LIC Cards Services Limited (LIC-CSL) and IDBI Bank have teamed to offer two new co-branded RuPay Credit Cards which will be designated as the LIC CSL 'Eclat' Select Credit Card and the 'Lumine' Platinum Credit Card. LIC policyholders, agents, and employees of the company and its affiliates will be allowed to use the cards at first. According to the press release, credit cardholders will get access to a slew of best-in-class advantages. Rakesh Kumar, CEO of LIC CSL, stated in a press conference that "We are delighted to partner with IDBI and RuPay for the launch of LIC CSL Credit Cards viz LUMINE and ECLAT. We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both buyer and recipient. LIC CSL has a vision to be the top Brand in Cards and Digital Payments, catering to all segments with geographical spread across the country." according to the source BusinessToday.
According to the reports, Cardholders of the Lumine and Eclat cards will have a credit limit that is tailored to their needs. With every Rs 100 spent on the Lumine card, cardholders will get 3 'delight' points, and on the Eclat card, they will receive 4 points. By paying LIC renewal insurance premiums, the cards additionally provide a unique advantage of 2x reward points to the cardholders. For new customers, the cards also include a 'Welcome Aboard' offering. On spending Rs 10,000 within 60 days of card activation, Lumine and Eclat cardholders would receive 1,000 and 1,500 'Welcome Bonus Delight Points,' respectively.
The two new cards let customers to convert transactions worth more than Rs 3,000 to EMI with no processing or foreclosure fees, and also they will also get a 1% fuel surcharge waiver on transactions worth more than Rs 400 spent at fuel pumps. Both cards will allow the cardholders to enjoy EMI tenure options that range from three, six, nine, or twelve months. The cards also provide a range of insurance coverage benefits, such as air accident insurance, personal accident or permanent disability insurance, credit shield insurance, and zero card liability, according to the press release.
IDBI Bank's MD and CEO, Rakesh Sharma, stated, "We are glad to be partners with LIC CSL and RuPay, for an innovative credit product that offers an array of benefits to our customers with a focus on health, entertainment, travel, and various beneficial reward points. We aim to elevate the experience of credit card expenditure towards a holistic benefit for our customers," according to the source BusinessToday.
NPCI's MD and CEO, Dilip Asbe, commented "We are happy to collaborate with LIC CSL and IDBI Bank to launch Lumine and Eclat co-branded credit cards on the RuPay network. These cards are designed to offer a rewarding shopping experience to the customers with comprehensive privileges. We believe that this partnership will add more value to customers' day-to-day spends and purchases. It is our constant endeavour at NPCI to offer renewed transactions experience for all our customers while using their RuPay cards," according to the source.