AU Bank NOMO Credit Card Review

Here’s a comprehensive review of the AU Small Finance Bank NOMO Credit Card:

Overview:

The AU NOMO Credit Card is a secured credit card, meaning it’s backed by a fixed deposit (FD). It’s designed for individuals who might not qualify for unsecured credit cards due to factors like no credit history, low credit score, or lack of income proof. It’s a stepping stone for those building or rebuilding their credit.

Key Features and Benefits:

Rewards Program:
- Earning:
  - Retail Purchases: Earn 2 Reward Points for every ₹100 spent.
  - Utility and Insurance: 1 Reward Point for every ₹100 spent.
- Milestone Benefits:
  - 500 Reward Points on spending ₹25,000 in a quarter.
  - An additional 500 Reward Points on spending ₹50,000 in a quarter.
Travel Benefits:
- Airport Lounge Access: 2 complimentary visits to domestic lounges per quarter after spending ₹20,000 in the previous quarter.
- Railway Lounge Access: 2 complimentary visits every quarter.
Low Forex Markup: Only 0.99% on international transactions, which is competitive.
Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹400 to ₹5,000, up to ₹100 per statement cycle.
Fees:
- Joining/Renewal Fee: ₹199 + GST, making it one of the more affordable secured cards.
- No Renewal Fee: After the initial fee, there’s no annual fee.
Security and Protection:
- Card Liability Coverage: Protection against unauthorized transactions if reported within a specified time.

Eligibility:

Fixed Deposit Requirement:
- A minimum FD of ₹20,000 is required to secure this card. The FD continues to earn interest.
Age: 18 to 75 years.
Residency: Must be an Indian resident.
Credit History: Not strictly required since it’s a secured card, but a good standing if any, helps.

Application Process:

Online Application:

Visit AU Bank Website or Partner Sites:
- Navigate to the AU Bank site, look for the NOMO Credit Card, and click ‘Apply Now’.
Fill Application Form:
- Provide personal and FD details.
KYC Verification:
- Digital KYC: Might require document uploads or video KYC:
  - Identity Proof (Aadhaar, PAN)
  - Address Proof
  - FD details
Digital Submission:
- Submit the application with FD details.
Application Review:
- Review might be quicker since it’s backed by an FD, but still can take up to a few business days.
Approval and Card Issuance:
- Once approved, you’ll get notified. A digital card might be issued, followed by the physical card.

Offline Application:

Visit an AU Bank Branch:
- Bring your FD details and necessary documents. The process involves opening or linking an FD and then applying for the card.

Spending Considerations:

Building Credit: Use this card to establish or improve your credit history by making timely payments.
Maximizing Rewards: Focus on retail purchases to get more reward points.
Travel: Utilize lounge benefits if your spending matches the criteria.

Pros:

Accessibility: Opens credit opportunities for those without a credit history or with limited income proof.
Low Cost: Minimal joining fee with no renewal fee.
Travel Perks: Good for those starting out but still offering some travel benefits.

Cons:

Secured Nature: Requires locking up funds in an FD, reducing liquidity.
Limited Rewards: Compared to unsecured cards, the rewards might not be as extensive.
Spending Caps: Lounge access requires meeting spending thresholds.

User Experience:

Ease of Use: Designed for simplicity, but users must understand the secured card concept.
Customer Service: AU Bank’s service feedback varies, with some users appreciating support, others facing challenges.

Sentiment from X and Web Reviews:

X Posts and Web Reviews:
- Pros: Praised for giving credit access to beginners or those with credit issues.
- Cons: Some users criticize the need to tie up money in an FD, and the rewards might not impress those used to premium card benefits.

Conclusion:

The AU NOMO Credit Card is an excellent option for individuals looking to start or rebuild their credit history. It offers a modest set of rewards and benefits for its category, making it a practical choice for those new to credit or with limited credit access. If you can manage the FD requirement and leverage the card’s benefits, it serves as a valuable financial tool.