AU Bank LIT Credit Card
AU Bank LIT Credit Card is first customizable card that allow cardholder to select different features according to the lifestyle. This is lifetime free credit card comes with categories of features like Airport lounge access, cashback, accelerated rewards points, different membership and many more and its depend on you which one you like and pay accordingly. Many people have different credit card for different features and pay annual fee this credit card resolve all issue, you can choose on your own features and maximize your return value. Let’s read in details about this credit card whether it really worth it or not.
JOINING FEE
LTF
RENEWAL FEE
LTF
REWARDS &CASHBACK
10x or 5x Rewards point & 5% Cashback on selected category
Key Features of AU Bank LIT Credit Card
AU Bank LIT Credit Card is first customizable credit card in India which allow you to use different rewarding and cashback features and just pay what you use. Its totally different concept credit card which might attract customer who don’t want hold different credit card. You can choose total 6 different categories like Accelerated 10X/5X reward points on online /offline spends, cashback on Grocery,Travel,Dining, Membership, Lounge Access, Fuel surcharge waiver, Category cashback. Let’s see ony by one
Cashback 2-5%
5% Cashback at ₹299
- Get 5% cashback 3 times over 90 days that is each in a month in addition to 1 Reward point on every ₹100 excluding, Fuel, cash advances, EMI, Rent.
- Minimum spend of ₹7,500 is required to get eligible for 5% cashback and maximum you can earn is ₹500 per month.
2% Cashback at ₹199
- Get 2% cashback 3 times over 90 days that is each in a month in addition to 1 Reward point on every ₹100 excluding, Fuel, cash advances, EMI, Rent.
- Minimum spend of ₹10000 is required to get eligible for 2% cashback and maximum you can earn is ₹1000 per month.
Category Cashback
- You will get 5% cashback on Grocery, Dining, Travel, Apparel, Electronics and each one of them is separate feature that you have to add them individually and each will cost you ₹299.
- You can get maximum cashback of ₹1000 on each category 3 times over 90 days that is each in a month.
Accelerated Reward Points
10X Reward at ₹299
- Get 10X Accelerated Reward points on online and offline spends except Fuel, Rent, Education, Govt.Transaction, EMI, Cash.
- Online and offline is separate category, you have to buy for ₹299 separately.
- This ₹299 for 10X Reward is for 90 days that means you can earn 10X Reward points each month in 90 days.
5X Reward at ₹199
- Get 5X Accelerated Reward points on online and offline spends except Fuel, Rent, Education, Govt.Transaction, EMI, Cash.
- Online and offline is separate category, you have to buy for ₹299 separately.
- This ₹199 for 5X Reward is for 90 days that means you can earn 5X Reward points each month in 90 days.
Membership Benefits
- Amazon Prime Membership : You will get 3 month Amazon prime membership at ₹199 and to get this you need to spend minimum ₹10000 in 90 days otherwise you will be charged a ₹100 penalty.
- Zee5 Membership: You will get 3 month Zee5 membership at ₹99 and to get this you need to spend minimum ₹5000 in 90 days otherwise you will be charged a ₹50 penalty.
- Cult Fit: You will get 3 month Cult Fit membership at ₹499 and to get this you need to spend minimum ₹20000 in 90 days otherwise you will be charged a ₹200 penalty.
Travel and other Benefits
- Airport Lounge access : You will get 1 domestic airport lounge visit at ₹199 and 2 domestic airport lounge visit at ₹299 per quarter ( Max 4 visits). But most of the card offer lounge access complimentary so many people won't get attracted from this.
- Fuel Surcharge Waiver Benefits: You will get 1 % Fuel surcharge waiver on transaction between ₹400 to ₹5000 at ₹ 49 per quarter. This benefits comes almost with all credit card but still here you have to pay for this which is unattractive.
Fees & Charges
Foreign Currency Markup
- The card come with high foreign currency markup fee that is 3.5% of total transaction amount. So if you are looking of any international travel & transaction credit card you can choose other cards that have zero or very less markup fee.
Finance Charges & Cash withdrawal Fee
- Interest rate is 3.75% per month that is 55.55% per annum.
- Cash withdawal fee is min Rs.500 upto 2.5% of cash withdrawal amount.
How to Maximise Benefits from AU Bank LIT Credit Card
Here we will see how one can maximize their benefits from this credit card let’s see by example. Suppose you spend ₹10000 on grocery each month and you have taken 5% cashback at ₹299, 5% cashback on Grocery online/offline, 10X Reward at ₹299. Here you can see that since you are spending ₹10,000 on Grocery you are meeting ₹7,500 spending criteria so you will get ₹500 as cashback and ₹500 cashback for grocery and 1000 Reward point (1 Reward point = ₹0.25) worth ₹250 so overall ₹1250 per month and ₹3750 cashback in three month almost you are getting 10% return value on grocery every month which is amazing for middle class people. If you want to add more you can add accordingly to maximize your return value.
Eligibility Criteria
| Criteria | Salaried Individuals | Self Employed Individuals |
|---|---|---|
|
Age |
21-60 Years |
21-65 Years |
|
Income |
Should have a good Income |
ITR should be 6 lakh or more |
- Final Thoughts
AU Bank LIT Credit Card is a first credit card that have changing features according to your need and the features is rewarding. Cardholder have full power to ON/OFF the features and opt for which fits in their budget. The best part is whatever features you have selected will be valid for 90 days within this time frame you can change the desired features otherwise it will be auto renewed. Based on your spending you can add your desired features and maximize the cashback/Reward even more that I have mentioned in the above section. The only part I did not liked that you need to pay for Fuel surcharge waiver otherwise if you categorise your spend the card is rewarding.