LIC Gold EMV Credit Card – Benefits, Fees & Eligibility

Introduction

The LIC Gold EMV Credit Card, issued by Life Insurance Corporation, is an entry-level credit card tailored for first-time users seeking straightforward shopping and insurance benefits. Priced with zero joining and renewal fees, it stands out for its low-cost ownership and integrated personal accident and purchase protection coverage, alongside flexible credit management options such as revolving credit, balance transfer, and customizable credit limits.

Welcome Benefits

• No joining or renewal fee.
• No specified welcome voucher or bonus points; benefits begin with ongoing spending and insurance coverage.

Fees

• Joining Fee: Nil.
• Renewal Fee: Nil.
• Spend-Based Waiver: Not applicable.
• Rewards Redemption Fee: ₹30 + GST per redemption.
• Foreign Currency Markup: 3.5%.
• Interest Rates: 2.75% per month (33% p.a.).
• Fuel Surcharge: 2.5% fuel surcharge waiver available at all petrol pumps in India (minimum waiver ₹10).
• Cash Advance Charges: 2.5% of the amount or a minimum of ₹250.

Rewards

• Earn 1 Reward Point (RP) for every ₹150 spent on eligible categories.
• Reward redemption value: 1 RP = ₹0.25.
• Minimum redemption threshold: 1,000 Reward Points.
• Redemption options include:
  • Offset against credit card outstanding.
  • Purchase of home and lifestyle products.
  • Shopping and dining vouchers.
• No movie, dining, travel, lounge, or golf-specific reward benefits.

Rewards Redemption Guide

• Call customer care at 1800-419-0064 to redeem accumulated reward points.
• Points can be used against the card’s outstanding balance or exchanged for vouchers and lifestyle products, subject to the minimum 1,000-point requirement.

Card Eligibility Criteria

Eligibility Rules

• Applicant must be an Indian citizen.
• Age requirement: 18-60 years.
• Employment status: Salaried or self-employed.
• Credit score: Good credit score between 700-750.

Documents Required

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

Card Review

• Best suited for: Shopping-focused, entry-level users seeking a no-fee card with basic insurance coverage.
• Pros:
  • Zero joining and annual fees for cost-effective ownership.
  • Personal accident cover up to ₹1 lakh and credit shield up to ₹50,000 for permanent disability.
  • Purchase protection of ₹50,000.
  • Revolving credit facility with flexible payment options (minimum due, higher amount, or full settlement).
  • Balance Transfer Facility for transferring outstanding balances from other cards.
  • 2.5% fuel surcharge waiver at all Indian petrol pumps.
  • Interest-free credit period of 15-45 days.
• Cons:
  • High foreign currency markup fee (3.5%).
  • No dedicated movie, dining, travel, lounge, or golf benefits.
  • Rewards earning rate is modest (1 RP per ₹150).
• Value: A practical, low-cost card for first-time users prioritizing basic protection and shopping convenience over premium perks.

Important Product Details

• Card validity: 5 years.
• Credit limit flexibility: Cardholders can adjust limits to fit their budget and request a temporary increase of up to 30%.
• Revolving credit facility with multiple payment choices at statement arrival.
• Balance Transfer Facility available for outstanding balances from other credit cards.
• VISA Bill Pay feature and monthly payment options included.
• Insurance coverage includes personal accident cover (up to ₹1 lakh), credit shield (up to ₹50,000 for permanent disability), and purchase protection (₹50,000 for up to 60 days).
• Fuel surcharge waiver: 2.5% (minimum ₹10) at all petrol pumps in India.

Other Details

• Terms and conditions, including legal disclaimers and eligibility verification, apply; users should review all card documentation before applying.