AU Small Finance Bank CheQ LED Credit Card Lights Up Tap-to-Pay Transactions

AU Small Finance Bank CheQ LED Credit Card: AU Small Finance Bank (AU SFB) has partnered with CheQ, a prominent credit management platform, to introduce a revolutionary co-branded credit card. Dubbed the AU Small Finance Bank CheQ LED Credit Card, this innovative offering stands out with a unique LED-powered tap-to-pay indicator. This launch marks a significant step for both entities, bringing a blend of technological innovation and customer-centric financial solutions to the market. Applications for this distinctive credit card are set to open on the CheQ app starting April 28.

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The Innovative LED Feature: A Visual Confirmation

The most striking feature of the AU Small Finance Bank CheQ LED Credit Card is its integrated LED light. This LED illuminates instantly during tap-to-pay (NFC) transactions, providing cardholders with immediate visual confirmation that their payment is being processed. This intuitive design enhances the transaction experience, making payments more visible and reassuring. Importantly, the technology behind this feature is powered by the NFC field of the point-of-sale terminal itself, meaning the card does not require any internal battery, ensuring hassle-free usage and longevity.

CheQ’s Strategic Entry into Credit Card Issuance

The launch of the AU Small Finance Bank CheQ LED Credit Card signifies CheQ’s official foray into the competitive credit card issuance segment. CheQ stated that this product is a culmination of extensive usage insights gathered from its existing credit card and user base. The platform aims to address common pain points in the credit card market, such as fragmented rewards programs and overly complex redemption systems, by offering a streamlined and user-friendly solution.

Aditya Soni, Founder and CEO of CheQ, emphasized the card’s objective: “The card is aimed at simplifying credit usage and improving transaction experience.” He further highlighted that the LED feature is specifically designed to “make payments more visible and intuitive,” aligning with CheQ’s vision for user-friendly financial tools.

Sanjay Agarwal, Founder, MD & CEO of AU Small Finance Bank, echoed this sentiment, stating that the partnership “reflects the bank’s focus on customer-centric innovation and expanding digital financial solutions.” This collaboration underscores AU SFB’s commitment to leveraging technology for enhanced customer experiences.

Unified Rewards and Benefits

The AU Small Finance Bank CheQ LED Credit Card introduces a unified rewards system under “CheQ Points,” designed to maximize value for its users. Cardholders can look forward to:

12% rewards on select categories, including e-commerce purchases and bill payments.
5% rewards on everyday spending categories.
2.5% rewards on UPI transactions facilitated via the RuPay network.
1% rewards on all other spends.

Redemption of these CheQ Points is flexible and convenient within the CheQ ecosystem. Users can redeem their points for gift cards from a variety of partner brands, book travel through CheQ Travel, or even use them for bill payments, offering a comprehensive redemption experience.

Card Specifications and Fees

To ensure broad accessibility and functionality, the AU Small Finance Bank CheQ LED Credit Card will operate on both the Visa and RuPay networks. This dual-network support allows for global acceptance and seamless integration with UPI-based transactions, catering to diverse user needs.

The card carries an annual fee of ₹499, which is waived for cardholders who achieve annual spends of ₹3 lakh or more. For the unique LED variant, there is an additional one-time fee of ₹999. However, as a special introductory offer, this LED variant fee is waived until May 31. As a welcome benefit, all new cardholders will also receive a complimentary EazyDiner membership.

Availability

Prospective applicants can apply for the AU Small Finance Bank CheQ LED Credit Card directly through the CheQ app, with applications commencing from April 28.

AU Small Finance Bank CheQ LED Credit Card Lights Up Tap-to-Pay Transactions

The Innovative LED Feature: A Visual Confirmation