good option for consumers that are seeking a cashback card with good rates. This is primarily because the card provides the same perks and incurs the same fees as the Indusind Bank Iconia American Express Card, but does not include the competitive cashback rates and added Amex perks. For instance, the Visa Card offers a solid 1% on weekend spending and a decent 0.75% on weekday spends, excluding fuel and utilities. Whereas, the Amex Card offers 2% cashback on weekends and 1% on weekdays, excluding fuel and utilities.

Additionally, they both have the same joining fee at Rs. 3,500 and no annual fee thereafter. The Indusind Bank Iconia American Express Card also has an edge on perks as it offers consumers 2 quarterly visits to American Express airport lounges across India. Other perks are Indusind Bank specific and apply to both cards. Therefore, we would recommend the Indusind Bank Iconia American Express Card over its Visa counterpart.

Sahmi Chowdhury

Sahmi is a Junior Research Analyst specialising in credit cards and insurance in India. He previously worked in the financial services sector at Brown Brothers Harriman and True Capital Management.