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Mr. Rajesh Kumar, with an annual salary of ₹10,00,000, has been using his LIC Signature Credit Card to maximise benefits across various spending categories. Below is a table showing how he has used the card and the rewards he has earned from different expenses:
Category | Details | Amount Spent | Reward Points Earned |
Travel | Flight booking and hotel stays | ₹1,50,000 | 3,000 points (2 points per ₹100) |
Dining | Eating out at fine restaurants | ₹60,000 | 1,200 points (2 points per ₹100) |
Fuel | Petrol and diesel purchases | ₹50,000
| 1,000 points (2 points per ₹100) |
Groceries | Shopping for daily essentials | ₹40,000 | 800 points (2 points per ₹100) |
Entertainment | Movie tickets, online streaming subscriptions | ₹20,000 | 400 points (2 points per ₹100) |
Total Reward Points Earned = 3,000 + 1,200 + 1,000 + 800 + 400 = 6,400 points
Through these expenses, Mr. Kumar maximises the value of his LIC Signature Credit Card by earning significant reward points and cashback offers and enjoying premium services like lounge access and travel insurance.
Additionally, the points accumulated from his purchases can later be redeemed for various rewards, ensuring his spending is convenient and rewarding.
The LIC Signature Credit Card is a premium offering designed to cater to high-income individuals seeking exclusive benefits and enhanced rewards. With this card, cardholders can enjoy various valuable features that significantly elevate their spending experience.
Reward Item Description | Product Code | Points to be redeemed | ||
|
| LIC Titanium | ||
2. Complimentary Domestic Airport lounge access
3. Comprehensive Insurance Cover
4. Fuel Surcharge Waiver
5. Axis Bank Dining delights
6. Indulge in delectable cuisines and enjoy up to 20% off at 4000+ restaurants in India.
7. Convert purchases to EMI
7. Wednesday Delight (Exciting offers every Wednesday)
Type | Fees |
Joining Fee | Nil |
Annual Fee | Nil |
Add-on Card Joining Fee |
A 1% fee per transaction will be applicable on rental transactions.
Dynamic Currency Conversion markup
1.5% will apply to international transactions performed in Indian currency at international locations or transactions performed in Indian currency with merchants located in India but registered on foreign national websites.
Education Transaction fee
A 1% fee per transaction will apply to education payments made via third-party apps.
Utility Transaction fee
LIC Signature |
12 Flipkart E-Voucher ₹2,000 | AXL040 | 6,000 | 3,000 | 2,000 |
13 Flipkart E-Voucher ₹5,000 | AXL041 | 15,000 | 7,500 | 5,000 |
Nil |
Add-on Card Annual Fee | Nil |
Card Replacement Fee | Nil |
Cash Payment Fee | ₹175 |
Duplicate Statement Fee | Waived |
Charge Slip Retrieval Fee or Copy Request Fee | Waived |
Outstation Cheque Fee | Waived |
Mobile Alerts for Transactions | Free |
Holistic Charges | Nil |
Balance Enquiry Charges | Waived |
Finance Charges (Retail Purchases and cash) | 3.75% per month (55.55% per annum) |
Cash Withdrawl Fees | 2.5% (minimum ₹500) of the cash amount |
Over limit Penalty | 2.5% of the over-the-limit amount (minimum ₹500) |
Cheque return or dishonour Fee or Auto reversal debit Reversal Bank A/c out of Funds | 2% of the payment amount is subject to a minimum ₹500 |
Surcharge on purchase or cancellation of Railway Tickets | As prescribed by IRCTC/Indian Railways |
Fuel Transaction Surcharge | 1% of the transaction amount (refunded for fuel transactions between ₹400 to ₹4,000). Maximum benefits up to ₹400 per month. |
Foreign Currency Transaction fee | 3.5% of the transaction value |
Reward Point Redemption Fee | No |
GST | As per existing government norms |
Rent Transaction fee |
*T&C Apply
A 1% fee will be applicable on cumulative spends of ₹25,000 or more on utilities per statement cycle.
Wallet Load Transaction fee
A 1% fee will be applicable on cumulative spends of ₹10,000 or more on wallet loads per statement cycle.
Fuel Transaction fee
A 1% fee will be applicable on cumulative spends of ₹50,000 or more on fuel transactions per statement cycle.
Online Skill-Based Gaming Transaction Fee
A 1% fee will be applicable on cumulative spends of ₹10,000 or more on online skill-based gaming platforms per statement cycle.
Let’s understand with an example how someone can use the benefits.
Rahul has a credit card that comes with zero joining and annual fees, making it a cost-effective option for his day-to-day expenses. One day, he decides to use the card for a few different transactions, and here's how the charges are applied:
By the end of the month, Rahul has incurred a variety of charges, including cash withdrawal fees, transaction surcharges, and specific fees for gaming, utility, and foreign currency transactions. However, he also enjoys several fee waivers and rebates for balance inquiries, duplicate statements, and the mobile alerts service.
Total Payment Due | Charges |
Less than ₹500 | Nil |
Between ₹501 and ₹5,000 | ₹500 |
Between ₹5,001 and ₹10,000 | ₹720 |
Above ₹10,000 | ₹1,200 |
Additionally ₹100 on missing payment of Minimum Amount Due (MAD) by the due date for two consecutive cycles. This charge will continue to be applicable for every payment cycle until the MAD is cleared.
Here’s a breakdown of the pros and cons of the LIC Signature Credit Card based on Ankit’s monthly transactions. This will help you understand how the card benefits him in certain areas while highlighting some fees to be mindful of.
Transaction | Pros | Cons |
Retail Purchase (₹15,000) | Earns reward points for purchases, which can be redeemed for discounts or gifts. | A 3.75% finance charge applies to the remaining balance if not paid in full. |
Cash Withdrawal (₹5,000) | NA | 2.5% fee (minimum ₹500) on cash withdrawals. |
Fuel Purchase (₹3,500) | 1% fuel surcharge waiver, refund of ₹35 on this transaction. | NA |
Foreign Transaction (₹10,000) | NA | 3.5% fee on foreign currency transactions, which is ₹350 in this case. |
Utility Bill Payment (₹28,000) | NA | 1% fee on utility payments above ₹25,000, resulting in a ₹280 fee for this transaction. |
Eligibility Criteria for LIC Signature Credit Card
Documents Required to Apply for LIC Signature Credit Card
1. Proof of Identity (any one of the following):
2. Proof of Residence (any one of the following):
3. Proof of Income (any one of the following):
4. Other Documents:
How do you apply for an LIC Signature Credit Card?
Step 1: Go to the official website of Axis Bank. In the navbar, hover on “Explore Products.” You will see “Credit Cards” on the left-hand side. Move your cursor on that, and then on the right side, you will see “Credit Cards.” Click on that.
Step 2: You will see different varieties of cards. Scroll down and find LIC Axis Bank Signature Credit Card. There you will see a button “Apply now.” Click on that.
Step 3: After that, you will be redirected to a new page. You will see the question “Are you an existing bank customer?” Click ”yes” if you are, or else click “no.”
Step 4: You will see a new page asking for details after clicking. There, you can see all the things about credit cards, such as credit limits and offers. Fill in the details carefully.
Step 5: After submitting all the details, you will get your credit card within 21 working days from the bank at your address.
How to Apply for an LIC Signature Credit Card Offline?
To apply for the LIC Axis Bank Signature Credit Card offline, follow these steps:
Conclusion
The LIC Signature Credit Card offers an excellent blend of luxury perks, exclusive benefits, and reward opportunities, making it an ideal choice for those with an active lifestyle. With features like airport lounge access, complimentary insurance, reward points on everyday spending, and added travel and entertainment benefits, it provides a seamless experience for cardholders.
Additionally, the zero joining and annual fees make it even more attractive, ensuring great value for money. However, it's important to be mindful of the finance charges and transaction fees that may apply. Overall, the card is a great option for those who want to enjoy premium benefits and earn rewards with their regular spending while traveling, dining, or shopping.
FAQ’s Related to LIC Signature Credit Card
1. Can I get an add-on card with LIC Signature Credit Card?
Yes, you can get up to three add-on cards with LIC Signature Credit Card. Also, just like the primary card, the add-on cards come with no joining and annual fees.
2. Can I withdraw cash using my LIC Signature Credit Card?
Yes, you can withdraw cash using your LIC Signature Credit Card. However, a fee of 2.5% of the transaction amount or a minimum of ₹500 will be charged.
3. How can I track my application status?
You can track the status of your application online by entering your application ID.
4. Is the e-statement facility available to Signature credit card customers?
Yes, customers can get e-statements from the LIC card site, by entering certain details like the credit card number, cardholder’s name, date of birth, and the card validity date.
5. What are the different offline payment options for LIC Signature Credit Card customers?
The offline services used by LIC Signature credit card customers are - Draft, Cheque, and Cash Payments.
Other Credit Cards | |||
