AU Small Finance Bank Launches Credit Card Services

By | May 21, 2021
AU Small Finance Bank Credit Cards

AU small Finance bank – one of the popular small finance bank in the country has come up with a range of credit card offerings to the public. It’s probably the only small finance bank in the country to provide independent credit card services. Here’s everything you need to know about the recent credit card launch.

The Cards

AU small finance bank has launched 4 different credit card variants to cater various set of customers. Here’s a quick look into those cards with the respective joining fees:

  1. Zenith (Fee: Rs.7,999+GST – waived on 1.25L spend)
  2. Vetta (Fee: Rs.2,999+GST – waived on 40K spend)
  3. Altura+ (Fee: Rs.499+GST- waived on 20K spend)
  4. Altura (Fee: Rs.199+GST- waived on 10K spend)

The good news about AU Small finance bank credit cards is that they do have joining fee waiver on spends within 90 days, along with annual fee waiver based on annual spends, similar to Bank of Baroda credit cards.

So ideally these cards are all free for you, as long as you could meet their respective spend criteria, which is pretty good in my opinion.

Are they good?

  • The card names somehow doesn’t sound like a finance product. It sounds more like the names of household accessories. For ex: Marvella RO, AO Smith, Elgi Ultra, Elgi Ultra Grind+, etc. Do you feel so too?
  • The design is average in my opinion. Their debit card design (AU Royale Debit Card) is far better.
  • The benefits are decent on premium variants but not competitive enough in that price range. The purchase protection benefit on Zenith is a good one.
  • The rewards are good on specific type of spends on premium cards. For ex, Zenith gives 5% back on Dining, 2.5% on grocery. Even Vetta is good with 2.5% back on utility spends. Reward rate on regular spends are poor across all cards, but milestone benefits makes up for it, to an extent.

Overall, the premium variants are pretty good, especially because it comes with fee waiver on spends apart from decent benefits.

The entry-level cards are nowhere closer to the aggressive competition in that space. So its better to skip them for good, even if you’re offered for free. But this might change once their merchant offers goes aggressive, just like BOB cards in recent times.

If you’re looking for options, do check out the best credit cards article for 2021.

We may have a detailed review of above cards later sometime, if required.

How to Apply?

I don’t see any live application process for now, so you may show interest via call/email/website and take it from there.

AU Small Finance Bank Support

I did a quick call to check whether they issue cards across India – YES is what I heard. But the rep. on call put me on a long hold without any reason. Hmm, strange!

I was said that I should get a callback in 24-48 hrs and fortunately the above line connects directly to the human and they’re decent in handling the call.

Bottom line

It’s impressive to see credit card offerings from a small finance bank. Hope their products and services gets better in the coming years.

Speaking of new credit card launches, the country is waiting for DBS & Federal bank credit cards to join the game soon.

What’s your thoughts on the new AU Small Finance Bank credit cards? Feel free to share your thoughts in the comments below.

Author: Siddharth

Helping Indians to choose right credit cards, pick right offers and enjoy luxury vacations for less. Day & night exploring the spiritual reality of our human existence.

34 thoughts on “AU Small Finance Bank Launches Credit Card Services

  1. Sharathkumar Anbu

    Federal bank credit card details are already revealed

    MITC – federalbank.co.in/credit-cards-mitc

    Celsta card – federalbank.co.in/celesta-credit-card
    Imperio card – federalbank.co.in/imperio-credit-card
    Signet card – federalbank.co.in/signet-credit-card

    These cards are not that interesting.

    Reply
  2. Aman

    They should be launching anytime now, their internal employee testing with 15,000 cards is complete and are ready to roll out.

    Federal soft launch was done last month if i am not wrong and should be in the market by June.

    Au bank has been active on giving offers on Amazon and other e commerce websites on their debit cards, hopefully the same continues with the CC segment too.

    Reply
  3. Mugunthan

    Vetta, Altura+, Altura sounds like Car model names.

    Zenith sounds bit different.

    @Siddharth

    Bandhan bank also issuing credit cards. I think through SCB.

    I cannot see any page for it.

    Reply
  4. Pinaki Mishra

    Hi Sid
    Thanks for the review. I agree with your point that design of the cards are not good, especially when their AU Royale Debit Card design looks super premium.

    As regards Federal Bank, They are yet to launch their credit card commercially. However, more than 80% of their staff have been carded with their new credit card.

    Reply
  5. SJoseph

    Need enough marketing skills to cope up with other players. Don’t know about the approval process? Very vague ideas on this bank!

    Reply
  6. Ankur M

    Annual Fee Waiver spends are pretty high compared to the card features.
    Zenith = 5L
    Vetta = 1.5L
    Altura+ = 80k
    Altura = 40k

    Reply
  7. Mohit Jain

    Although this is welcome news that newer and smaller banks are offering Credit Cards now. This would ensure better penetration of financial products overall in the country. However, banks should follow GOI/RBI guidelines and promote India’s own RU Pay credit card system over Visa and Mastercard. The (points/value) benefits are not comparable but from overall financial data security point of view this is invaluable in the long run.

    Reply
    1. abhishek chatterjee

      Private banks like ICICI, Axis bank already announced they are not interested to issue RuPay credit cards because govt levy zero MDR on RuPay debit cards. Now Private banks are in fear what will happen if govt impose zero MDR on RuPay credit cards.

      Next year maybe Reliance, TATA and other companies will get NUE license.
      Reliance already announce to be pitted against Visa, Mastercard. if granted an operating licence, is going to be positioned against global payments giants such as Mastercard and Visa in some markets including India.

      Reply
  8. Mahesh S. Panicker

    Perhaps, a review is in order Sid. Would look for more info on benefits of the different cards, but your word is important…
    I am also looking forward to the Federal Bank Card, have a long-term banking relationship with them…

    Reply
  9. Varun

    Nah, not home appliances. They sound like scooter brands.

    Reply
  10. Reena

    Anyone know about taj epicure membership with zenith on spending 8 lakh. So can you confirm complimentary night in this taj membership. @ sidharth

    Reply
    1. Siddharth Post author

      I’m waiting for an update on the same as well. I’ll update once I get to know.

      Reply
  11. AbhiKohli

    Sid, In a hurry ? Nothing much about the cards ? (Detail reward rates, milestone benefits etc) Just asking, since we usually see that.

    Reply
    1. Siddharth Post author

      Because there is: Nothing much about the cards 🙂

      Anyway if things go well with these cards, detailed review should follow.

      Reply
  12. Akash

    Sid, small finance banks cannot offer credit cards. AU small finance bank is no longer a smallest finance bank just that they have not changed their name for some reason. So you might want to edit the first para.

    Reply
    1. Siddharth Post author

      I see that they are one of the “Scheduled commercial bank” and so they were able to do it. But are you sure they no longer come under “small finance bank”?

      Reply
      1. Ritesh Kumar Soni

        AU small finance bank is small finance bank only as on date. Small finance bank can apply for full fledge commercial bank after 5 and 8 year of starting operation subject to fullfulling fit and proper criteria.

        Reply
  13. Vedhavel

    Hello Sid,
    I contacted AUSFB, the person told me that the CC is being offered only to the Bank customers as on date. Nevertheless, it will be opened to general public quite soon.

    Reply
    1. vivek

      yes due to corona ( lockdown), bank dose’nt open thier policy, mostly bank stop the sale of any credit assets, but very soon, it will be available for you, i also belong from banking, thats by, i am telling you

      Reply
  14. AAJ

    I had dropped an email, got response that they would reach out. Looks like they would prefer account holders for now, just spoke to cc.
    Is it good idea to open account and apply for Zenith, is it worth it?
    You would get 16500 points for spends of 1.25L within 60 days (25k you might do later too) which is roughly 4k.

    Reply
    1. AAJ

      They contacted over call and mentioned they noted request. They didn’t indicate any timeline on processing though!
      Anyone got through?

      Reply
      1. Harsimran Singh

        Got a call from the Bank for the application details maybe they’ll give pre-approved (I think you can’t select the variant) near about June end.

        Reply
    1. AAJ

      You would be in the first list, congratulations. Pls share experience once you receive. 👍

      Reply
  15. Harsimran Singh

    Yes, I got the card Today, totally smooth onboarding process, it was all pre-approved just like IDFC.

    Reply
  16. alok

    on website its written fee waiver on retail spend ? so online/wallet not included i suppose

    Reply
    1. Harsimran Singh

      Not sure but gives rewards points in wallet reloads as well and recently got a 5% upto 500 offer on Non wallet online retail transactions

      Reply
  17. Jitesh

    Au credit card is really good specially vetta and zenith. Smooth onboarding process . The other services like priority pass card is delivered along with the kit not like other bank card where we have to apply for the same . Fairly good .. highly recommended

    Reply

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