LIC Classic and LIC Select Credit Cards Launched: No Joining or Annual Fees

LIC Classic and LIC Select Credit Cards Launched

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Financial News: Exciting news for everyone! IDFC FIRST Bank, LIC Cards, and Mastercard have launched two new credit cards – LIC Classic and LIC Select. These cards are special because they have zero joining fees and no annual fees. Plus, they offer lots of benefits like low interest rates, reward points, and insurance covers.

These credit cards are great for people who have LIC insurance policies. Every time you pay your LIC insurance premium with these cards, you get reward points. This is a smart way to save money!

Fees and Charges Associated with the Credit Card:

What You Pay For What You Need to Know
Joining and Yearly Fee Nothing at all, it’s free!
How Much Interest Between 0.75% and 3.5% each month (That’s 9% to 42% a year)
Taking Out Cash Free for 48 days at ATMs, just ₹199 for each time you take cash
Going Over Your Limit A fee of 2.5% on the extra amount, at least ₹500
Paying Late A fee of 15% of what you owe (at least ₹100 but not more than ₹1250)
Using Card Abroad A fee of 3.5% on purchases made in other countries

Let’s talk about the LIC Classic credit card. It has no joining fee or annual fee. The interest rates are low, starting at 0.75% per month. But, they can go up to 3.5% per month. With this card, you can get:

  • 6 times more rewards when you pay your LIC insurance premium.
  • 3 times more rewards on important things like groceries, utility bills, education, and more.
  • 3 times more rewards on all other spending. Also, if you spend ₹5,000 within the first 30 days, you earn 1,000 reward points. And, you can get 5% cashback on your first EMI transaction (up to ₹1,000). This card also gives you free access to airport and railway lounges, and you don’t have to pay extra charges on fuel.

Now, the LIC Select credit card also has no joining fee or annual fee. The interest rates are the same as the LIC Classic card. This card offers big insurance covers like accident insurance, purchase protection, and travel insurance. You can also turn big purchases into EMIs.

Read Different Fees and Charges Associated with the Credit Card:

Fees & Charges Details
Lifetime Free Zero joining fee and zero annual fee
Low Interest Rates APR from 0.75% to 3.5% per month (9% to 42% per annum)
Interest-free cash withdrawals Domestic and international ATMs for up to 48 days (Cash Advance Fee of only ₹199 per transaction)
OVL Charges 2.5% of the over-limit amount, minimum charge of ₹500
Late Payment Fee 15% of Total Amount Due (minimum ₹100, maximum ₹1250)
Forex Markup 3.5% for all international transactions

Some benefits available with this card:

Benefits Details
2,000 Rewards On spending first ₹10,000 within 30 days of card generation
5% Cashback Up to ₹1000 on the transaction value of the first EMI within 30 days of card generation
Flat ₹500 off On Domestic Flights booking on Yatra
Flat ₹500 off On purchases of ₹899 and above on MYGLAMM
Free 6 months membership PharmEasy Plus worth ₹399
Free 1-year membership Lenskart Gold worth ₹500

Both these cards are a great choice for saving and earning rewards. Check them out and see how they can help you with your expenses!

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