AU Bank LIT Credit Card – Benefits, Fees & Eligibility

Introduction

The AU Bank LIT Credit Card, issued by AU Small Finance Bank, is positioned as India's first customizable credit card. It offers a unique approach where cardholders can select specific features and benefits they wish to use for a defined period, paying only for those chosen features. This innovative card aims to simplify credit card choices by allowing users to tailor their card experience, avoiding the need for multiple cards or paying for unused benefits. Key differentiating benefits include its lifetime free status, the ability to choose from various paid features like accelerated reward points, cashback on specific categories or milestones, complimentary memberships, airport lounge access, and fuel surcharge waivers.

Fees

• Joining Fee: Lifetime Free
• Renewal Fee: Lifetime Free
• Spend-Based Waiver: Not applicable as the card is Lifetime Free.
• Rewards Redemption Fee: ₹99 + GST
• Foreign Currency Markup: 3.49%
• Interest Rates: 3.75% Per Month (45% Per Annum)
• Fuel Surcharge Waiver: 1% waiver on all fuel transactions between ₹400 to ₹5,000. This is a paid feature, costing ₹49 for a 90-day period.
• Cash Advance Charges: 2.5% or ₹500, whichever is higher.
• Penalty for Memberships (Paid Features):
  • Zee5 Membership: ₹50 penalty if less than ₹5,000 is spent during the 90-day period.
  • Amazon Prime Membership: ₹100 penalty if less than ₹10,000 is spent during the 90-day period.

Rewards

The AU Bank LIT Credit Card offers a base rewards program along with a wide array of customizable, paid features for accelerated rewards, cashback, and lifestyle benefits.

• Base Rewards Rate: 1 Reward Point for every ₹100 spent on retail transactions.
  • Exclusions: Cash withdrawal, EMI, rent, education, and fuel transactions are not considered for earning Base Reward Points.

Paid Features (Valid for 90 days unless specified)

Accelerated Rewards

• 10x Reward Points on Online Spends: ₹299 for 90 days.
  • Exclusions: Rent, cash withdrawal, and fuel spends are not eligible.
• 5x Reward Points on Online Spends: ₹199 for 90 days.
  • Exclusions: Rent, cash withdrawal, and fuel spends are not eligible.
• 10x Reward Points on Offline Spends: ₹299 for 90 days.
  • Exclusions: Rent, cash withdrawal, and fuel spends are not eligible.
• 5x Reward Points on Offline Spends: ₹199 for 90 days.
  • Exclusions: Rent, cash withdrawal, and fuel spends are not eligible.

Cashback

• Milestone Cashback (Valid for 30 days):
  • 5% Additional Cashback: ₹299 for 30 days.
    • Eligible on spending a minimum of ₹10,000 (excluding fuel, cash advance, and rent spends).
    • Maximum cashback of ₹500 per month.
  • 2% Additional Cashback: ₹199 for 30 days.
    • Eligible on spending a minimum of ₹15,000 (excluding fuel, cash advance, and rent spends).
    • Maximum cashback of ₹1,000 per month.
• Category Cashback (Valid for 90 days):
  • 5% Cashback on Grocery Spends: ₹299 for 90 days.
    • Maximum cashback of ₹1,000 per month.
  • 5% Cashback on Apparel Spends: ₹199 for 90 days.
    • Maximum cashback of ₹500 per month.

Memberships

• 3 Months Zee5 Membership: ₹99 for 90 days.
  • Requires a minimum spend of ₹5,000 during the 90-day period to avoid a ₹50 penalty.
• 3 Months Amazon Prime Membership: ₹299 for 90 days.
  • Requires a minimum spend of ₹10,000 during the 90-day period to avoid a ₹100 penalty.

Travel & Lounge

• Domestic Lounge Access: 1 Complimentary Airport Lounge Access Every Quarter. This is a paid feature, costing ₹399 for a 90-day period.
  • Unused lounge access cannot be transferred to the next period and will expire.

Rewards Redemption Guide

Reward points earned with the AU Small Finance Bank LIT Credit Card can be redeemed for a variety of benefits:

• Redeem against the purchase of Merchandise.
• Book tickets for flights, hotels, buses, and movies.
• Use points to recharge your mobile or DTH.
• Book Golf sessions at golf courses across India.
• Redeem your points for E-gift Vouchers.
• Convert your Reward Points to Air miles.

Card Eligibility Criteria

• Age:
  • Primary cardholder: Between 21 years and 60 years.
  • Add-on cardholder: Over 18 years old.
• Residency Status: Indian.
• Income: Applicants should have a stable source of income; minimum salary requirements are not explicitly disclosed by the issuer.

Card Review

The AU Bank LIT Credit Card is a groundbreaking product designed for individuals seeking flexibility and control over their credit card benefits. Its core strength lies in its customizability, allowing cardholders to activate and pay for specific features like accelerated rewards, cashback, memberships, lounge access, and fuel surcharge waivers for a 90-day period (or 30 days for milestone cashback). This eliminates the common issue of paying annual fees for benefits that are rarely used. The card is lifetime free, which is a significant advantage, as users only incur costs for the features they actively choose. It offers a comprehensive suite of benefits covering shopping, travel, dining, and entertainment. However, users must be mindful of the costs associated with each chosen feature and any spend targets required to avoid penalties for memberships or to be eligible for cashback. While the concept is innovative, some user comments suggest potential issues with service or lounge access, which prospective applicants should consider. Overall, it's an excellent choice for those who prefer a tailored credit card experience and want to avoid traditional annual fees.

Important Product Details

• India’s First customizable Credit Card, allowing users to choose features as needed.
• Cardholders can select features via the AU 0101 App, paying only for the benefits they activate.
• The card is Lifetime Free, with no joining or annual fees.
• Earn 1 Reward Point for every ₹100 spent on retail transactions (excluding specific categories).
• Offers various paid features including 10X or 5X accelerated Reward Points on online/offline spends, 5% and 2% additional cashback on achieving spend targets, and 5% category-specific cashback (Grocery, Apparel).
• Provides paid memberships for 3 Months of Zee5 and Amazon Prime.
• Includes a paid option for 1 complimentary domestic airport lounge access per quarter.
• Offers a paid 1% fuel surcharge waiver on transactions between ₹400 to ₹5,000.
• Each chosen feature is typically valid for a 90-day period (Milestone Cashback is for 30 days) and is set to auto-renew unless manually disabled.

Other Details

• How to Select Categories:
  • Open the AU 0101 App and navigate to the Credit Card Homepage.
  • Select ‘Manage Credit Card’ to view the list of available benefits.
  • Choose the desired feature(s) and review the associated price.
  • Modify benefits as per your choice.
  • Manage and track your cashback and reward points, including progress towards earning targets.
• How to Apply:
  • Online: Click on ‘Apply Now’ and fill in the required details.
  • Offline: Visit the nearest AU Bank branch, complete the credit card application form, and submit the necessary documents.
• Unused complimentary lounge access cannot be transferred to the next period and will expire if not utilized within the fixed 90-day timeframe.
• Currently, only Amazon Prime and Zee5 memberships are offered; other OTT platforms or programs may be added in the future.