LIC Axis Bank Platinum Credit Card Review 2026: Lifetime Free, 0.2% Base Rate & FAQs
LIC Axis Bank Platinum Credit Card is lifetime free and earns 1 Reward Point per ₹100 — about 0.2% at a ₹0.20 valuation. What the LIC programme is, caveats and FAQs.
LIC Axis Bank Platinum Credit Card is lifetime free — no joining fee, no annual fee — and earns 1 Reward Point per ₹100, or about 0.2%.
At that rate the card is worth holding because it is free, not because of what it earns.
LIC Axis Bank Platinum Credit Card Quick Overview
| **Card type** | Lifetime-free co-brand card |
|---|---|
| **Best for** | LIC policyholders wanting a no-cost card |
| **Joining / renewal fee** | Nil, same on renewal |
| **Network** | Visa |
| **Base reward rate** | **0.2%** |
| **Reward currency** | LIC Axis Reward Points, valued at ₹0.2 each |
| **Lounge access** | None published |
| **Forex markup** | 3.5% |
Reward Structure: How You Earn
1 Reward Point per ₹100 on general spends — about 0.2%.
The LIC cards run their own reward programme, separate from Axis EDGE Rewards, with its own terms document. That document does not state a rupee rate in the captured material, so the ₹0.20 EDGE rate is carried across as the nearest defensible figure. It is an inference and is flagged as such — the real rate could differ.
| Spend | Effective rate |
|---|---|
| Everything else | 0.2% |
| Fuel, rent, wallet loads, government, gaming | **0%** |
Category Restrictions: Where You Won't Earn
- Where you earn nothing: Earns nothing at all: fuel; rent (MCC 6513); wallet loads (MCC 6540); government institution transactions (MCC 9222, 9311, 9399, 9402); cash withdrawals; EMI conversions; gift card purchases and toll, bridge and road fees (both excluded w.e.f. 28 August 2026); and fees, charges, GST and reversals. Insurance, utilities, telecom, education and jewellery are excluded on some cards only — the per-card notes say which.
- Point expiry: EDGE Reward Points and EDGE Miles expire 36 months from the date of accrual unless the card's own terms say otherwise. Points are forfeited if the card is closed, and a NEGATIVE point balance at closure is converted to a statement debit the cardholder must pay.
- Redemption fee: ₹199 per redemption.
Fees and Charges
| Charge | Amount |
|---|---|
| Joining fee | Nil |
| Renewal fee | Nil |
| Finance charges | 3.75% per month (55.55% per annum) on extended credit and cash advances. |
| Interest-free period | Up to 50 days from the date of purchase, only when the previous month's balance is paid in full. |
| Minimum amount due | 5% of the total amount due, subject to a minimum of ₹200, plus any EMI, fees, charges, interest and over-limit amount. |
| Cash advance fee | 2.5% of the amount withdrawn, subject to a minimum of ₹500. |
| Cash advance interest | 3.75% per month (55.55% per annum), charged from the date of withdrawal with no interest-free period. |
| Forex markup | 3.5% of the transaction amount. |
| Dynamic currency conversion | 1% of the transaction amount. |
| Late payment | Nil up to ₹500 of total payment due; ₹500 for ₹501–₹5,000; ₹750 for ₹5,001–₹10,000; ₹1,200 for ₹10,001–₹50,000; ₹1,300 above ₹50,000 w.e.f. 28 August 2026. An additional ₹100 applies if the Minimum Amount Due is missed for two consecutive cycles, and continues every cycle until cleared. |
| Overlimit | 2.5% of the over-limit amount, minimum ₹500. Charged only where the cardholder has explicitly consented to the over-limit facility. |
| Payment return | ₹500 per instance of cheque return, dishonour, auto-debit reversal, standing instruction failure or NACH failure. |
| Rent payment | 1% of the transaction amount plus GST on each rent payment identified through MCC 6513. |
| Fuel transactions | 1% plus GST of the transaction amount, charged only once total fuel spend in a statement cycle reaches ₹50,000. Fuel is identified through MCC 5172, 5541, 5542 and 5983. |
| Card replacement | ₹100 per replacement card. |
| Add-on card | Nil. |
| Reward redemption | ₹199 plus GST per redemption transaction on the EDGE portal, and ₹199 plus GST per instance of converting or transferring EDGE Reward Points or EDGE Miles to a partner loyalty programme. |
| EMI processing | Charged per the EMI scheme selected. Card cancellation forecloses any active EMI and attracts foreclosure charges plus GST. |
| GST | 18% on all fees, interest and charges. |
Is the LIC Axis Bank Platinum Credit Card Worth It?
Being free is the whole proposition. There is no fee to recover, so any earning is upside and there is no threshold to chase.
Do not use it as a primary card. At 0.2% it earns a fraction of what a flat-cashback card returns. ACE pays an uncapped 1.5% for ₹499 waived at ₹2 lakh.
Frequently Asked Questions (FAQs)
What is the LIC Axis Bank Platinum Credit Card earn rate? 1 Reward Point per ₹100 — about 0.2% at the ₹0.20 valuation used here.
What does the card cost? Nothing. Axis lists the LIC cards at Nil joining fee and Nil annual fee.
Are LIC Reward Points the same as EDGE Reward Points? No. The LIC cards run a separate programme with their own terms. The ₹0.20 value used here is carried across from the EDGE range because LIC's own document does not state a rupee rate — treat it as an inference.
Does it give lounge access? None is published for this variant.
Cards Mentioned in This Article
