AU Bank LIT Credit Card – Benefits, Fees & Eligibility

AU Bank LIT Credit Card

Introduction

The AU Bank LIT Credit Card is India's first customizable credit card, offering cardholders the unique freedom to select the features and benefits they desire, and pay only for what they use. This innovative approach allows for personalized pricing and the ability to switch features on or off as needed, all managed in real-time through the AU 0101 App. Designed to simplify the often-complex choice of credit cards, the LIT card eliminates the need for multiple cards by consolidating a wide array of benefits, including reward points, cashbacks, and exclusive memberships, into a single, adaptable offering, all while being free of joining and annual fees.

Welcome Benefits

• There are no explicit complimentary welcome benefits for the AU Bank LIT Credit Card.
• Features selected during the application process will have their fees levied from the date of card issuance.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: ₹99 + GST
• Foreign Currency Markup: 3.49% on all foreign currency spends.
• Interest Rates: 3.59% per month (43.08% per annum).
• Fuel Surcharge:
  • 1% waiver on all fuel transactions ranging from ₹400 to ₹5,000.
  • This is an opt-in feature with a fee of ₹49 for 90 days.
• Cash Advance Charges: 2.5% or ₹100, whichever is higher.
• Feature Fees:
  • Fees vary per chosen feature and are valid for a period of 90 days (or 30 days for Milestone Cashback features).
  • These fees are levied on the day the customer opts in for the feature.
  • All features are designated for auto-renewal after their validity period (90 or 30 days). Customers can disable auto-renewal via the AU 0101 Mobile Banking App.
• Penalties for Membership Features:
  • ZEE5 3-month membership: A penalty of ₹50 will be levied if ₹5,000 is not spent within the 90-day feature period.
  • Amazon Prime 3-month membership: A penalty of ₹299 will be levied if ₹10,000 is not spent within the 90-day feature period.
  • Penalties are levied 5 days after the feature end date.

Rewards

The AU Bank LIT Credit Card offers a variety of customizable benefits that can be activated and managed through the AU 0101 App.

General Rewards

• Earn 1 Reward Point for every ₹100 spent on retail transactions.
• Cash withdrawal, EMI, rent, education, and fuel transactions are not eligible for earning Base Reward Points.

Customizable Paid Features

Airport Lounge Access

• Get 1 complimentary domestic airport lounge access every quarter.
• Cost: ₹399 for 90 days.
• Benefits are valued at up to ₹1,200.
• Unused lounge access cannot be carried over to the next period and will expire.

Memberships

• Benefits are valued at up to ₹758.
• Membership codes are received instantly upon activating the feature and are visible on the AU 0101 App.
• ZEE5 Membership - 3 months
  • Cost: ₹99 for 90 days.
  • Spend ₹5,000 in 90 days to avoid a ₹50 penalty.
• Amazon Prime Membership - 3 months
  • Cost: ₹199 for 90 days.
  • Spend ₹10,000 in 90 days to avoid a ₹299 penalty.

Fuel Surcharge Waiver

• Get a 1% Fuel Surcharge Waiver on all transactions between ₹400 to ₹5,000.
• Cost: ₹49 for 90 days.

Milestone Cashback

• Benefits are valued at up to ₹1,500.
• These features are applicable for a 30-day period.
• 5% Additional Cashback
  • Cost: ₹299 for 30 days.
  • Eligible on spending a minimum of ₹10,000 (excluding fuel, cash advance, and rent spends).
  • Maximum cashback: ₹500 per month.
• 2% Additional Cashback
  • Cost: ₹199 for 30 days.
  • Eligible on spending a minimum of ₹15,000 (excluding fuel, cash advance, and rent spends).
  • Maximum cashback: ₹1,000 per month.
• Cashback will be credited 5 days after the 30-day ending period.

Category Cashback

• Benefits are valued at up to ₹1,500 per category.
• These features are applicable for a 90-day period.
• 5% Cashback on Grocery Spends
  • Cost: ₹299 for 90 days.
  • Maximum cashback: ₹1,000 per month.
• 5% Cashback on Apparel Spends
  • Cost: ₹199 for 90 days.
  • Maximum cashback: ₹500 per month.

5X/10X Rewards

• Earn bonuses up to 10x rewards on your online and offline spends.
• Excludes rent, cash withdrawal, and fuel spends for accelerated rewards.

For Online Spends (90-day period)

• 10x Reward Points on Online Spends:
  • Cost: ₹299 for 90 days.
• 5x Reward Points on Online Spends:
  • Cost: ₹199 for 90 days.

For Offline Spends (90-day period)

• 10x Reward Points on Offline Spends:
  • Cost: ₹299 for 90 days.
• 5x Reward Points on Offline Spends:
  • Cost: ₹199 for 90 days.

Rewards Redemption Guide

• Reward points earned with the AU Bank LIT Credit Card can be redeemed for various benefits:
  • Purchase of merchandise.
  • Booking tickets for flights, hotels, buses, and movies.
  • Mobile or DTH recharge.
  • Booking Golf sessions at golf courses across India.
  • E-gift Vouchers.
  • Conversion of Reward Points to Air miles.
• How to Select and Manage Features:
  • Download and open the AU 0101 App.
  • Navigate to the Credit Card Homepage and select ‘Manage Credit Card’.
  • Browse the list of available benefits and choose the desired features.
  • Select pricing options that fit your budget and needs.
  • Switch features ON/OFF whenever you like.
  • Manage and track your activated features, cashback, and reward points transparently in real-time, including tracking progress towards spend targets.

Card Eligibility Criteria

• Primary Cardholder Age:
  • Salaried individuals: 21 years to 60 years.
  • Self-employed individuals: 25 years to 65 years.
• Add-on Cardholder Age: Over 18 years.
• Residency Status: Applicant must be a Resident Indian.
• Income: Applicants should have a stable source of income, though specific minimum salary requirements are not disclosed.
• AU Small Finance Bank reserves the right to approve or decline any application for the Credit Card.

Card Review

The AU Bank LIT Credit Card is a groundbreaking offering in the Indian market, being the country's first customizable credit card. It empowers cardholders to tailor their card's features and benefits according to their specific lifestyle and spending patterns, eliminating the common dilemma of choosing between multiple cards for different needs. The card's innovative "pay-as-you-use" model for features, combined with its lifetime free status (nil joining and annual fees), makes it an incredibly flexible and attractive option.

The LIT card covers a comprehensive range of benefits, from travel and dining to shopping, fuel, and entertainment, including complimentary memberships to platforms like ZEE5 and Amazon Prime. Its ability to offer accelerated reward points and significant cashbacks on various categories further enhances its value proposition. The real-time management and tracking of features through the AU 0101 App add to its user-friendliness and transparency.

Pros:

• Unmatched Customizability: India's first credit card allowing users to select and deselect features and pricing as per their individual needs.
• Zero Fees: No joining or annual fees, making it a truly free-to-hold card.
• Flexibility: Features can be switched on/off and managed in real-time through the mobile app.
• Diverse Benefits: Offers a wide range of benefits including airport lounge access, popular memberships, fuel surcharge waiver, milestone cashbacks, and accelerated reward points (5X/10X) on both online and offline spends.
• Transparency: Clear pricing and conditions for each feature, with easy tracking through the app.

Cons:

• Feature Fees: While the card is lifetime free, all specific benefits come with an additional fee for a limited duration, requiring careful cost management.
• Auto-Renewal: Features are set to auto-renew by default, meaning users must actively disable them if they do not wish to continue, which could lead to unintended charges.
• Spend-Based Penalties: Certain membership benefits require a minimum spend threshold to avoid penalties, adding a layer of conditionality.
• Benefit Expiry: Unused benefits like lounge access have a fixed validity and cannot be carried forward.

Overall, the AU Bank LIT Credit Card stands out as a strong contender for individuals seeking flexibility and control over their credit card benefits. It is particularly well-suited for users whose spending habits change frequently or who prefer to pay only for the benefits they actively use.

Important Product Details

• India's first customizable credit card, offering the power to choose features and pricing as per individual needs.
• Card features can be switched ON/OFF and managed in real-time through the AU 0101 App.
• The card has no joining or annual fees.
• All customizable features are valid for 90 days (Milestone Cashback features are valid for 30 days) from the date of activation. Features selected during the application process have their fees levied from the card issuance date.
• Features are configured for auto-renewal by default but can be easily disabled by the customer via the AU 0101 Mobile Banking App before the current period ends.
• Cashback from milestone offers is credited approximately 5 days after the 30-day ending period.
• Membership codes for benefits like ZEE5 and Amazon Prime are received instantly upon feature activation and are visible within the AU 0101 App. These memberships come with specific spend criteria to avoid penalties.
• Base reward rate is 1 Reward Point for every ₹100 spent on retail transactions, with certain exclusions.
• Opt-in features provide accelerated rewards up to 10X or cashbacks up to 5% on various categories and spending milestones.
• A 1% fuel surcharge waiver is available on transactions between ₹400 and ₹5,000, as a paid feature.
• A complimentary domestic airport lounge access per quarter is available as a paid feature.

Other Details

• How to Apply:
  • Online: Apply through the bank's website by clicking 'Apply Now' and filling in the necessary details.
  • Offline: Visit the nearest AU Small Finance Bank branch, complete the credit card application form, and submit the required documents.
• Existing AU Bank LIT Credit Cardholders can customize their features on-the-go via a dedicated platform.
• The card's marketing highlights include "Power to choose features," "Power to choose pricing," and "Power to switch on/off."
• Refer to the detailed terms and conditions provided by AU Small Finance Bank for complete information.