LIC Cards, IDFC First Bank, Mastercard Collaborate To Launch Co-branded Credit Card
IDFC LIC Credit Card: IDFC FIRST Bank, LIC Cards, and Mastercard have announced two credit cards, LIC Classic and LIC Select. There will be no joining cost and there will be no annual fees.
From low interest rates to zero joining fees, reward points, and personal accident insurance that can be as high as 5 lakh rupees Each card comes with multiple advantages and benefits. Check out this article to learn more.
LIC IDFC FIRST Credit Cards
IDFC FIRST Bank LIC Cards and Mastercard have announced two credit cards that are co-branded -they are LIC Classic and LIC Select on the 14th of December 2023. From low-interest rates to no-joining charges to reward points to personal accident insurance that can be as high as 5 lakh rupees The cards come with a variety of benefits and promotions. Note that while it’s not necessary to possess a LIC policy to get a credit card, in case have one that includes a reward to pay insurance premiums.
Let’s look at the benefits you receive with the IDFC LIC Credit Card.
IDFC LIC Credit Card: LIC Classic & LIC Select
LIC Classic Credit Card
Here are the benefits and charges for the LIC Classic Credit Card, according to IDFC First Bank’s website.
Other charges The cost will be zero joining fee, and there will be no annual fees.
Rates of interest start from 0.75 percent per month or 9% annually. The rate can increase to 3.5 percent per month or 42% per year.
Cash withdrawal fees Cash withdrawals with no interest charges will be offered at both ATMs across the world for up to 48 days.
For EMIs, you will need to pay an amount of Rs 199 for each transaction.
Late payment fee 15% of the payment amount (subject to an amount of at least Rs 100 and up to a maximum of Rs. 1,250)
Forex markup fees will be 3.5 percent in all foreign transactions
LIC Classic Credit Card joining benefits include:
– You will receive 1,000 reward points after spending the first Rs 5,000 within 30 days of the card’s creation. There will be a five percent cashback (up to 1000 Rs) on the amount that is the first EMI that is completed within 30 days of the card’s generation.
Free Rs 500 for domestic flights booked on Yatra
Offer of up to Rs 500 discount on all purchases that are above Rs 899 on MYGLAMM
Free for 6 Months PharmEasy Plus membership worth Rs 399
-Free 1-year Lenskart Gold Membership worth Rs 500
LIC Classic Credit Card Rewards:
You will earn 6X rewards for LIC Insurance premium spending. Reward points are based on LIC Insurance premium spends and will only be available if the insurance premium has been paid through LIC Of India’s website i.e. https://licindia.in/.
You will earn 3X points for essentials like utility bills, groceries railways, education, and government payments. Note that you can earn as much as 300 reward points per calendar month.
You will earn 3X reward points on all other expenditures
1X = 1 Reward point per Rs 125 spent | 1 Reward point = Rs 0.25
Additionally, The rewards are valid for 3 years or more. The reward program doesn’t include rental, fuel, and insurance expenditures that are not covered by LIC, EMI transactions, and cash withdrawals.
LIC Classic Credit Card’s other advantages include:
1 free domestic airport lounge access per quarter
2. Access to a complimentary train lounge per quarter
A fuel surcharge reduction of 1% at all fuel stations throughout India and up to Rs200/month. This will only be available on transactions with values between Rs 200 and 500.
LIC Classic Credit Card insurance benefits include:
Personal Accident Insurance of Rs. 2,000,000 and liability insurance for lost cards of 25,000 Rs is valid if you have made more than one purchase with LIC Classic Credit Card in the last 30 days.
Purchase Protection Coverage, Credit Shield, and lost card risk of Rs 25,000 per
Complimentary Roadside Assistance worth Rs 1,399
Let’s look at the charges and features of the LIC Select Credit Card.
LIC Select Credit Card
Here are the benefits and fees for the LIC Select Credit Card, according to the IDFC First Bank website.
Fees: There will be no joining fee, and there will be no annual fees.
The interest rates start at 0.75 percent per month or 9% annually. It could go up to 3.5 percent per month or 42% annually.
Cash withdrawal fees Cash withdrawals that are interest-free are available at both ATMs across the world for a period of up to 48 days.
For EMIs, you must pay a fee of Rs. 99 per transaction
Late payment fee of 15% of the payment amount (subject to a minimum of Rs100 and a maximum of Rs 1,250)
Forex markup fees will be 3.5 percent on all international transactions
LIC Select Credit Card joining benefits include:
You will earn 2 reward points when you spend the first of Rs 10,000 within 30 days of the card’s creation. There is a 5 percent cashback (up to 1000 Rs) on the amount for the initial EMI completed within 30 days from the date of card creation.
Free Rs 500 for domestic flights booked on Yatra
Offer of 50% off at Rs 500 on all purchases that are above Rs 899 on MYGLAMM
Free for 6 Months PharmEasy Plus membership worth Rs 399
-Free 1-year Lenskart Gold Membership worth Rs 500
LIC Select Credit Card other benefits include:
2 complimentary lounge access to the domestic airport access per quarter
4 complimentary access to the railway lounge per quarter
A fuel surcharge reduction of 1% at all fuel stations throughout India is up to 300 per month. This will only be available for transactions that cost between Rs 200 to Rs 500.
LIC Select Credit Card rewards:
Look into the reward program offered by LIC Select Credit Card
10X rewards are available for LIC Insurance premium spends. The rewards for LIC Insurance premium spend will only be applicable when the insurance premium is paid via LIC Of India’s main website i.e. https://licindia.in/.
You will earn 5X points for essentials such as food, utilities railways, education, and payments to the government. Be aware that you can only earn a maximum of 300 reward points each month.
– You will earn 5X points on other purchases
1X = 1 Reward point per Rs 125 spent | 1 Reward point = Rs 0.25
Additionally, The reward program will last as long as three years. The reward program doesn’t apply to rental, fuel expenditures, insurance that is not LIC-approved, EMI transactions, and cash withdrawals.
LIC Select Credit Card insurance benefits include:
Personal Accident Cover of Rs 5,00,000 as well as lost card liability coverage of 50,000 Rs is valid if you have made more than one purchase with LIC Classic Credit Card in the last 30 days.
Purchase Protection Coverage, Credit Shield, and lost card risk of Rs 25,000 per
Free Roadside Assistance worth Rs 1,399
Insurance for travel of Rs. 4,000 per person in case of the loss or delay of baggage checked in the loss of passports and other documents, and delays during flight.
Air Accident insurance of Rs. 1 crore.
