AU Nomo Credit Card – Benefits, Fees & Eligibility

Introduction

The AU Nomo Credit Card, issued by AU Bank, is a secured credit card designed primarily for individuals new to credit, students, or those looking to build or improve their credit scores. Positioned as an accessible entry-level option, it stands out with a low foreign currency markup of 0.99%, complimentary railway lounge access, and spend-based domestic airport lounge access. The card also offers a decent reward rate on various transactions and becomes effectively lifetime free from the second year onwards.

Welcome Benefits

• Receive 500 Reward Points as a joining benefit.
• To qualify, a transaction must be made within the first 30 days of card issuance.
• The value of these 500 Reward Points is ₹125.

Fees

• Joining Fee: ₹199 + GST.
• Renewal Fee: N/A (No charges from the second year onwards, making it effectively lifetime free from the second year).
• Rewards Redemption Fee: ₹99 + GST.
• Foreign Currency Markup: 0.99%.
• Interest Rates: 3.59% Per Month (43.08% Annually).
• Fuel Surcharge Waiver: 1% Fuel Surcharge Waiver for transactions between ₹400 to ₹5,000, capped at ₹100 per month.
• Cash Advance Charges: 2.5% of the cash withdrawal amount or ₹500, whichever is higher.

Rewards

• Reward Type: Reward Points.
• Earning Rate:
  • 2 Reward Points for every ₹100 spent on retail purchases.
  • 1 Reward Point for every ₹100 spent on utility and insurance transactions.
  • No Reward Points are awarded for Fuel, Cash, Rent, Education, and Government transactions.
• Milestone Benefits (Per Quarter):
  • Spend ₹25,000: Earn 500 Reward Points.
  • Spend ₹50,000: Earn an additional 500 Reward Points.
  • Cash and fuel transactions are not considered for milestone spend calculations.
• Travel Benefits:
  • Railway Lounge Access: 2 complimentary railway lounge visits per calendar quarter (8 per year), applicable for both primary and add-on cardholders.
  • Domestic Airport Lounge Access: 2 free domestic airport lounge visits each quarter upon spending ₹50,000 in a calendar quarter.
• Other Benefits:
  • Lower Forex Charges: A low forex markup fee of 0.99% on international transactions.

Rewards Redemption Guide

• Redemption Value: 1 Reward Point = ₹0.25.
• Redemption Platform: Reward Points can be redeemed at AU Rewardz.
• Redemption Fee: A fee of ₹99 + GST applies for rewards redemption.

Card Eligibility Criteria

• Age: Applicant must be at least 18 years old.
• Citizenship: Applicant must be an Indian citizen.
• Fixed Deposit: Applicant must have a Fixed Deposit with AU Bank with a minimum amount of ₹20,000.

Card Review

The AU Nomo Credit Card is a well-suited secured credit card for individuals embarking on their credit journey, students, or those aiming to enhance their credit scores. With a low joining fee of ₹199 + GST and no renewal charges from the second year, it becomes a cost-effective option. It requires a minimum fixed deposit of ₹20,000.

Pros

• Low foreign currency markup charge of 0.99%, beneficial for international transactions.
• Rewards are earned on insurance and utility spends.
• Offers complimentary railway lounge access (2 visits per quarter).
• Provides domestic airport lounge access with a reasonable spend-based criterion (₹50,000 per quarter for 2 visits).
• Milestone benefits are based on quarterly spending, making them achievable.
• Can be easily applied for online, unlike many other secured cards.

Cons

• While ideal for beginners, it may not offer sufficient premium features for experienced cardholders.
• Lacks specific dining or movie benefits, which might be a drawback for younger users.
• Requires a fixed deposit to be maintained for the card's tenure.

Important Product Details

• The AU Nomo Credit Card is a secured credit card issued against a Fixed Deposit of a minimum of ₹20,000.
• It offers 2 complimentary railway lounge accesses each quarter.
• Spend-based domestic airport lounge access is available.
• The card features a low foreign currency markup of 0.99%.
• It is effectively lifetime free from the second year onwards.
• The card operates on the Visa Platinum network.
• It is a physical credit card.

Other Details

• The fixed deposit against which the card is issued must be maintained for the duration the card is active.
• This card is recommended for building a good CIBIL score before transitioning to unsecured credit cards.