ICICI Bank Business Advantage Black Card – Benefits, Fees & Eligibility

ICICI Bank Business Advantage Black Card

Introduction

The ICICI Bank Business Advantage Black Credit Card is designed to empower businesses with efficient cost control and rewarding benefits on their expenditures. This card offers attractive cashback on a variety of business expenses, making transactions smarter and more advantageous. It comes equipped with modern features such as Visa PayWave contactless payment technology for secure and convenient transactions globally, complimentary airport lounge access, 24x7 concierge services, and comprehensive insurance coverage. The card is particularly beneficial for Small and Medium Enterprises (SMEs), providing value through deals on popular product subscriptions and an interest-free credit period of up to 48 days.

Welcome Benefits

• Joining Fee Waiver: The joining fee is credited back to the account if eligible spends exceed ₹75,000 within 60 days of card issuance.

Fees

• Joining Fee: ₹1,500 + GST.
• Annual Fee: ₹1,000 + GST.
• Spend-Based Waiver:
  • The joining fee is waived if eligible spends exceed ₹75,000 within 60 days of card setup.
  • The annual fee is waived for the subsequent year if eligible spends exceed ₹7,50,000 in an anniversary year. The annual fee is applicable starting from the 2nd year, as there is no annual fee for the 1st year.
• Interest Rates: 3.75% per month (if only minimum due is paid) or 3.0% per month (36.0% per annum) on the outstanding amount if dues are not cleared by the payment due date.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup: 3.5% of the transaction amount.
• Fuel Surcharge: Up to 1% waiver on transaction value at HPCL petrol pumps, capped at ₹500 per month. This offer is valid on a maximum transaction of ₹5,000 when swiping the card on ICICI Bank swipe machines.
• Cash Advance Charges: 2.5% of the transaction amount or a minimum fee of ₹300.
• First Year Annual Fee: Not charged for the 1st year.

Rewards

Cashback Benefits

• Maximum Monthly Cashback: Cashback earned in a month is subject to a maximum of ₹2,000 through eligible spends.
• Cashback on Statement Balance:
  • If Statement balance is more than ₹75,000: Up to 1% cashback on both domestic and international spends.
  • If Statement balance is between ₹25,000 and ₹75,000: Up to 0.5% cashback on domestic spends and up to 1% cashback on international spends.
• Eligible Spends for Cashback: Regular business expenses including airline, hotel, restaurant spends (except for a few special categories such as fuel, cash withdrawals, insurance, all fees, and interest charges), vehicle rentals, and professional services.
• Excluded Spends for Cashback: Fuel, cash withdrawals, insurance, interest charges, and card fees.

Travel Benefits

• Domestic Lounge Access: Get 2 complimentary access per quarter at select Airport Lounges in India.

Dining Benefits

• ICICI Bank Culinary Treats Programme: Enjoy a minimum discount of 15% on your dining bill at over 2500+ restaurants across 11 cities.
• Savings: Up to 15% savings on dining spends at select partners.

Insurance Benefits

• Comprehensive Coverage: The card provides insurance benefits to compensate for uncertainties associated with business travel.
• Insurance Cover Details:
  • Personal accidental death (Air accident): Up to ₹75 lakhs.
  • Personal accidental death (Non-air): Up to ₹500,000.
  • Medical expenses for bodily injury arising out of an accident: Up to ₹100,000.
  • Credit shield (in case of accidental death): Up to ₹50,000.
  • Baggage insurance: Up to ₹25,000.

Lifestyle Benefits

• Concierge Services: Get 24x7 i-Assist concierge services for various needs, including:
  • Restaurant referral and reservation.
  • Car rental and limousine service.
  • Medical concierge privileges.
  • Hotel bookings.
  • Vacation planning.
  • Gift delivery.
  • Emergency aid in restaurants.
• Contactless Payment: Use Visa PayWave technology for fast, convenient, and secure tap-and-pay transactions up to ₹2,000 without entering a PIN. The card can be used at contactless-enabled POS machines in more than 48 countries globally. For larger amounts, chip-and-PIN authentication applies as per local standards.
• Product Subscription Deals: Offers great deals on product subscriptions like DocuSign, Evernote, Awfis, Amazon Web Services, and Airtel business plans, particularly beneficial for SMEs.
• Utility Bill Payments: Use the card to make utility bill payments conveniently from your office or home.
• Interest-Free Credit Period: Enjoy up to 48 days of interest-free credit on business expenses. (Note: For Business Secured Card holders, it mentions up to a maximum of 50 days, and 20 days from the statement date).

Rewards Redemption Guide

• Cashbacks are directly added to the account.
• The amount of cashback earned depends on your monthly statement balance and eligible spends.

Card Review

The ICICI Bank Business Advantage Black Card is an excellent choice for individuals and Small and Medium Enterprises (SMEs) with regular business expenses. It offers significant value through its cashback program on eligible business spends, alongside a suite of premium benefits. Key advantages include substantial insurance coverage, complimentary domestic airport lounge access, a valuable fuel surcharge waiver, and dedicated 24x7 concierge services, which enhance both business and personal planning. The card's contactless payment feature further adds to its convenience and security. Overall, it stands out as a rewarding tool for managing and optimizing business expenditures.

Important Product Details

• Card Type: Business Credit Card.
• Cashback Rates:
  • Up to 1% on domestic and international spends if statement balance > ₹75,000.
  • Up to 0.5% on domestic and up to 1% on international spends if statement balance is between ₹25,000 and ₹75,000.
• Maximum Monthly Cashback: Capped at ₹2,000.
• Cashback Exclusions: Not applicable on fuel, cash withdrawals, insurance, interest charges, and card fees. Only eligible on airline, hotel, and restaurant spends (with some exceptions).
• Lounge Access: 2 complimentary domestic airport lounge accesses per quarter.
• Insurance Coverage: Includes personal air accident death cover up to ₹75 lakhs, non-air accidental death cover of ₹500,000, medical expenses for bodily injury up to ₹100,000, credit shield for accidental death up to ₹50,000, and baggage insurance up to ₹25,000.
• Concierge Services: 24x7 i-Assist for various personal and corporate needs.
• Contactless Payments: Powered by Visa PayWave technology, allowing tap-and-pay for transactions up to ₹2,000 without a PIN, usable in over 48 countries.
• Fuel Surcharge Waiver: Up to 1% waiver at HPCL petrol pumps, capped at ₹500 per month on transactions up to ₹5,000 using ICICI Bank swipe machines.
• Fee Waivers: Joining fee waived with ₹75,000 spend in 60 days, annual fee waived with ₹7,50,000 spend in an anniversary year.
• Interest-Free Period: Up to 48 days interest-free credit.
• Zero Liability Protection: Protection against loss, theft, or misuse if reported immediately to the bank.
• Business Card Limitations: Business cards do not offer personal card facilities such as balance transfer, EMI on call, merchant EMI on card, add-on cards, and personal loans.
• Card Platform: Visa.

Other Details

• Track & Manage Spends: Card controls and statements can be managed and viewed/downloaded using Self care / Admin Portal.
• How to Apply:
  • Online: Apply through the bank's website by clicking "Apply Now" and filling in the required details.
  • Offline: Visit the nearest ICICI Bank branch with all required documents and complete a physical application form.
• Important Documents/Guides:
  • Most Important Terms & Conditions (MITC) are available for reference for other charges.
  • Terms & Conditions (T&Cs) are applicable and available.
  • Business Advantage Black Card Membership Guide is available.