IndusInd Bank recently launched a new credit card called "Nexxt," the first interactive credit card in India. It is as thick as a regular card and has indicative LED lights to show the customer's desired payment choice. This one of kind card has both pros and cons to weigh on before you make a decision to get one.

Features

Individuals with a monthly income of Rs 50,000 and no other debt obligations can avail a credit limit of up to Rs 80,000 to Rs 1 lakh per month with IndusInd's Nexxt. The joining fee is Rs 1,999, with no renewal or annual fees in the subsequent years. An interest of 3.83 percent per month will be applicable.

There are push buttons on the card to activate one of three payment options as per the user's choice at the merchant's sale point. The three options are:

1. regular payment at the point-of-sale terminal (swiping for payment)
2. converting transactions in EMIs for a tenure of 6, 12, 18 or 24 months
3. using collected reward points

To be able to use the reward point upfront, the user must have at least a minimum of Rs 500 worth in reward points. You get one reward point for every purchase of Rs 150. One reward point is equal to Re 1, which means you will have to make purchases of at least Rs 75,000 on the credit card to be able to claim the reward points.

EMI feature can be activated on purchases above Rs 2,000 with just a touch of a button. You won't need to call the customer service to activate it. The credit card also comes with offers on movie tickets and fuel purchases.

How is Nexxt different from a typical credit card?

The credit card has interactive features. It has push buttons to activate either an EMI mode of payment, using accumulated reward points or make a regular payment at the merchant store. When you select an option, a small LED light will blink next to the selected option. The light works on a built-in battery that the bank says will last for five years without any need to charge it.

Should you get it?

The decision to get this credit card will depend on your lifestyle and what you usually use a credit card for. The card is useful to those who travel and spend more on entertainment purposes just like any other premium credit card. For those who have specific kind of spending, like fuel, for example, there are some special fuel credit cards that have better offers.

Apart from the new technological aesthetics, Nexxt does not offer any special credit based offers that other credit cards don't. A regular card also allows customers to convert credit into EMIs, use rewards points or make a regular payment. One has to pick between the ease of pushing a button over making a phone call to the customer support and decide if the services are worth paying a Rs 1,999 fee. You can instead choose from any low fee credit cards with good offers.