IDFC LIC Credit Card Reviews With Interest Rate on EMI 9% – IDFC FIRST Bank, LIC Cards, and Mastercard have launched two co-branded credit cards — LIC Classic and LIC Select. These Credit Cards are offering low-interest rates starting from 9%. These cards are zero-joining fees with personal accident covers of up to Rs 5 lakh, both cards have multiple benefits and offers.

Card holders will get rewards for paying insurance premiums.

LIC Classic Credit Card

Here are the features and charges of LIC Classic Credit Card, as per the IDFC First Bank website.

-Fees and other charges: There will be 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.
-Cash withdrawal charges: Interest-free cash withdrawals will be available on domestic and international ATMs for up to 48 days.

-For EMIs, you have to pay a fee of Rs 199 per transaction

-Late payment fee: 15% of the total amount due (subject to a minimum of Rs 100 and a maximum of Rs 1,250)

-Forex markup fee will be 3.5% for all international transactions

LIC Classic Credit Card joining benefits:

-You will get 1,000 reward points for spending the first Rs 5,000 within 30 days of card generation. There will be a 5% cashback (up to Rs 1000) on the transaction value of the first EMI done within 30 days of card generation.
-Flat Rs 500 off on Domestic Flights booking on Yatra
-Flat Rs 500 off on purchases of Rs 899 and above on MYGLAMM
-Free 6 months PharmEasy Plus membership worth Rs 399
-Free 1-year Lenskart Gold Membership worth Rs 500

Also Read – List of 8 Best Credit Cards For EMI in India, 2023

LIC Classic Credit Card rewards:

-You will get 6X rewards on LIC Insurance premium spends. Rewards on LIC Insurance premium spends will be applicable only if the insurance premium is paid through LIC Of India’s official website i.e. https://licindia.in/.

-You will get 3X rewards on essentials such as groceries, utilities, railways, education, and Government payments. Do note you can only accumulate up to 300 reward points per month.
– You will get 3X rewards on all other spends
1X = 1 Reward point per Rs 125 spent | 1 Reward point = Rs 0.25
Further, the rewards will be valid for up to three years. The reward program does not apply to fuel, rental, non-LIC insurance spending, EMI transactions, and cash withdrawals.

LIC Classic Credit Card’s other benefits:

-1 complimentary domestic airport lounge access per quarter
-2 complimentary railway lounge access per quarter
-Fuel surcharge waiver of 1%, at all fuel stations across India, up to ₹200/month. It will be applicable only on transaction values between Rs 200 and Rs 500

LIC Classic Credit Card insurance benefits:

-Personal Accident Cover of Rs 2,00,000 and lost card liability cover of Rs 25,000 will be valid on doing at least one transaction on LIC Classic Credit Card in the last 30 days
-Purchase Protection Cover, Credit Shield & Lost card liability of Rs 25,000 each
-Complimentary Roadside Assistance worth Rs 1,399

Now let us take a look at the features and charges of LIC Select Credit Card.

LIC Select Credit Card

Here are the features and charges of LIC Select Credit Card, as per the IDFC First Bank website.

-Fees and charges: There will be 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.
-Cash withdrawal charges: Interest-free cash withdrawals will be available on domestic and international ATMs for up to 48 days.
-For EMIs, you have to pay a fee of Rs 199 per transaction
-Late Payment Fee: 15% of the total amount due (subject to a minimum of ₹100 and a maximum of Rs 1,250)
-Forex markup fee will be 3.5% for all international transactions

LIC Select Credit Card joining benefits:

-You will get 2,000 reward points for spending the first Rs 10,000 within 30 days of card generation. There will be a 5% cashback (up to Rs 1000) on the transaction value of the first EMI done within 30 days of card generation.
-Flat Rs 500 off on Domestic Flights booking on Yatra
-Flat Rs 500 off on purchases of Rs 899 and above on MYGLAMM
-Free 6 months PharmEasy Plus membership worth Rs 399
-Free 1-year Lenskart Gold Membership worth Rs 500

LIC Select Credit Card other benefits:

-2 complimentary domestic airport lounge access per quarter
-4 complimentary railway lounge access per quarter
-Fuel surcharge waiver of 1%, at all fuel stations across India, up to Rs 300/month. It will be applicable only on transaction values between Rs 200 and Rs 500

LIC Select Credit Card rewards:

Check the reward programme of LIC Select Credit Card
-You will get 10X rewards on LIC Insurance premium spends. Rewards on LIC Insurance premium spends will be applicable only if the insurance premium is paid through LIC Of India’s official website i.e. https://licindia.in/.
-You will get 5X rewards on essentials such as groceries, utilities, railways, education, and government payments. Do note you can only accumulate up to 300 reward points per month.
– You will get 5X rewards on all other spends
1X = 1 Reward point per Rs 125 spent | 1 Reward point = Rs 0.25
Further, the rewards will be valid for up to three years. The reward program does not apply to fuel, rental, non-LIC insurance spending, EMI transactions, and cash withdrawals.

LIC Select Credit Card insurance benefits:

-Personal Accident Cover of Rs 5,00,000 and lost card liability cover of Rs 50,000 will be valid on doing at least one transaction on LIC Classic Credit Card in the last 30 days

-Purchase Protection Cover, Credit Shield & Lost card liability of Rs 25,000 each

-Complimentary Roadside Assistance worth Rs 1,399

– Travel insurance cover of Rs 4,000 each on loss or delay of checked-in baggage, loss of passport and other documents, and delay in flight.

– Air Accident cover of Rs 1 crore.