AU LIT Credit Card- Best Credit Card?
AU Small Finance Bank LIT Credit Card is a premium credit card that offers a range of benefits and features to its customers. The card is designed to suit the lifestyle and spending habits of the urban and affluent segments of society. The card offers rewards, cashback, discounts, lounge access, insurance, and more on various categories such as travel, dining, entertainment, shopping, and wellness. The card also comes with a low annual fee and a high credit limit. AU Small Finance Bank LIT Credit Card is a smart choice for anyone who wants to enjoy a lit life with a lit card.
If you are looking for a credit card that gives you the power to customize it according to your needs and preferences, you might want to check out the LIT Credit Card from AU Small Finance Bank. This card is India's first customizable credit card, offering a range of features and benefits that you can choose, change, or switch on/off as you wish. In this blog, we will review the LIT Credit Card.
Features and Benefits:
The LIT Credit Card lets you personalize your credit experience by selecting the features and benefits that suit your lifestyle and spending habits. You can choose from the following features:
Category Cashback: Earn cashback on various categories such as dining, entertainment, groceries, online shopping, and more.
Fun and Fitness Memberships: Enjoy complimentary access or exclusive discounts to renowned gyms, fitness centers, and entertainment venues.
Airport Lounge Access: Access premium airport lounges across India, providing a tranquil and comfortable space for you to relax, unwind, or catch up on work before your flight.
Shoppers Reward: Earn additional rewards, discounts, or cashback on your purchases at select partner outlets.
Fuel Surcharge Waiver: Save money every time you refuel by avoiding fuel surcharges.
Milestone Cashback: Get rewarded for reaching certain spending milestones on your card.
You can also choose the pricing of your card features, starting from Rs. 49 to Rs. 499 per month. You can switch the features on/off whenever you like, and manage and track them in real-time through the AU 0101 app.
Fees and Charges:
The LIT Credit Card is a lifetime free credit card, meaning there is no annual fee levied on it. However, you may have to pay for the features that you choose, depending on their pricing. You may also have to pay a penalty if you do not meet the spending criteria for some of the features, such as the Fun and Fitness Memberships.
Other fees and charges that may apply on the LIT Credit Card are:
Joining fee: Nil
Interest rate: Up to 3.5% per month
Cash advance fee: 2.5% of the amount withdrawn or Rs. 300, whichever is higher
Late payment fee: Up to Rs. 950, depending on the outstanding balance
Over-limit fee: 2.5% of the over-limit amount or Rs. 500, whichever is higher
Cheque bounce fee: Rs. 500
Foreign currency transaction fee: 3.5% of the transaction amount
For more details on the fees and charges of the LIT Credit Card, please refer to the terms and conditions of the card.
Pros and Cons:
The LIT Credit Card has several advantages and disadvantages that you should consider before applying for it. Here are some of them:
Pros:
Lifetime free credit card with no annual fee
Customizable features and benefits that you can choose, change, or switch on/off as per your needs
Attractive cashback, rewards, discounts, and other benefits on various categories
Complimentary access or exclusive discounts to gyms, fitness centers, and entertainment venues
Premium airport lounge access across India
Fuel surcharge waiver on all fuel transactions
Easy application process through the AU 0101 app
Cons:
Penalty charges if you do not meet the spending criteria for some of the features
Fees for choosing certain features or switching them on/off
Interest rate may be high if you do not pay your bill in full every month
Foreign currency transaction fee may be high compared to other cards
Application Process:
The application process for the LIT Credit Card is simple and convenient. You can apply for it through the AU 0101 app by following these steps:
Scan & Download the AU 0101 app from the Google Play Store or App Store
Choose your LIT Card features as per your lifestyle
Choose your LIT Card pricing as per your need
Fill in your personal and professional details
Submit your KYC documents online
Wait for approval and verification
Receive your LIT Card at your doorstep
Alternatively, you can also visit any AU Small Finance Bank branch or contact their customer care number to apply for the LIT Credit Card.
Comparison with other credit cards:
If you are looking for a credit card that offers you flexibility, convenience, and rewards, you might want to consider the AU Small Finance Bank LIT credit card, the Yes Bank BYOC credit card, or the IDFC First SWYP credit card. These are some of the best credit cards in India that let you customize your benefits and features according to your needs and preferences. Here is a brief overview of each card and how they stack up against each other.
AU Small Finance Bank LIT Credit Card
This card is designed for millennials who love to shop online and enjoy cashback and rewards. The card offers up to 5% cashback on online shopping, dining, entertainment, and travel, as well as 1% cashback on all other spends. The card also has no annual fee, no joining fee, and no interest charges if you pay your bill in full every month. You can also get access to exclusive offers and discounts from partner merchants like Amazon, Flipkart, Myntra, Zomato, BookMyShow and more.
Yes Bank BYOC credit card
This card is ideal for those who want to customize their credit card according to their preferences and needs. The card allows you to choose your own reward points program, interest rate, annual fee and credit limit. You can also select from various categories like travel, shopping, dining, entertainment, wellness and more to earn reward points on your spends. The card also offers complimentary lounge access, fuel surcharge waiver, insurance cover and EMI options.
IDFC First SWYP credit card
This card is targeted at young professionals who want a simple and hassle-free credit card experience. The card offers a flat 1.5% cashback on all spends, with no caps or categories. The card also has a low annual fee of Rs. 250, which is waived off if you spend Rs. 50,000 or more in a year. The card also has features like instant issuance, contactless payment, zero forex markup, and free ATM withdrawals.
As you can see, each of these credit cards has its advantages and disadvantages, depending on your lifestyle and spending habits. You should compare them carefully and choose the one that best suits your needs and goals. You can check and read a detailed review on our website by clicking here.
Conclusion:
The LIT Credit Card from AU Small Finance Bank is a unique credit card that gives you the freedom to customize it according to your preferences and needs. It offers a range of features and benefits that you can choose, change, or switch on/off as you wish, and also lets you choose the pricing of your card features. It is a lifetime free credit card that rewards you for your spending in various categories, and also provides you with complimentary or discounted access to gyms, fitness centers, entertainment venues, and airport lounges. However, it also has some drawbacks, such as penalty charges, fees for certain features, and high interest rate and foreign currency transaction fee. Therefore, you should weigh the pros and cons of the LIT Credit Card before applying for it, and also compare it with other credit cards in the market to find the best one for you.
FAQs:
1. What is the LIT Credit Card?
The LIT Credit Card is a customizable credit card from AU Small Finance Bank. You can choose the features that suit your lifestyle and spending habits, making it a unique offering in the credit card market.
2. Is there an annual fee for the LIT Credit Card?
No, the LIT Credit Card has a lifetime free option. However, depending on the features you choose, you might have to pay a monthly subscription fee.
3. How can I customize my LIT Credit Card?
You can choose from a variety of features like cashback on specific categories (travel, dining, groceries), airport lounge access, reward points, fitness memberships, and more. You can manage and switch these features anytime through the AU0101 app.
4. What kind of cashback does the LIT Credit Card offer?
You can earn up to 5% milestone cashback on retail spends and additional 5% cashback on specific chosen categories like travel, dining, etc. There are also bonus cashback offers and reward points available.
5. What are the eligibility criteria for the LIT Credit Card?
The minimum age requirement is 18 years and you need to have a good credit score. Minimum income requirements may vary depending on the card variant you choose.
6. How can I apply for the LIT Credit Card?
You can apply for the LIT Credit Card online through the AU Small Finance Bank website or mobile app. The application process is simple and straightforward.
7. Are there any hidden charges or fees associated with the LIT Credit Card?
It's important to carefully review the fee schedule, as charges like late payment fees, foreign transaction fees, and cash advance fees might apply.
8. How can I track my LIT Credit Card spending and rewards?
You can easily track your spending, cashback earned, and reward points through the AU0101 app. It provides a clear and transparent view of your card activity.
9. Can I add supplementary cards to my LIT Credit Card account?
Yes, you can add up to two supplementary cards to your LIT Credit Card account, making it suitable for family spending.
10. What are some of the downsides of the LIT Credit Card?
The flexibility of choosing features also means you might end up paying more if you choose many premium features. It's crucial to choose features based on your actual spending habits to avoid unnecessary cost.