AU Ivy Metal Debit Card Review: Fees, Perks & How It Works

AU Small Finance Bank introduced the Ivy Metal debit card on the Visa Infinite platform a few months ago. This lifetime-free card is available to customers enrolled in AU Bank’s Ivy Premium Banking program. Below is a clear summary of eligibility, benefits, and practical observations about the card and program.

Eligibility Criteria

• Maintain Average Monthly Balance (AMB): ₹25 lakh or more
• Or maintain Total Relationship Value (TRV): ₹2 crore or more

To qualify for the Ivy Metal debit card, customers must join the Ivy Premium Banking program by meeting either the AMB or TRV requirement. These thresholds are strict and may vary slightly by branch and over time.

TRV is calculated as savings AQB plus fixed deposit balances, annual life insurance premium paid, and mutual fund assets under management.

USP

The primary draw of the AU Ivy program is its lifestyle benefits, notably a complimentary TAJ Epicure Privileged membership for the primary account holder, valued at approximately ₹59,000 (subject to the bank’s terms at issuance).

TAJ privileges (at participating hotels) typically include:

• Two complimentary nights’ stay in a base-category room for two people
• One complimentary 60-minute spa session for one person, with access to sauna and steam
• A dining voucher for two at TAJ all-day dining
• Access to select TAJ club lounges
• One-time upgrade by one room category for one night (subject to availability)
• Discounts on food and beverages and spa services (for example, percentages as specified at enrollment)

Caution: To receive the TAJ membership initially, the primary Ivy debit cardholder needed to spend at least ₹2 lakh on the card via e-commerce or POS before a cutoff date and maintain AMB/TRV. The bank activates membership after validating the criteria. These thresholds and deadlines have changed over time, so confirmation at account opening is recommended.

Update: As of mid-2024, the TAJ benefit was reportedly adjusted to a Preferred level (one complimentary night) with the required spend reduced to ₹50,000 in some cases. Terms may continue to change.

Experience: Membership confirmation typically arrives within a few days of meeting conditions and the physical membership card follows within about a week. Memberships are valid for one year from issuance; renewal depends on the bank’s prevailing policy and whether program criteria remain met.

Features & Benefits

• AU Ivy Metal debit card with a premium metal finish
• 1% cashback up to ₹1,000 per month (on minimum non-fuel spends of ₹2,500 per month). Cashback is posted within 60 days from month-end. Note: This feature was scheduled for removal from 01.06.2024.
• Zero cross-currency markup on foreign currency transactions
• BookMyShow B1G1 benefit: up to eight complimentary tickets per month (mix of movies/events) with per-ticket cap as defined by the bank
• Complimentary EazyDiner Prime annual membership (nominal charge)
• Domestic airport lounge access: four visits per quarter
• International airport lounge access: four visits per quarter via the debit card (pre-authorization charges are reversed within a few working days)
• Complimentary annual digital subscriptions to select publications for a nominal fee
• Two complimentary safe deposit lockers per group (subject to availability)
• Two complimentary golf lessons per quarter
• No annual maintenance charge on linked demat accounts
• Waivers or reduced charges on a wide range of banking services under the Ivy program

High-tier AU credit cards, such as Zenith/Zenith+, may be offered with preferential consideration to customers in the Ivy relationship, depending on the city and card availability.

Family Banking

Under the Ivy Premium Banking program, you can group up to nine additional family members. Group members receive the same Ivy metal debit card and can access most program benefits without individually meeting the Ivy AMB/TRV requirements. An initial account opening cheque of ₹1 lakh is typically required for each grouped member.

Note: TAJ membership is generally issued only to the primary account holder and is not extended to family-grouped accounts. Children aged 10 and above can receive the debit card when included in the group.

Welcome Kit Unboxing

The welcome kit is substantial and solid, presented in a jewelry-style box with a faux-leather exterior and suede interior. Family banking welcome kits are similar and convey a premium feel.

Card look & feel

The card features a refined saffron-maroon finish. The account holder’s name is artfully etched on the front in italic style, while card numbers are placed on the back with a red tone. As with any metal card, it is thicker and stiffer than plastic cards; handle carefully in ATMs to avoid insertion issues.

What could have been better

• No milestone rewards on the Ivy debit card; a competing AU Royale debit card previously offered milestone benefits that some customers preferred.
• The cashback cap of ₹1,000 per month is modest for an ultra-high-net-worth customer segment.
• AU Royale welcome kit included a faux-leather cardholder; Ivy’s kit does not provide the same accessory.
• AMB and TRV thresholds are very high; lower thresholds would make the program more competitive.
• Eligibility could be expanded to include high salary credits as an alternative to AMB/TRV.
• Initial spend requirement for TAJ membership was set high (previously ₹2 lakh); a lower threshold would have been more reasonable.
• AU Small Finance Bank’s branch and service footprint is limited compared with larger banks, reducing accessibility for some customers.

Note: Some milestone benefits on AU Royale were discontinued from 01.04.2024, reflecting changes across product lines.

Bottomline

The partnership with the TAJ group was a key differentiator for AU Ivy, initially running through March 2024 and extended in short increments thereafter. TAJ benefits remain the most compelling reason to accept the Ivy program’s high AMB/TRV requirement when compared with other wealth or private-banking offerings.

However, removal of the 1% cashback benefit and frequent adjustments to TAJ qualifying conditions reduce the overall value proposition. Prospective customers should weigh the benefits against the high relationship thresholds and confirm the latest terms directly with the bank before enrolling.