LIC Axis Bank Platinum Credit Card

About LIC Axis Bank Platinum Credit Card

Are you tired of paying annual fees for a credit card you only use occasionally? The LIC Axis Bank Platinum Credit Card solves that problem by staying completely free for life.

This card offers a straightforward way to earn rewards without the stress of meeting high spending targets to waive off fees. You can save ₹2,000 to ₹3,000 annually just by avoiding the typical membership costs found with other cards. It is a simple, no-nonsense tool for your wallet that focuses on basic utility rather than complex luxury.

Specifically built for salaried professionals or small business owners earning at least ₹25,000 per month, this card fits perfectly if you want a reliable backup card or a primary card for basic retail spending. Whether you are just starting your credit journey or looking for a secondary card to manage your LIC premium payments, this card provides a stable entry point.

What sets it apart:

• Lifetime Free Status: Unlike many entry-level cards that charge ₹500 or more annually, this card has zero joining and zero annual fees.
• Consistent Reward Value: Every point you earn has a fixed value of ₹0.67, which is higher than the standard ₹0.20 or ₹0.25 offered by many competitors.
• Low Entry Barrier: With a minimum income requirement of ₹25,000, it is accessible to a wide range of applicants compared to premium cards that require ₹50,000 or more.

Quick check: To qualify, you will need a minimum monthly income of ₹25,000 and a credit score of 720 or higher. While the bank allows applicants from age 18 to 70, you have a much better chance of approval if you are between 21 and 60 years old.

Let's break down why this card might be the right choice for your lifestyle:

Key Benefits and Features of the LIC Axis Bank Platinum Credit Card

The LIC Axis Bank Platinum Credit Card is designed for those who value simplicity over flashy perks. Here is a detailed look at the features that make this card a practical choice:

Zero Cost Ownership

The most significant benefit is the fee structure. There is no joining fee and no annual fee. This makes it a "true" lifetime free card. You do not have to worry about spending a specific amount every year just to avoid a renewal charge. If you leave the card in your drawer for two months, it costs you nothing. This is ideal for people who want to maintain a long-standing credit account to improve their average credit age without any recurring costs.

Reward Point Redemption

While the card keeps things simple, it still rewards you for your spending. The redemption value is quite competitive for an entry-level card. Each reward point is worth ₹0.67. You can use these points to get e-vouchers from popular platforms like Flipkart or choose items from the bank's merchandise catalogue. This high per-point value means your rewards accumulate into meaningful savings faster than cards offering a lower conversion rate.

Reward Activation Rule

To start earning and accessing your rewards, the bank requires a small initial step. You must make at least one transaction of ₹100 or more within the first 30 days of receiving your card. This simple action activates your reward profile, ensuring you don't miss out on any points from your future purchases.

Spending Exclusions to Note

To maximize your benefits, you need to know where the card does not earn rewards. The LIC Axis Bank Platinum Credit Card excludes several categories from point earnings. These include:

• Utility bill payments and Telecom services
• Education fees and Rent payments
• Wallet loading and Government services
• Fuel purchases and Gold or Jewellery transactions
• Cash advances and loan repayments

Since these categories are excluded, it is best to use this card for shopping, dining, and other retail spends where rewards are applicable.

Eligibility and Approval Insights

Meeting the eligibility criteria is the first step toward getting this card. The bank requires a monthly income of ₹25,000 for both salaried and self-employed individuals. While the official age range is broad (18-70 years), our experts suggest that applicants between 21 and 60 years old face fewer hurdles during the verification process. Additionally, maintaining a credit score (CIBIL or CRIF) of at least 720 is highly recommended to ensure a smooth approval.

How to Apply?

The application process is designed to be straightforward. Follow these steps to apply for the LIC Axis Bank Platinum Credit Card:

1. Check Your Eligibility: Before starting, ensure you earn at least ₹25,000 per month and your credit score is 720 or above.
2. Visit the Official Portal: Go to the Axis Bank website or the LIC Cards portal and navigate to the credit cards section.
3. Fill in Personal Details: Enter your mobile number, PAN card details, and current residential pincode.
4. Submit Income Information: Provide your employment type (Salaried or Self-Employed) and your exact monthly income. Ensure this matches your bank statements.
5. Choose the Card: From the list of available cards, select the LIC Axis Bank Platinum Credit Card. Note that the bank may offer you a different variant if your eligibility doesn't perfectly match this specific card.
6. Complete Video KYC: Once your application is shortlisted, you will likely need to complete a video KYC process where you show your original PAN card and sign on a blank paper.
7. Await Verification: The bank will verify your documents and may conduct a physical or telephonic verification. The standard processing timeline ranges from 7 to 15 working days, subject to document verification and internal policy checks.

Credit Limit: What to Expect

Credit limits for the LIC Axis Bank Platinum Credit Card are not fixed. They are assigned based on your unique financial profile. The bank looks at your income, your current credit score, and any existing relationships you have with Axis Bank or LIC.

With a monthly income of ₹25,000, you can expect a starting credit limit between ₹30,000 and ₹75,000, though the final number remains at the bank's discretion. If you maintain a good repayment record and use the card responsibly, you can request a limit increase after 6-12 months of usage. Banks calculate this limit based on your debt-to-income ratio and credit score, with higher limits offered after consistent repayment.

Comparison Table: LIC Axis Platinum vs. Competitors

When choosing a lifetime free or entry-level card, it helps to see how this card stacks up against other popular options in the Indian market.

The LIC Axis Platinum Card is a strong contender if you want a card that is guaranteed to be free forever without any spending conditions. While the Amazon Pay ICICI card is better for frequent Amazon shoppers, the LIC Axis card offers a very high value per point (₹0.67) for general retail spending, which is quite rare in the free card category.

Documents Required for LIC Axis Bank Platinum Credit Card Application

You will need to submit the following documents when applying:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), Rent Agreement, or Property Tax Receipt
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements
• Employment Proof: Office ID card or employment letter

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), or Property Documents
• Income Proof: Latest 2 years' ITR with computation of income, 6 months' bank statements, and CA-certified financials
• Business Proof: Business registration certificate, GST registration (if applicable), or Shop Act License

Note: All documents must be self-attested. The bank may request additional documents during verification.

Who Should Get This Card?

Deciding on a credit card depends entirely on your spending habits. Here are a few personas that match the LIC Axis Bank Platinum Credit Card perfectly:

The "First-Time" Cardholder

If you have just started your first job and earn ₹30,000 per month, you might be looking for a card to build your credit score. This card is perfect because it has no annual fee, so you can keep the account open for years without it costing you anything. By spending ₹5,000 monthly on clothes or dining and paying it back in full, you can build a strong CIBIL score efficiently.

The LIC Policyholder

If you pay regular premiums for LIC policies, having a co-branded card with the same institution often makes the payment process smoother. Even though specific rewards on premiums are subject to the bank's latest policy, having an integrated financial product helps in keeping your finance ecosystem organized.

The Backup User

You might already have a premium card for travel or dining, but you need a second card on a different network (like RuPay or Visa) for emergencies. Since this card is lifetime free, it serves as an excellent backup. You can keep it in your wallet for those times when your primary card is not accepted or its server is down, without worrying about paying for its upkeep.

You might want to skip this card if:

• You spend heavily on fuel or utility bills, as these categories are excluded from rewards.
• You are looking for lifestyle perks like complimentary airport lounge access or movie ticket discounts.
• You prefer direct cashback over reward points and e-vouchers.

BankKaro Expert Review

Based on the card's features, this card excels at providing a low-risk entry into the world of credit. As an expert who has reviewed hundreds of cards, I find the "Lifetime Free" aspect to be its strongest selling point. In a market where many "free" cards are actually only free for the first year, the LIC Axis Platinum Card offers genuine long-term value by removing the fee burden entirely.

The biggest limitation is the list of exclusions. Most people spend a significant portion of their monthly budget on utilities and fuel. Since this card does not reward those categories, you must be strategic about using it only for retail shopping, dining, or merchandise to get any real value back. Also, the reward activation requirement of ₹100 within 30 days is a small but necessary hurdle you must remember to cross.

Our verdict: Choose this card if you want a simple, no-cost credit card to build your credit history or to act as a reliable backup. It is not a card for "reward maximizers" who want 5% back on every rupee, but it is a solid, dependable choice for the average Indian consumer who wants a smooth banking experience without hidden costs.

Terms and Conditions

Interest rates range from 3.6% to 4.5% per month (52.86% annually) depending on your credit profile, while late payment charges apply to outstanding balances based on the standard fee structure. Ensure you read the most recent Most Important Terms and Conditions (MITC) document provided with your card welcome kit, as the bank may update the list of excluded categories or reward values periodically.

Note: The bank may issue a different card variant based on your eligibility; please review the specific features of the card offered to you before completing the application. A minimum transaction of ₹100 within 30 days is required to activate your reward benefits.