AU Small Finance Financial institution launched the Ivy Steel debit card on Visa Infinite platform a couple of months in the past. It’s a Life Time Free debit card designed particularly for purchasers who’re a part of AU Financial institution’s Ivy Premium Banking Program. Right here’s every little thing you must know,
Eligibility Standards
- AMB: 25L+ (or)
- TRV: 2 Cr+
AU Financial institution requires you to affix its Ivy premium banking program by sustaining both AMB of 25L or TRV of two Cr, with a purpose to be eligible for this card. Necessities are normally strict, however could range a bit with location & time
TRV (Complete Relationship Worth) consists of Financial savings AQB+ FD steadiness+ Life Insurance coverage Premium paid per FY+ Mutual Fund AUM
USP
AU Ivy entitles quite a few way of life advantages. Major USP being Complimentary TAJ Epicure Privileged membership to Major account holder price ~59K INR
TAJ Privileged membership with AU Ivy offers (at choose collaborating accommodations):
- Complimentary keep for two nights (base class for two folks)
- Complimentary 60 minutes of Spa to 1 individual with entry to sauna & steam
- TAJ expertise all day eating voucher for two folks
- Unique entry to any TAJ membership lounge
- One time one degree room improve for one evening and many others. as noteworthy advantages
- 25% on F&B, 20% on Spa, and many others
Warning: To avail above, spend >= 2L on Major account holder’s Ivy debit card, through Ecommerce/POS on or earlier than thirty first Might’24 (for accounts opened in April’24) & preserve AMB/TRV in Might’24. TAJ Privileged membership will probably be activated by thirtieth June’24 upon fulfilment of those standards
Observe: Until thirty first March’24, above spend requirement was 10K solely, which has now gone considerably excessive at 2L. Very unhealthy!
Replace: Appears to be like like TAJ Privileged has been devalued to Most popular one (only one complimentary Night time keep) as on 19.05.24, however Debit Card spend standards diminished to 50K from 2L
My Expertise: Membership e mail notification got here inside 2-3 days of fulfilling the spend standards & bodily TAJ Privileged membership card obtained delivered in ~ every week
The membership is legitimate for 1 yr from the date of issuance. Renewal tncs aren’t nicely outlined presently & could possibly be renewed on the idea of buyer sustaining this system standards as per financial institution coverage.
Options & Advantages
- Exquisitely crafted AU Ivy Steel Debit Card
- 1% Cashback upto INR 1000 each month, posted inside 60 days from the top of the txn month (on min. non-fuel spends of INR 2500 pm)
- Zero cross foreign money mark-up (for txns executed in overseas foreign money solely)
- B1G1 on BookMyShow: 8 free tickets (6 films, 2 occasions) each month, no quota & max. INR 500 per ticket
- Complimentary Eazydiner Prime annual membership @ INR 2
- Complimentary Home airport lounge entry: 4 per Qtr (covers nearly each lounge)
- Complimentary Worldwide airport lounge entry: 4 per Qtr through Ivy debit card itself. Authentication fees will get reversed inside 7 working days
- Complimentary digital annual subscription of Livemint & Wall Avenue Journal @ INR 1
- 2 Complimentary Lockers (per group, topic to availability)
- 2 Complimentary Golf Classes per quarter
- NIL AMC on demat account
- No Cost program on nearly all banking companies
Observe: 1% Cashback characteristic will probably be withdrawn efficient 01.06.2024
AU topmost Credit score Playing cards like Zenith/Zenith+ will probably be pre-approved foundation Ivy relationship, offered metropolis is serviceable for bank cards
Household Banking
Group upto 9 further relations below Ivy Premium Banking Program. Every grouped member will get similar Ivy steel debit card & take pleasure in the entire above advantages, with out the requirement to keep up Ivy program eligibility standards. Preliminary opening cheque of 1L is required although
Observe: TAJ Privileged membership received’t be issued to Household Banking accounts of the group. Children will also be grouped below Ivy program, however debit card will probably be issued if they’re 10 years+
Welcome Package Unboxing
Welcome equipment is huge n stable with jewelry kinda field, having exterior faux-leather & inside suede end. Even household banking welcome equipment is similar & feels premium
Card look & really feel
The cardboard is fantastically crafted & completed, in shades of saffron-maroon. Identify is etched in distinctive italic type on the entrance, whereas card numbers are on the again (purple tone)
Observe: Being a card with steel kind issue, be able to maintain your hand/card tremendous straight in ATM else there will probably be working points as the cardboard is stiff sufficient. Chances are you’ll suppose card is thick, however that is regular with operation of any steel card.
What may have been higher
- No milestone advantages on Ivy debit card. Much less premium AU Royale (Eligibility: 1L AMB) debit card offers good milestone advantages. Ivy ought to have enhanced milestone advantages
- 1% Cashback restrict of INR 1000 pm is just too low for the UHNI account class
- AU Royale welcome equipment incorporates a pleasant faux-leather cardholder, Ivy doesn’t
- AMB/TRV necessities are extremely excessive. AMB vary 10-15L & TRV vary of 30-45L ought to have made Ivy a phase killing proposition
- Eligibility standards may even have included internet wage credit score within the vary of 3L
- Spend necessities at 2L for TAJ Epicure Privileged membership is means too excessive. 50K would have been much better
- Extra serviceable places, as Au SF Financial institution is restricted to solely few cities in the meanwhile
Observe: Royale Debit Card Milestone advantages discontinued wef 01.04.2024
Bottomline
The affiliation with TAJ group for the AU Ivy program was initially legitimate till thirty first March 2024 & now prolonged until thirtieth April’24. Prone to be prolonged additional in future
TAJ Epicure Privileged membership is the one distinguishing USP which might justify Ivy’s excessive AMB/TRV necessities over IDFC Wealth/Non-public & Indusind Pioneer packages having comparable (or) much less eligibility standards.
Elimination of 1% Cashback characteristic from 01.06.2024 makes this relationship much more nugatory
