IDFC FIRST BankLIC IDFC Classic Credit Card – Benefits, Fees & Eligibility
Is the LIC IDFC Classic Credit Card Right for You?
The LIC IDFC Classic Credit Card is best suited for users who prioritize Utilities, Shopping, Travel. With a joining fee of Nil and a renewal fee of Nil, this card offers free entry for new applicants. It offers Reward Points as its primary reward mechanism, with a rewards rate of Earn 6X Reward Points on LIC premium payments; 3X on select categories (utilities, education, grocery, government, railway) and all other spends..
Key Card Details
Nil
Nil
Reward Points
3.5%
Notable Perks
Domestic Lounge
One complimentary domestic lounge access each month on Rs. 5,000 monthly spend. Also 2 free railway lounge accesses per quarter.
Insurance
Comprehensive insurance cover, including purchase protection and a credit shield.
Things to Consider
Lower reward rates for general spending compared to specific LIC premium payments.
Domestic lounge access is conditional on a minimum monthly spend of Rs. 5,000.
A redemption fee of Rs. 99 is charged for redeeming accumulated reward points.
Benefits & Features
Welcome Offer
1,000 RPs on Rs. 5k spend, 6-month PharmEasy Plus, 1-year Lenskart Gold Membership.
Rewards Rate
Earn 6X Reward Points on LIC premium payments; 3X on select categories (utilities, education, grocery, government, railway) and all other spends.
Reward Type
Reward Points
Reward Redemption
Redeem via "Pay With Points" or IDFC FIRST Rewards. Each RP = Rs. 0.25. Points valid for three years.
Domestic Lounge Access
One complimentary domestic lounge access each month on Rs. 5,000 monthly spend. Also 2 free railway lounge accesses per quarter.
Insurance Coverage
Comprehensive insurance cover, including purchase protection and a credit shield.
Travel Benefits
2 free railway lounge accesses each quarter. One complimentary domestic lounge access monthly on Rs. 5,000 spend. Flat Rs. 500 off on Domestic Flights on Yatra.
What matters, explained clearly
Introduction
The LIC IDFC Classic Credit Card, issued by IDFC First Bank, is an entry-level co-branded credit card primarily designed for LIC policyholders. It offers accelerated rewards, allowing cardholders to earn up to 6X Reward Points on LIC premium payments made via the official LIC website. Key differentiating benefits include complimentary domestic airport and railway lounge access, along with various insurance covers and lifestyle offers, making it a valuable option for those looking to save on insurance premiums and enjoy travel perks.
Welcome Benefits
- Earn 1,000 Reward Points on spending Rs. 5,000 within the first 30 days of card issuance.
- Receive a 6-month PharmEasy Plus Membership worth Rs. 399.
- Get a free 1-year Lenskart Gold Membership worth Rs. 500.
Fees
- Joining Fee: Nil
- Renewal Fee: Nil (This is a Lifetime Free Credit Card)
- Rewards Redemption Fee: Rs. 99
- Foreign Currency Markup: 3.5%
- Interest Rates: Monthly - 0.75% to 3.5% (Annually 9% to 42%)
- Fuel Surcharge Waiver: 1% waiver on fuel transactions up to Rs. 200.
- Cash Advance Charges: Rs. 199
Rewards
- Accelerated Rewards on LIC Spends: Earn 6X Reward Points on spends of Rs. 125 for LIC Insurance Premium payments made through the official LIC website.
- Accelerated Rewards on Select Categories: Earn 3X Reward Points on select categories including utilities, education, grocery, government, and railway spends.
- General Spends: Earn 3X Reward Points on all other spends.
- Travel Benefits:
- Receive 2 free railway lounge accesses each quarter.
- Get one complimentary domestic lounge access in the subsequent month by spending Rs. 5,000 each month. This benefit is available for both primary and add-on cardholders.
- Insurance Benefits:
- Comprehensive insurance cover is provided.
- Includes benefits such as purchase protection and a credit shield.
- Discounts & Offers:
- Receive 5% cashback on the transaction value of the first EMI done within 30 days of card issuance, capped at a maximum cashback of Rs. 1,000.
- Get a flat Rs. 500 off on Domestic Flights booked on Yatra.
- Enjoy Rs. 500 off on purchases of ₹899 or above on MYGLAMM.
- Reward Point Exclusions: No Reward Points are awarded for rental, fuel, cash withdrawals, and EMI spends.
Rewards Redemption Guide
- Reward Points can be redeemed using "Pay With Points" or through IDFC FIRST Rewards.
- Each Reward Point is equivalent to Rs. 0.25.
- Reward Points are valid for a period of three years.
Card Review
The LIC IDFC Classic Credit Card is positioned as a valuable co-branded offering from IDFC First Bank, particularly beneficial for LIC policyholders due to its accelerated reward points on premium payments. It also provides a range of travel benefits, including complimentary domestic airport and railway lounge access, and comprehensive insurance covers.
- Pros:
- Lifetime free credit card with no joining or annual fees.
- Offers one free domestic lounge access (conditional on monthly spend).
- Provides accelerated rewards on LIC premium payments and other essential categories.
- Includes comprehensive insurance benefits like purchase protection and credit shield.
- Cons:
- Rewards higher points for spends made at LIC compared to other categories, potentially making it less rewarding for general, non-LIC related expenses.
Important Product Details
- This is a Lifetime Free (LTF) credit card, meaning no joining or annual fees.
- Earn 6X Reward Points on LIC spends (via official website).
- Earn 3X Reward Points on select categories like utilities, education, grocery, government, and railway payments.
- Earn 3X Reward Points on all other spends.
- Provides free railway lounge access (2 per quarter).
- Offers one complimentary domestic lounge access each quarter (conditional on Rs. 5,000 monthly spend).
- Includes comprehensive insurance cover, purchase protection, and credit shield.
- Reward Points are not awarded for rental, fuel, cash withdrawals, and EMI spends.
Other Details
- The card is best suited for shopping.
- Reward Points can be used to pay for future transactions.