LIC Gold EMV Credit Card – Benefits, Fees & Eligibility

LIC Gold EMV Credit Card

The LIC Gold EMV Credit Card is designed to cater to first-time credit card users, offering a blend of shopping and insurance benefits. This card stands out for having no joining or renewal fees, making it a cost-effective option. Cardholders benefit from the flexibility to adjust their credit limits and can request a temporary increase of up to 30% for unexpected needs. Additionally, it provides a revolving credit facility with various payment options and a Balance Transfer Facility to manage outstanding balances from other cards. The card also includes features like VISA Bill Pay and valuable insurance coverage, aiming to simplify financial management while rewarding spending.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: ₹30 + GST
• Foreign Currency Markup: 3.5%
• Interest Rates: 2.75% per month (33% per annum)
• Fuel Surcharge: A 2.5% fuel surcharge waiver is available at all petrol pumps in India.
• Cash Advance Charges: 2.5% or a minimum of ₹250.

Rewards

• Rewards Rate: Earn 1 Reward Point for every ₹150 spent on eligible categories.
• Insurance Benefits:
  • Personal accident cover of up to ₹1 lakh.
  • Credit shield of up to ₹50,000 in case of permanent disability.
  • Purchase protection cover for up to ₹50,000 for up to 60 days.
• Fuel Benefits: Avail a 2.5% fuel surcharge waiver (minimum of ₹10) at all petrol pumps in India.
• Interest-Free Period: Get an interest-free credit period of 15 to 45 days.
• Other Benefits:
  • Best suited for shopping.
  • Offers a revolving credit facility with various payment options.
  • Provides a Balance Transfer Facility.
  • Includes a VISA Bill Pay feature.
  • No benefits are available for movies, dining, travel, domestic lounge access, international lounge access, or golf.

Rewards Redemption Guide

• Reward Point Value: 1 Reward Point is equivalent to ₹0.25.
• Redemption Options:
  • Redeem reward points against your credit card outstanding.
  • Use Reward Points to buy home and lifestyle products, as well as dining and shopping vouchers.
• Minimum Redemption: A minimum of 1,000 Reward Points is required for redemption.
• Redemption Process: To redeem accumulated reward points, call the customer care number 1800-419-0064.

Card Eligibility Criteria

Eligibility Criteria

• The applicant should be a citizen of India.
• The age of the applicant must be between 18-60 years.
• The applicant should be either salaried or self-employed.
• The applicant must have maintained a good credit score between 700-750.

Documents Required

• Address Proof (any one): Aadhaar card, Voter ID, Passport.
• Proof of Income (any one): Bank statement or salary slip from the last 3 months, the last 2 years’ audited financial report, etc.
• Identity Proof (any one): Aadhaar Card, Driving License, Voter ID.

Card Review

The LIC Gold EMV Credit Card is a fundamental credit card that provides both shopping and insurance benefits. It allows you to earn 1 Reward Point for every ₹150 spent and offers a 2.5% fuel surcharge waiver. This card is highly recommended for individuals looking to apply for their first credit card due to its zero joining and annual fees, making it a cost-effective choice.

Pros

• Provides significant insurance benefits including personal accident cover of up to ₹1 lakh and a credit shield of up to ₹50,000 for permanent disability.
• Offers a revolving credit facility with various payment options, which simplifies financial management.

Cons

• The Foreign Currency Markup fee of 3.5% is considered high.
• Lacks benefits related to movies, dining, travel, and lounge access.

Important Product Details

• No joining fee and no renewal fee.
• The card is valid for 5 years.
• Earn 1 Reward Point on every ₹150 spent on eligible categories.
• Provides personal accident cover of up to ₹1 lakh.
• Includes a credit shield of up to ₹50,000 in case of permanent disability.
• Offers purchase protection of ₹50,000.
• An interest-free credit period of 15 to 45 days is available.
• Best suited for shopping.
• Rewards are in the form of Reward Points.
• Comes with a revolving credit facility.
• Includes a Balance Transfer Facility.
• Features a VISA Bill Pay option.
• Offers options for monthly payments.
• Allows cardholders to change their credit limits.
• Temporary credit limit increase of up to 30% is available upon request.
• A 2.5% fuel surcharge waiver (minimum of ₹10) is provided.
• A reward redemption fee of ₹30 + GST applies.
• Foreign Currency Markup is 3.5%.
• Interest rates are 2.75% per month (33% per annum).
• Cash advance charges are 2.5% or a minimum of ₹250.
• Each reward point is valued at ₹0.25.
• A minimum of 1,000 Reward Points is required for redemption.

Other Details

• Cardholders have the flexibility to change their credit limits to align with their budgeting needs.
• A temporary increase of up to 30% in credit limit can be requested for additional funds.
• The revolving credit facility allows for flexible payment options, including paying the minimum amount due, a higher amount, or the entire balance to avoid interest charges.
• The card facilitates balance transfers from other credit cards.
• The card is equipped with the VISA Bill Pay feature for convenient bill management.