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Federal BankIDFC First Bank has recently introduced two new co-branded credit cards in partnership with LIC. The LIC IDFC Classic and Select Credit Cards are designed to benefit LIC policyholders, as they can earn rewards on their insurance premiums. With the LIC IDFC Classic Credit Card, you can earn up to 6X Reward Points on your LIC spends. Besides, you can also earn 3X Reward Points on select categories such as railways, utilities, education, and government spends. This would help you to save more with every purchase. Furthermore, you can use these reward points to pay for your future transactions.
LIC IDFC Classic Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Shopping |
Reward Type
Reward Points |
Welcome Benefits
Movie & Dining
N/A
Rewards Rate
6X RPs for LIC Spends & 3X RPs for Utilities, Education, Railway and Government Spends
Reward Redemption
“Pay With Points” or Redeem With IDFC FIRST Rewards
Travel
2 Free Railway Lounge Access Each Quarter
Golf
N/A
Domestic Lounge Access
1 Each Quarter
International Lounge Access
N/A
Insurance Benefits
Comprehensive Insurance Cover is Provided
Zero Liability Protection
Cardholders Will Not Be Liable for Any Fraudulent Transaction if the Card is Reported Lost or Stolen to the Bank in a Timely Manner
Spend Based Waiver
N/A
Rewards Redemption Fee
Rs. 99
Rewards Redemption Fee
Rs. 99
Foreign Currency Markup
3.5%
Interest Rates
Monthly - 0.75% to 3.5% (Annually 9% to 42%)
Fuel Surcharge
1% Waiver on Fuel Up to Rs. 200
Cash Advance Charges
Rs. 199
Add-on Card Fee
N/A
- 6X Reward Points on LIC spends.
- 3X Reward Points on select categories like utilities, education, and government payments.
- Free railway lounge access is provided.
- One domestic lounge access each quarter (4 each year)
Pros
- You get one free domestic lounge access with this card.
Cons
- This card rewards higher points for spends made at LIC compared to other categories.
Features of LIC IDFC Classic Credit Card
Joining Benefits
- 1,000 Rewards on spending Rs. 5,000 within 30 days of card issuance.
- 6 months PharmEasy Plus Membership worth Rs. 399.
- Free 1-year Lenskart Gold Membership worth Rs. 500.
Discounts & Offers
- 5% cashback on the transaction value of the first EMI done within 30 days of card issuance. The maximum cashback that can be earned is capped at Rs. 1,000.
- Flat Rs. 500 off on Domestic Flights booking on Yatra.
- Rs. 500 off on purchases of ₹899 or above on MYGLAMM.
Free Airport Lounge Access
By spending Rs. 5,000 each month, you can get one complimentary domestic lounge access in the subsequent month. This lounge access is provided to both primary and add-on cardholders.
LIC IDFC Classic Credit Card Rewards
- Earn 6X Reward Points on spends of Rs. 125 for LIC Insurance Premium payments. To get these accelerated rewards, you shall have to make the payment through the official LIC website.
- 3X Reward Points on select categories like utilities, education, grocery, government, and railway spends.
- 3X Reward Points on all other spends.
- No Reward Points are awarded for rental, fuel, cash withdrawals, and EMI spends.
- 1 Reward Point = Rs. 0.25.
- These Reward Points are valid for a period of three years.
Review of LIC IDFC FIRST Bank Classic Credit Card
The LIC IDFC Classic Credit Card is one of two newly launched cards by IDFC Bank. This card provides accelerated reward points for spending on LIC premium payments. In addition, you can enjoy a range of travel benefits such as free domestic airport and railway lounge access. The card also offers multiple insurance benefits, such as purchase protection and a credit shield.
Share your views on this credit card in the comments below.
