ICICI Bank, one of India’s leading private sector banks, offers a wide range of credit cards tailored to meet the diverse needs of its customers. Among these offerings is the ICICI Bank Parakram Credit Card, a special card designed to honor the brave hearts of the Indian armed forces. The Parakram Credit Card is packed with a variety of features and benefits that cater specifically to the lifestyle and financial requirements of military personnel. In this comprehensive overview, we will explore the features, benefits, and charges associated with the ICICI Bank Parakram Credit Card.
Features of ICICI Bank Parakram Credit Card
1. Welcome Benefits
ICICI Bank provides a warm welcome to its Parakram Credit Card holders with attractive introductory offers. Upon joining, cardholders can avail of complimentary vouchers or reward points, adding value right from the beginning.
2. Reward Points Program
The Parakram Credit Card offers a robust rewards program. Cardholders can earn reward points on every spend, be it on dining, shopping, or travel. These points can be redeemed for a variety of options including gift vouchers, merchandise, and air miles.
- Earn Rate: Typically, the card offers 2 reward points for every ₹100 spent on regular transactions. However, special categories like dining and fuel purchases may offer higher reward points.
3. Fuel Surcharge Waiver
Understanding the mobility needs of military personnel, the Parakram Credit Card offers a fuel surcharge waiver at petrol pumps across India. This benefit ensures that cardholders save on fuel expenses, making their travels more economical.
- Waiver Limit: The fuel surcharge waiver is typically available on transactions ranging from ₹400 to ₹4,000 per transaction.
4. Annual Fee Waiver
The card comes with an annual fee waiver facility. If the cardholder meets the annual spending threshold, the subsequent year’s annual fee is waived off, making the card cost-effective in the long run.
- Spending Threshold: Usually, spending ₹50,000 or more in a year can qualify for an annual fee waiver.
5. Complementary Airport Lounge Access
Travel is a significant part of military life. The Parakram Credit Card offers complimentary access to domestic airport lounges, providing a comfortable and luxurious travel experience.
- Access Frequency: Cardholders may get up to 2 complimentary lounge visits per quarter.
6. Insurance Cover
Security is paramount for military personnel. The Parakram Credit Card provides complimentary insurance covers, including air accident cover and purchase protection, offering peace of mind.
- Coverage Amounts: Air accident cover can be substantial, often up to ₹1 crore, while purchase protection covers damage or theft of goods bought using the card.
7. Dining Offers
The card offers exclusive dining privileges with discounts at partner restaurants, enhancing the culinary experiences of the cardholders.
- Discount Rates: Discounts can range from 15% to 25% at select restaurants.
8. Global Acceptance and Concierge Service
The Parakram Credit Card is accepted globally, ensuring that cardholders can use it seamlessly while stationed abroad or traveling. Additionally, the card offers a dedicated concierge service to assist with travel bookings, event planning, and other lifestyle needs.
Charges Associated with ICICI Bank Parakram Credit Card
1. Joining Fee and Annual Fee
The Parakram Credit Card typically comes with a nominal joining fee and an annual fee. However, these fees can often be offset by the welcome benefits and the annual fee waiver on meeting the spending threshold.
- Joining Fee: ₹500 (plus applicable taxes)
- Annual Fee: ₹500 (waived off on spending ₹50,000 or more in the preceding year)
2. Interest Rate
The interest rate on the Parakram Credit Card is competitive, reflecting the bank’s understanding of the financial prudence of military personnel. The interest rate is charged on the outstanding amount if the full payment is not made by the due date.
- Monthly Interest Rate: Around 3.40% per month
- Annual Percentage Rate (APR): Approximately 40.8% per annum
3. Cash Advance Fee
Cardholders can withdraw cash using their credit card at ATMs, but this service comes with a fee. The cash advance fee is a percentage of the withdrawn amount and is subject to a minimum charge.
- Fee: 2.5% of the transaction amount or ₹300, whichever is higher
4. Late Payment Charges
Timely payment of the credit card bill is crucial to avoid late payment charges. These charges vary based on the outstanding amount.
- Charges:
- ₹100 for statement balance up to ₹100
- ₹500 for statement balance between ₹101 and ₹500
- ₹750 for statement balance between ₹501 and ₹1,000
- ₹950 for statement balance between ₹1,001 and ₹10,000
- ₹1,100 for statement balance between ₹10,001 and ₹25,000
- ₹1,300 for statement balance between ₹25,001 and ₹50,000
- ₹1,400 for statement balance above ₹50,000
5. Over-limit Fee
If the cardholder exceeds the credit limit, an over-limit fee is charged. This fee is a percentage of the over-limit amount.
- Fee: 2.5% of the over-limit amount or ₹500, whichever is higher
6. Foreign Currency Markup Fee
For transactions made in foreign currency, a markup fee is applied. This fee is a percentage of the transaction amount and covers currency conversion and processing costs.
- Fee: 3.5% of the transaction amount
7. Other Charges
Additional charges may include card replacement fees, duplicate statement fees, and balance inquiry fees, among others.
- Card Replacement Fee: ₹100
- Duplicate Statement Fee: ₹100 per statement
- Balance Inquiry Fee: ₹25 at ICICI Bank ATMs and ₹50 at other ATMs
Conclusion
The ICICI Bank Parakram Credit Card is a comprehensive financial product designed to cater to the unique needs of the Indian armed forces personnel. With a range of features like reward points, fuel surcharge waiver, complimentary lounge access, and robust insurance cover, the card offers significant value and convenience. The associated charges, including the annual fee, interest rate, and various transaction fees, are competitive and align with industry standards. By understanding and leveraging these features and managing the associated costs, cardholders can maximize the benefits of the Parakram Credit Card, making it an indispensable tool in their financial arsenal.