LIC IDFC Classic Credit Card Review

General Information

Rewards and Benefits

Fees and Charges

Summary

Earn six times the reward points on LIC spends. Get three times the reward points on specific categories such as utilities, education, and government payments. Enjoy complimentary access to railway lounges. Receive one complimentary domestic lounge access every quarter (four accesses per year).

I recently had the opportunity to review the LIC IDFC Classic Credit Card, and I have to say that it is a great option for those who enjoy shopping.

The best part is that there is no joining fee or renewal fee, which is quite attractive.

One of the key features of this credit card is its reward type - Reward Points.

This means that every time you make a purchase, you earn reward points that can be redeemed later.

As a welcome benefit, you also get 1,000 Reward Points on spending Rs. 5,000 in the first 30 days of card issuance, which is a nice bonus.

In terms of movie and dining benefits, this card does not offer any specific perks.

However, it makes up for it with its shopping rewards.

You can earn 6X Reward Points for LIC Spends and 3X Reward Points for Utilities, Education, Railway, and Government spends.

For travelers, the LIC IDFC Classic Credit Card provides 2 free Railway Lounge Access each quarter, which is a nice add-on.

Unfortunately, it does not offer any domestic or international lounge access, and there are no golf benefits either.

On the insurance front, this credit card provides a comprehensive insurance cover, which is definitely a valuable feature to have.

However, there is no spend-based waiver available.

When it comes to redeeming your reward points, there is a redemption fee of Rs. 99.

Keep this in mind when deciding to redeem your points.

Additionally, this card has a foreign currency markup of 0.035, so it may not be the best choice to use abroad.

The interest rate for this credit card ranges from 0.75% to 3.5% monthly (9% to 42% annually), which is fairly standard.

However, it is important to consider this when managing your finances.

For fuel purchases, there is a 1% waiver on fuel surcharge up to Rs. 200, which can add up to some savings.

Cash advances on this card attract a fee of Rs. 199.

Overall, the LIC IDFC Classic Credit Card is a solid option for shoppers.

It offers attractive rewards for certain categories of spending, while providing additional benefits such as insurance coverage and lounge access.

However, it may not be the best choice for frequent travelers or those who frequently use their credit card abroad.