Axis Bank LIC Platinum Credit Card – Benefits, Fees & Eligibility

LIC Axis Bank Platinum Credit Card

The LIC Axis Bank Platinum Credit Card is issued by Axis Bank in partnership with LIC on the Visa/Mastercard network (card segment: lifestyle/entry-level). It targets cost-conscious users seeking no annual fees, basic insurance, and rewards on LIC premium payments and international transactions. Key quantified highlights include 2 Reward points per ₹100 on LIC premiums and foreign currency, 1% fuel surcharge waiver with a ₹400 monthly cap, and nil joining and annual fees.

Fees & Waiver Math

Fees

• Joining Fee: Nil (Explicit)
• Annual Fee: Nil (Explicit)
• Add-on Card Fee: Nil (Explicit)
• Card Replacement Fee: Nil (Explicit)
• Cash Payment Fee: ₹175 (Explicit)
• Duplicate Statement Fee: Waived (Explicit)
• Charge Slip Retrieval Fee or Copy Request Fee: Waived (Explicit)
• Outstation Cheque Fee: Waived (Explicit)
• Mobile Alerts for Transactions: Free (Explicit)
• Hotlisting Charges: Nil (Explicit)
• Balance Enquiry Charges: Waived (Explicit)
• Finance Charges (Retail Purchases & Cash): 3.75% per month (55.55% per annum) (Explicit)
• Cash Withdrawal Fee: 2.5% (Min. ₹500) of the cash amount (Explicit)
• Over Limit Penalty: 2.5% of over the limit amount (Min. ₹500) (Explicit)
• Cheque Return or Dishonour Fee or Auto-debit Reversal Fee: 2% of the payment amount (Min. ₹500) (Explicit)
• Surcharge on Purchase or Cancellation of Railway Tickets: As prescribed by IRCTC / Indian Railways (Explicit)
• Foreign Currency Transaction Fee: 3.5% of the transaction value (Explicit)
• Reward Redemption Fee: ₹30 (Explicit)
• Rent Transaction Fee: 1% fee per transaction on rental transactions (Applicable from 20th Dec 2023) (Explicit)
• Dynamic Currency Conversion Markup: 1.5% on international transactions performed in Indian currency at international locations or with merchants located in India but registered in foreign nations (Applicable from 20th Dec 2023) (Explicit)
• Education Transaction Fee: 1% fee per transaction on education payments made via third-party apps (Applicable from 20th Dec 2024) (Explicit)
• Utility Transaction Fee: 1% fee on cumulative spends of ₹25,000 or more on utilities per statement cycle (Applicable from 20th Dec 2024) (Explicit)
• Wallet Load Transaction Fee: 1% fee on cumulative spends of ₹10,000 or more on wallet loads per statement cycle (Applicable from 20th Dec 2024) (Explicit)
• Fuel Transaction Fee: 1% fee on cumulative spends of ₹50,000 or more on fuel transactions per statement cycle (Applicable from 20th Dec 2024) (Explicit)
• Online Skill Based Gaming Transaction Fee: 1% fee on cumulative spends of ₹10,000 or more on online skill-based gaming platforms per statement cycle (Applicable from 20th Dec 2024) (Explicit)

Waiver Logic

• No annual or joining fee specified; no spend threshold or time period stated for fee waivers.

Charges

• Interest Rate: 3.75% per month (55.55% per annum) (Explicit)
• Foreign Currency Markup: 3.5% of transaction value (Explicit)
• Cash Advance Fee: 2.5% (Min. ₹500) of cash amount (Explicit)
• Fuel Surcharge: Not waived in full; 1% waiver applies with conditions (Explicit)
• Reward Redemption Fee: ₹30 (Explicit)
• Other charges: See Fees list above.

Late Payment Charges (TABLE)

Rewards & Milestone Matrix

Reward Earning Structure (TABLE)

Accrual Logic

• Minimum spend threshold: Rewards are earned per ₹100 spent in respective categories (Explicit).
• Block calculation logic: Not specified.
• Round-down rules: Not specified.

Milestones

• Spend thresholds and bonus rewards: Not specified.

Threshold-Based Benefits

• No spend-triggered benefits (excluding EMI) explicitly stated.

Redemption, Liquidity & Partners

Point Value

• Cashback conversion: Not specified.
• Voucher/flight conversion: Redeem rewards against e-vouchers, gift cards and other products by calling customer care 1800 419 0064 (Explicit).

Liquidity Constraints

• Redemption minimums: Not specified.
• Fees: ₹30 reward redemption fee (Explicit).
• Caps: Not specified.

Transfer Partners (TABLE IF EXISTS)

No data available from input.

Forex & International

Forex Table (ONLY IF VALID)

Effective markup, net forex cost, or reward-adjusted returns are not computed because GST applicability and confirmation that rewards apply to international spend are not explicitly available.

Travel & Lifestyle Benefits

• Lounge access: Not explicitly included for this card (noted in related products but not as a feature here).
• Golf: Not specified.
• Dining: Axis Bank Dining Delights Program - exceptional dining experiences at top restaurants across India (conditions and caps not specified). Details and T&Cs.
• Movies: Not specified.
• Travel perks: Not specified for this card.
• Wednesday Delight offers:
  • Instant savings of up to 15% on flights & hotels via MakeMyTrip.
  • 10% off on orders via Swiggy.
  • 10% off up to ₹1000 on Tira.
• Caps + conditions: Fuel surcharge waiver capped at ₹400 monthly benefit; valid on transactions between ₹400 and ₹4000; GST on fuel surcharge is non-refundable.

Exclusion Velocity & Capping

Exclusions

• Fuel purchases: No Reward Points on Fuel purchases (Explicit).
• Wallet load: Excluded from standard 1 Reward point per ₹100 (Explicit).
• EMI conversions: Excluded from standard 1 Reward point per ₹100 (Explicit).

Caps

• Fuel surcharge waiver: Maximum monthly benefit up to ₹400 (Explicit).
• Reward earning caps by category: Not specified.

Eligibility & MRV

• Age: Primary cardholder between 18 and 70 years (Explicit).
• Income: Proof of income required (latest payslip / Form 16 / IT return copy) (Explicit); no minimum income specified.
• Employment: Not explicitly specified beyond proof of income.
• Credit score: Not specified.
• Documents: PAN card photocopy or Form 60; colour photograph; proof of income; residence proof (Passport / Ration Card / Electricity bill / Landline telephone bill); identity proof (Passport / Driving License / PAN Card / Aadhaar card) (Explicit).

Card Review & ROI Analysis

Pros

• Nil joining fee and nil annual fee (Explicit).
• 2 Reward points per ₹100 on LIC premium payments and foreign currency transactions (Explicit).
• 1 Reward point per ₹100 on all other eligible transactions (Explicit).
• 1% fuel surcharge waiver with ₹400 monthly cap (Explicit).
• Complimentary lost card liability insurance cover up to credit limit (Explicit).
• Option to convert purchases of ₹1500 or more into easy EMI (Explicit).

Cons

• No explicit reward caps or multipliers for common retail categories beyond LIC and foreign currency.
• Fuel, wallet load, and EMI transactions excluded from base rewards.
• Foreign currency transaction fee of 3.5% and DCC markup of 1.5% apply on relevant transactions (Explicit).
• Reward redemption fee of ₹30 applies (Explicit).
• Finance charges of 3.75% per month (55.55% p.a.) on retail purchases and cash (Explicit).

Break-Even Analysis

Cannot be computed: annual fee is nil, but reward system exclusions and caps are not fully defined, and no comprehensive spend profile is provided.

Verdict

• Who should apply: Users focused on LIC premium payments and international transactions who value no annual fees, basic insurance, and modest rewards on eligible spends.
• Value classification: Value-positive for target use cases (explicit benefits with no annual fee); Neutral for users with significant fuel/wallet/EMI spend excluded from rewards.

Important Product Details

• EMI features: Purchases of ₹1500 or more can be converted into easy EMI upon request (Explicit).
• Credit limit rules: Not specified.
• Billing cycle: Not specified.
• Hidden conditions: GST on fuel surcharge is non-refundable; reward redemption requires calling customer care; certain voucher codes are inactive for LIC Card Holders (Explicit).

Other Details

• Insurance: Complimentary lost card liability insurance cover up to credit limit (Explicit).
• Platform/provider: LIC Axis Bank Platinum Credit Card issued by Axis Bank (Explicit).
• Legal notes: Terms and conditions updated w.e.f. 20th Jun 2025; revision of fees effective from 20th Dec 2024 (Explicit).