Here’s a detailed review of the AU Small Finance Bank LIT Credit Card:
Overview:
The AU Bank LIT (Live-It-Today) Credit Card is marketed as India’s first customizable credit card, allowing cardholders to choose features based on their lifestyle and spending habits. It’s designed for flexibility, offering a lifetime free (LTF) experience with add-on features at an additional cost.
Key Features and Benefits:
- Customizable Features:
- Lifetime Free: No joining or annual fee if you don’t opt for any add-on features.
- Add-on Features: Cardholders can select from various ‘baskets’ of services like:
- 5% or 10% cashback on online/offline transactions.
- Lounge access.
- Cashback on groceries, dining, travel, apparel, or electronics.
- Membership benefits (e.g., Amazon Prime, ZEE5, Cult.fit).
- Rewards Program:
- Base Rewards: Earn 1 Reward Point per ₹100 spent (excluding fuel, rent, insurance, EMI transactions).
- Accelerated Rewards: With add-on features, you can get 5X or 10X reward points on specified categories for a fee.
- Travel Benefits:
- Lounge Access: Available as an add-on feature, providing domestic airport lounge access for a quarterly fee.
- Lifestyle and Entertainment:
- Memberships: Free memberships to services like Amazon Prime, ZEE5, and Cult.fit for a 3-month period, but these come with their own cost if not opted for as part of a spending feature.
- Fees:
- No Annual Fee: If you stick to the base card without add-ons.
- Feature Charges: Each add-on feature has a fee, ranging from ₹49 to ₹499 for a 90-day period, automatically renewable unless opted out.
Pros:
- Flexibility: You can tailor the card to your needs, only paying for what you use.
- Lifetime Free: If you don’t need the add-on features, it’s a cost-effective card.
- High Rewards: When features are activated, the reward rate can be quite compelling.
Cons:
- Cost of Customization: The fees for add-on features can add up, potentially making the card expensive if you utilize multiple features.
- Complexity: Managing the features, especially remembering to turn off auto-renewal, can be cumbersome for some users.
- Reward Redemption: Redemption is at ₹0.25 per point, which is average, but the fee for redemption (₹99) reduces value.
User Experience:
- Ease of Use: The idea is innovative, but users need to be vigilant about managing their chosen features. The AU 0101 app is key here for feature selection and management.
- Customer Service: AU Bank’s service feedback varies, with some praising responsiveness and others noting issues with feature management or transaction disputes.
Sentiment from X and Web Reviews:
- X posts and web reviews highlight:
- Pros: The customization is often praised for allowing users to match the card to their lifestyle. The LTF aspect is a significant draw.
- Cons: Some criticize the cost of features, especially when compared to other cards offering similar benefits for free or at a flat fee. There’s also mention of the need for constant management of add-ons.
Conclusion:
The AU LIT Credit Card is best for those who want to customize their credit card benefits according to their spending patterns and are willing to manage the add-on features actively. It’s most valuable if you can utilize the features in a way that the fees are offset by the rewards or benefits received. However, for those looking for simplicity or not interested in managing multiple features, other LTF cards might be more straightforward or cost-effective.