LIC IDFC Classic Credit Card
Key Highlights of IDFC Bank LIC Classic Credit Card
| Joining & Annual Fee | Nil |
| Best Suited For | Shopping |
| Welcome Benefits | 1,000 Reward Points on Spending Rs. 5,000 Within 30 Days of Card Issuance |
| Rewards Rate | Receive 6X Reward Points for LIC expenditures and 3X on utilities, education, railway, and government transactions. |
| Railway Lounge Access | 2 per quarter, 8 per year |
| Domestic Airport Lounge Access | 1 per quarter |
Features and Benefits of Classic LIC Card by IDFC First Bank
- 6X Reward Points on LIC Payments: Earn six times the reward points when paying for LIC policies.
- 3X Reward Points on Selected Categories: Triple reward points on expenses in categories such as utilities, education, and government transactions.
- Complimentary Railway Lounge Access: Free access to railway lounges, enhancing the travel experience.
- Quarterly Domestic Lounge Access: One free access to a domestic airport lounge every quarter, totaling four visits per year.
Earning Reward Points on IDFC Bank LIC Classic Credit Card
- Enhanced Reward Points: Secure 6X Reward Points for each Rs. 125 spent on LIC Insurance Premium payments, exclusively through LIC's official online portal.
- 3X Points on Key Categories: Gain three times the Reward Points on expenses in prioritized categories including utilities, education, groceries, government services, and railway bookings.
- Universal Triple Points: Earn triple Reward Points on all miscellaneous expenditures.
- Exclusions: Transactions involving rent, fuel, cash withdrawals, and EMI payments do not qualify for Reward Points.
- Value of Points: Each Reward Point holds a value of Rs. 0.25.
- Point Validity: Reward Points remain valid for a duration of three years, offering ample time for redemption.
Fees and Charges of IDFC Classic LIC Credit Cards
| Details | IDFC LIC Classic Credit Card |
|---|---|
| Monthly Interest Rate | 0.75% - 3.5% |
| Annual Interest Rate | 9% - 42% |
| Fuel Surcharge | 1% waiver upto Rs. 200 |
| Cash Advance Fee | Rs. 199 |
| Forex Markup Fee | 3.5% |
| Add on Card Charge | Nil |
Documents Required for IDFC Bank LIC Classic Credit Card
Securing an IDFC First Bank LIC Classic Credit Card is a straightforward procedure that necessitates the provision of certain documents for KYC (Know Your Customer) compliance and to assess your qualifications. Here's a detailed list of the documents you'll need to prepare:
Key Documents for KYC:
- Proof of Identity: Acceptable documents include your Passport, Voter ID, Driving License, Aadhaar Card, NREGA Card, or PAN Card.
- Proof of Address: To verify where you live, you may submit Utility Bills, your Passport, or your Ration Card.
- Proof of Income: For employed individuals, it's necessary to provide your most recent three months' Salary Slips or Bank Statements to demonstrate your income.
- Photographic ID: You'll also need to provide recent passport-sized photographs.
Eligibility Criteria for IDFC First Bank LIC Classic Credit Cards
- Age Criteria for the Primary Card User: Applicants must be aged between 21 to 60 years.
- Age Criteria for Supplementary Card Users: Must be aged 18 years and above.
- Nationality Requirement: The card is exclusively accessible to Indian citizens only.
Application Process for the IDFC Bank LIC Classic Credit Card:
- Initial Step: Select the “Apply Now” option, redirecting you to the page dedicated to Credit Cards.
- Detail Submission: Complete the form with the necessary information as requested by the bank.
- Confirmation Call: Await a call from a bank representative who will confirm your details and facilitate the swift processing of your application.
- Card Delivery: Await the arrival of your new credit card at your specified address.
LIC IDFC Classic Credit Card FAQs
There are no joining or annual fees associated with the IDFC Bank LIC Classic Credit Card, making it a cost-effective option for users.
New cardholders are greeted with a welcome benefit of 1,000 Reward Points when they spend Rs. 5,000 within the first 30 days of card issuance.
Cardholders earn 6X Reward Points on LIC insurance premium payments and 3X Reward Points on expenses across utilities, education, railway, and government transactions.
Yes, cardholders enjoy complimentary access to railway lounges twice per quarter (up to 8 times a year) and domestic airport lounge access once per quarter.
The monthly interest rate varies between 0.75% and 3.5%, with an annual interest rate ranging from 9% to 42%. Other charges include a 1% fuel surcharge waiver up to Rs. 200, a cash advance fee of Rs. 199, and a 3.5% forex markup fee. There is no charge for add-on cards.
Each Reward Point is valued at Rs. 0.25, and these points remain valid for three years, providing ample time for redemption.
Yes, transactions involving rent, fuel, cash withdrawals, and EMI payments do not qualify for Reward Points, focusing the rewards on more direct purchase and payment activities.
Some cards may have a monthly or annual cap on the number of reward points that can be earned. Check the specific card details for any such limits.
Yes, most LIC IDFC Credit Cards offer the option to add family members as authorized users or supplementary cardholders.
LIC IDFC provides customer support through various channels including a dedicated helpline, email support, and in-branch services for credit card-related queries and assistance.