Credit Card by Banks – Corporation Bank
LIC Corporation Bank was founded in the year 1906 and is a subsidiary of the Life Insurance Corporation of India. The bank has close to 8, 970 service centres in the country with LIC itself having more than 550 Satellite Sampark offices and 2, 048 branches. There are several types of Corporation Bank credit cards that are available for customers. Before you choose the Corporation Bank credit card apply online option, you should know that there are various cards available such as the Gold, International, Platinum and Platinum EMV credit cards. These cards are offered exclusively for LIC policy holders (HNI, self-employed and salaried categories), LIC agents and employees of LIC. Main card holders can choose the Corporation Bank credit card apply option and extend benefits to family members by getting three add-on cards.
Features & Benefits
Corporation Bank credit cards come with multifarious benefits and other features. There are several rewards on offer and one can earn reward points simply by paying LIC policy premiums with the card. Other privileges include personal accident coverage, credit shield and a reasonable rate of interest. Here are the key features and benefits of a Corp bank credit card:
- No Costs- There are no one-time charges for getting these credit cards and neither are there any annual, joining or renewal fees to be paid.
- Low Interest Rates- The interest for revolving credit is approximately 33% annually and for the Gold credit card, it is around 2.75% each month. For the Platinum cards, it is 3% per month or 36% per annum.
- Validity- These cards will remain valid for a period of 5 years.
- Extra Safety- The credit cards have the signature imprint and photograph of the customer which provides added safety during usage.
- Add-on credit cards- Customers can get up to 3 add-on cards for family members to share their credit and extend their privileges.
- Easy Withdrawal- Cash can be withdrawn up to 30% of the credit limit.
- Interest Free Period- Customers will have the interest free period ranging between 15-45 days in case dues are repaid for the earlier month.
- Insurance Coverage- Personal accident insurance and purchase protection are offered and this will remain valid for around 60 days. Rs. 50, 000 will be given as the Credit Shield in case of permanent disability of the card holder.
- Credit Limit- Customers can flexibly choose their own credit limits but this should be lower than the actual limit offered by Corporation Bank.
- Temporary Credit Limit Increase- Customers can request for an increase in the credit limit on a temporary basis for value which does not outstrip 30% of the limit available in the account of the borrower.
- Revolving Credit- There are multiple options available for Corporation Bank credit card payments when the statement is received. The revolving credit option means that customers can pay the minimum amount due and the remainder will be adjusted to the statement for next month. In case the whole amount is not repaid by the due date, a nominal interest rate will apply in this regard. One can also pay more than the minimum due amount or lower than/higher than the total outstanding amount. This will be adjusted in the next month’s billing cycle.
- Balance Transfer- Customers can transfer credit from credit cards of other banks to the LIC Corporation Bank credit card account.
- Visa Bill Pay- All credit cards offered by Corporation Bank come with VISA branding and hence they get Visa bill pay which enables swift payments of utility bills. The customer should register himself/herself via the online Visa portal.
- EMI Option- Customers can also switch high value purchases to easy EMIs. However, the transaction amount should cross Rs. 2, 500 in these cases. Repayment tenors are 6, 12 and 24 months. Interest charged in these cases is 16% per annum for 6 months and 18% per annum for 12-24 months.
Interest & Charges
|Charge||LIC Corporation Bank Gold Credit Card||LIC Corporation Bank Platinum Credit Card||LIC Corporation Bank Platinum EMV Credit Card||Corporation Bank International Credit Card|
|Add-on Cards||3 add-on cards. First add-on card free and next cards will be charged Rs. 100 each.||3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each.||3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each.||3 add-on cards.|
|Interest on Revolving Credit||2.75% per month and 33% annually.||3% per month and 36% annually.||3% per month and 36% annually.||2.25% per month for gold credit card. 2.50% per month for classic credit card.|
|Cash Advance Limit||20% of Credit Limit||30% of Credit Limit||30% of Credit Limit||Not Available|
|Over Limit Charges||2% of the over limit amount or a minimum of Rs. 100, whichever is the highest.||2.5% of the over limit amount or a minimum of Rs. 250, whichever is the highest.||2% of the over limit amount or a minimum of Rs. 250, whichever is the highest.||2.5% of the over limit amount or a minimum of Rs. 100, whichever is the highest.|
|Standing Instruction Failure/ Cheque Return Penalty||Rs. 200 for each failed transaction.||Rs. 250 for each failed transaction.||Rs. 250 for each failed transaction.||Rs. 250 for each failed transaction.|
As Corporation Bank credit card customer care will tell you, you can be part of the special rewards programme at LIC Corporation Bank. You can earn twice the reward points on regular transactions if you pay your LIC premiums with your card. The accumulated points can also be adjusted against pending credit card dues. Cashback is Rs. 0.25 for the Gold Credit Card and Rs. 0.50 for the Platinum Credit Card. The International Card comes with 1 point for every Rs. 200 that is spent on the Classic card and 1 point for every Rs. 150 spent in case for the Gold credit card.
The eligibility criteria are as follows:
- Citizen of India (PIOs, NRIs and foreign nationals are not eligible)
- Should not be an illiterate person/minor
- Should possess valid PAN
- Should be more than 18 years of age and a maximum of 60 years of age
- Add-on Card holders should be between 18-65 years of age
- LIC agents are eligible for these cards and should be members of particular LIC clubs like Corporate Club, CM Club, DM Club, MDRT, BM Club and ZM Club
- LIC policy holders can apply for these cards as well. Salaried/self-employed customers can apply in case they have one completely paid up or in-force non-single premium LIC policy which has been existing for 3 years or more.
- HNI segment applicants come under the GC category in case they have 1 or multiple non-single premium policies with yearly premium touching at least Rs. 30, 000 or more. The premium should have been paid for at least 3 years in succession and policy must be fully paid-up or in-force from the application date.
- LIC employees will be eligible if they are presently employed by LIC Group Companies or LIC itself.
Here are the key documents needed:
- KYC (address, photo-ID proof)
- Income Proof- Form 16/Salary Slip/Salary Certificate/IT Returns/Bank Statements. HNI applicants will not have to separately provide income proof. They can submit premium receipts or certified status reports. LIC agents can submit Form 16-A for the present assessment year or latest ITR while LIC employees can submit latest salary slip for last 3 months/latest ITR or Form 16
- Proof of Relationship with LIC
Here are the cards that are offered by LIC Corporation Bank-
- Gold Credit Card- Rates of interest are 33% annually or 2.75% per month for the Gold Credit Card which also comes with several benefits including Rs. 50, 000 in Purchase Protection valid for 60 days, Rs. 1 lakh of Personal accident insurance coverage and Rs. 50, 000 of Credit Shield in case of permanent disability.
- Platinum Credit Card- This card comes with an interest rate of 36% annually or 3% per month. There is 5 years of validity and this is given to LIC policy holders, employees and agents alike. Add-on cards are possible and these cards have the customer’s photograph and signature imprinted on them for maximum security.
- Platinum EMV Credit Card- This card comes with low interest, higher reward points by paying LIC premiums, purchase protection, credit shield, personal accident coverage and many other benefits. 3 add-on cards can be applied for by customers with the first one coming free of cost. The next two cards will be issued at Rs. 200 each. Customers can also enhance credit limits for values not surpassing 30% of the available limit.
- International Credit Card- This Visa card is accepted worldwide and offers extra security via the VbV (Verified by Visa) program. This international card can be safely used across PoS terminals while purchasing or even online. This card is given to customers who have existing ties with the institution and have a good repayment track record. There are Gold and Classic variants with the latter being valid for up to 3 years.
- Customers can get Visa Bill Pay by registering online at the Visa portal and can pay all bills easily.
- Those employed in PSUs or Government organizations can provide handwritten salary slips as proof of their income with sign & seal by authorized signatory.
- One should contact the 24-7 helpline for reporting loss/theft of the credit card. Once reported, the card will be blocked by the bank.
- Fuel surcharge benefit applicable is 2.5% of the transaction or Rs. 10 whichever is higher in case of buying petrol with the LIC Corporation Bank credit card.
- Rates are subject to changes and customers should keep checking them periodically.