Credit Card News: AU ixigo Devaluation, IndusInd Avios, Axis, Amex Apple Offer, Kotak, HSBC, IndiGo

1. City Bank American Express Platinum Reserve Credit Card Launch

Overview

On Thursday, City Bank unveiled Bangladesh’s first American Express metal card—the Platinum Reserve—available strictly by invitation to a select clientele.

Key Features & Benefits

• International Travel Perks

  • Complimentary Priority Pass membership with unlimited lounge access at 1,700+ airports for cardholder + two guests

  • 10% off Fastrack VIP Meet & Greet airport services

• Additional Travel & Lifestyle

  • SixT Rent a Car loyalty programme enrolment (priority service, free upgrades, discounts across 2,000 locations in 100+ countries)

  • Exclusive dining privileges abroad and “Buy 1 Get 2” complimentary buffet at top five‑star hotels in Bangladesh

• Account & Transaction Ease

  • Dedicated Relationship Manager for each cardholder

  • Real‑time auto‑debit facility for seamless payments

• Rewards

  • Earn up to 10× Membership Rewards points at select merchants

2. IndusInd Bank Avios Credit Card Revaluation (April 2025)

What’s Changed

• Fees Reduced

  • Joining: ₹40,000 + GST → ₹10,000 + GST

  • Annual: ₹10,000 + GST → ₹5,000 + GST

  • Add‑on card remains free.

• Welcome Benefits Overhauled

  • Before: Gold Tier + 20,000 Avios (Qatar) or 55,000 Avios (British Airways)

  • Now: Flat 20,000 bonus Avios (both Qatar & BA) credited within 15 days

• Renewal Benefits Updated

  • Before: 5,000 Avios + Gold Tier (Qatar) / 10,000 Avios (BA)

  • Now: 5,000 bonus Avios (both Qatar & BA)

3. Paytm Travel Pass Subscription

Overview

For ₹1,299, frequent flyers and business travellers get four uses of free cancellations, travel insurance and seat‑discount perks over three months.

Features & Benefits

• Free domestic flight cancellations (×4)

• Travel insurance (baggage loss, delays; ×4)

• ₹150 off seat selection (×4)

• Seat discounts up to ₹15,200 total

How to Subscribe & Redeem

1. Open Paytm ➔ “Flight, Bus & Train” ➔ “Travel Pass” ➔ Buy for ₹1,299

2. Search flights under “Flight, Bus & Train” ➔ benefits auto‑apply at checkout

Also: Paytm Travel partners with Agoda (hotels) and FLY91 (regional flights); as an IATA‑accredited agent, it guarantees free cancellations and instant refunds.

4. Axis Bank Shoppers Stop Credit Card—Now Open for Applications

Overview

Tailored for Shoppers Stop enthusiasts; ₹500 + GST joining/renewal (waived on ₹1 lakh+ annual spends).

Benefits

• ₹300 First Citizen points

• ₹2,250 Shoppers Stop vouchers

• Free Golden Glow Membership

Rewards Earning

• 20 points/₹200 on private labels

• 12 points/₹200 on beauty/other brands

• 2 points/₹200 on all else

Extra Perks

• 15% off EazyDiner (up to ₹500/mo on ₹2,500 min.)

• 1% fuel waiver (₹400–₹5,000; max ₹400/cycle)

• Redeem points at Shoppers Stop & Homestop—no fees

5. HSBC Credit Cards BookMyShow Offer

Offer Details (till 30 June 2025)

• Live+ & Visa Platinum: Buy 1 Get 1 tickets on Saturdays (up to ₹250)

• Premier Metal: Same BOGO Offer on Saturdays (up to ₹750)

T&Cs

• Free ticket cap; pay excess on same card

• Live+/Platinum: first 2,000 Saturday bookings eligible

• Premier Metal: unlimited Saturdays + 2 free tickets/month on weekdays

• Excludes net‑banking, debit, corporate, e‑wallet or commercial cards

6. AmEx Credit Cards: Up to ₹8,000 Off Apple Products

Offer (till 30 June 2025)

Instant cashback at Apple‑owned stores & apple.com/in:

7. Kotak Bank: Up to ₹5,000 Cashback on Apple Buys

Offer (till 28 June 2025)

Instant cashback on select Apple purchases via Kotak credit card/EMI:

Steps to Avail

1. Buy at authorised reseller (or Amazon, Flipkart)

2. Pay fully with Kotak credit card or EMI

T&Cs: 2 offline + 1 online txn/card; excludes B2B/corporate cards; cannot be clubbed with other offers.

8. ixigo AU Bank Credit Card Devaluation (2025)

Key Changes (effective 1 Apr 2025)

• International Spending: No more rewards

• Domestic Lounge Access: ₹20,000/quarter spend to unlock free access within 2 days

• Train Bookings: 20 pts→10 pts per ₹200

• PG Waiver: 2 charges/month for ixigo + 2 for confirmed tickets

Priority Pass access for international lounges remains unchanged.

9. IndusInd Bank to Charge 1% Fee on Fuel

Details (from 4 May 2025)

• 1% + GST on fuel spends above ₹50,000/cycle (MCC 05983, 05172, 05542, 05541)

• Under ₹50,000: no extra fees

• Refunds don’t reduce spend total

Likely impacts high‑volume/business users more than regular motorists.

10. HSBC 100% Cashback Forex Offer

Premier Card

• <₹10 L: 0.99% markup → 0.5% cashback (effective 0.49%)

• ₹10 L: 0.99% markup → 0.99% cashback (effective 0%)

Platinum Card

• <₹10 L: 3.5% markup → 1.5% cashback (effective 2%)

• ₹10 L: 3.5% markup → 3.5% cashback (effective 0%)

11. IndiGo × Accor Loyalty Rewards Program

Overview

IndiGo’s BluChip and Accor’s ALL programmes now let you earn & redeem points interchangeably on flights, hotels and travel experiences via a co‑branded loyalty platform.

12. Banks Cutting Loan Rates after RBI Repo Cut

Repo Rate Cut

RBI cut the repo rate 25 bps to 6.0%; MPC unanimously voted to stay accommodative.

Lending Rate Adjustments

• Indian Bank: RBLR → 8.70% (from 9.05%) effective 11 Apr 2025

• PNB: RLLR → 8.85% (from 9.10%) effective 10 Apr 2025

• Bank of India: RBLR → 8.85% (from 9.10%) effective 9 Apr 2025

• UCO Bank & Bank of India (Chennai): RBLR cut 35 bps → 8.70% (Chennai) / 8.85% (PNB) on same dates

Lower lending costs but potential margin compression for lenders.

13. RBI’s Draft Norms for Gold‑Jewellery Loans

Proposed Measures (feedback by 12 May 2025)

• Classify gold loans as “income‑generating” vs “consumption”

• Floor price on gold auction sales

• Top‑up/renewals only on existing “standard” gold loans

• Ban loans vs gold ETFs/mutual funds

• Extend rules to silver jewellery/coins

14. RBI Fines Citibank (and IDBI)

Penalties

• Citibank N.A.: ₹36.28 L under FEMA for poor due diligence on forex remittances

• IDBI Bank: ₹36.30 L for similar infractions