IDFC FIRST Bank and LIC, in association with Mastercard, have unveiled two exclusive co-branded credit cards - LIC Classic and LIC Select. These cards come with benefits ranging from low interest rates to zero joining fees, alongside rewarding points and insurance covers.
These credit cards offer policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment, the companies said in a joint statement.
Here's a look at features of the two variants of credit cards:
LIC Classic credit card
There is zero joining fee and zero annual fee. Interest rates start from 0.75% per month or 9% per annum. It can go up to 3.5% per month or 42% per annum.
With this card, customers can earn:
6x rewards on LIC insurance premium spends.
3x rewards on essential categories including grocery, utilities, railways, education, and government payments.
3x rewards on all rther spends.Customers can earn 1,000 reward points for initial spending of ₹5,000 within 30 days. Also, they can avail 5% cashback on the first EMI transaction (up to ₹1000).
Additionally, the credit card offers complimentary airport and railway lounge access, andfuel surcharge waiver, among others.
Here's the table presenting the different fees and charges associated with the credit card:
| Fees & Charges | Details |
|---|
| Lifetime Free | Zero joining fee and zero annual fee |
| Low Interest Rates | APR from 0.75% to 3.5% per month (9% to 42% per annum) |
| Interest-free cash withdrawals | Domestic and international ATMs for up to 48 days (cash advance fee of only ₹199 per transaction) |
| OVL Charges | 2.5% of the over-limit amount, minimum charge of ₹500 |
| Late Payment Fee | 15% of Total Amount Due (minimum ₹100, maximum ₹1250) |
| Forex Markup | 3.5% for all international transactions |
(Source: IDFC First Bank website)
LIC Select credit card
There is zero joining fee and zero annual fee. Interest rates start from 0.75% per month or 9% per annum. It can go up to 3.5% per month or 42% per annum.
The extensive insurance covers include personal accident, purchase protection, travel insurance, and others. EMI conversion options are also available.
Here's the table presenting the different fees and charges associated with the credit card:
| Fees & Charges | Details |
|---|
| Lifetime Free | Zero joining fee and Zero annual fee |
| Low Interest Rates | APR from 0.75% to 3.5% per month (9% to 42% per annum) |
| Interest-free cash withdrawals | Domestic and International ATMs for up to 48 days (Cash Advance Fee of only ₹199 per transaction) |
| OVL Charges | 2.5% of the over-limit amount, minimum charge of ₹500 |
| Late Payment Fee | 15% of Total Amount Due (minimum ₹100, maximum ₹1250) |
| Forex Markup | 3.5% for all international transactions |
(Source: IDFC FIRST Bank website)
Here are the benefits available with this card:
| Benefits | Details |
|---|
| 2,000 Rewards | On spending first ₹10,000 within 30 days of card generation |
| 5% Cashback | Up to ₹1000 on the transaction value of the first EMI within 30 days of card generation |
| Flat ₹500 off | On Domestic Flights booking on Yatra |
| Flat ₹500 off | On purchases of ₹899 and above on MYGLAMM |
| Free 6 months membership | PharmEasy Plus worth ₹399 |
| Free 1-year membership | Lenskart Gold worth ₹500 |
(Source: IDFC FIRST Bank website)
(Edited by : Shoma Bhattacharjee)
