LIC Platinum Credit Card Review

General Information

Rewards and Benefits

Fees and Charges

Summary

There is no annual fee for LIC Platinum Credit Cards. You will earn 2 Reward Points for every Rs 100 spent on LIC Premium Payment and International spends. For all other categories, you will earn 1 Reward Point for every Rs 100 spent. If your card is lost, you are protected by a Lost Card Liability cover up to the credit limit. You also receive a Personal accidental insurance cover worth Rs 3 lakh and Air accidental insurance cover worth Rs 1 crore. Additionally, you will enjoy a 1% fuel surcharge waiver on fuel transactions ranging from Rs 400 to Rs 4000.

The LIC Platinum Credit Card is an ideal choice for shoppers, thanks to its attractive features and benefits.

With a joining fee and renewal fee of Nil, this card offers great value for money.

The reward type for this card is Reward Points, allowing you to earn points on your purchases.

Every Rs 100 spent on LIC Premium payment and international spends will earn you 2 Reward Points, while other categories will earn you 1 Reward Point for every Rs 100 spent.

The card doesn't offer any welcome benefits, movie dining, travel, domestic lounge access, international lounge access, golf privileges, or spend based waivers.

However, it does provide insurance benefits such as personal accidental insurance and air accidental insurance worth up to Rs 3 Lakh and 1 crore respectively.

When it comes to rewards redemption, there is a fee of Rs 30 per redemption request, which is something to consider before redeeming your points.

In terms of fees and charges, there is a foreign currency markup of 3.5% on the conversion amount, which is relatively standard in the market.

The interest rate for this card is 3.6% per month (52.86% per annum), so it's important to make timely payments to avoid accruing high interest charges.

For those who frequently use their card for fuel purchases, the LIC Platinum Credit Card offers a 1% fuel surcharge waiver on all transactions made at fuel stations, providing extra savings.

Cash advances are also available with this card, with a fee of 2.5% on the withdrawal amount, subject to a minimum of Rs 500.

Overall, the LIC Platinum Credit Card is a solid choice for shoppers who want to earn rewards on their purchases.

With no joining or renewal fees, insurance benefits, and fuel surcharge waivers, this card offers good value.

However, it's important to keep in mind the rewards redemption fee and the relatively high interest rate.