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

Introduction

The ICICI Bank Business Advantage Black Card is a business credit card offered by ICICI Bank, specifically designed for entrepreneurs, proprietors, and MSMEs. It aims to make business expenditures smarter and more rewarding by providing significant cashback on purchases, complimentary airport lounge access, and comprehensive insurance advantages. This card is positioned to help businesses manage expenses efficiently while offering valuable perks.

Welcome Benefits

• The joining fee will be credited back to the account if eligible spends cross ₹75,000 within 60 days of card issuance/setup.

Fees

• Joining Fee

  • ₹1,500 + GST.
  • Waived if eligible spends exceed ₹75,000 within 60 days of card issuance/setup.

• Annual Fee

  • ₹1,000 + GST.
  • Waived if eligible spends exceed ₹7,50,000 in an anniversary year.
  • The annual fee is charged from the 2nd year, as there is no annual fee for the 1st year.

• Interest Rates

  • 3.0% per month (36.0% per annum) if only the minimum due is paid.

• Rewards Redemption Fee

  • Nil.

• Foreign Currency Markup

  • 3.5% of the transaction amount.

• Fuel Surcharge Waiver

  • Up to 1% on transaction value at HPCL petrol pumps.
  • Capped at ₹500 per month.
  • 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.
  • Interest on cash advances is 3.0% per month (36.0% per annum).

Rewards

• Cashback Program

  • If the monthly spend is more than ₹75,000:
    • Up to 1% cashback on domestic eligible spends.
    • Up to 1% cashback on international eligible spends.
  • If the monthly spend is more than ₹25,000 and less than ₹75,000:
    • Up to 0.5% cashback on domestic eligible spends.
    • Up to 1% cashback on international eligible spends.
  • Cashback earned in a month is subject to a maximum of ₹2,000 through eligible spends.
  • Eligible Spends include all retail spends except for select categories such as fuel, utility, cash, insurance, Government and Tax Payments, and Education, all fees and interest charges.

• Additional Cashback

  • You will get a cashback of 0.20% on your total amount due if you make the payment through ICICI Bank Corporate Net Banking.
  • This cashback is in addition to what you get on your spends.
  • The payment must be made before the payment due date, i.e., within 7 days from the statement generation date.

• Lounge Access

  • Get complimentary access twice per quarter at select Airport Lounges in India.

• Dining Benefits (ICICI Bank Culinary Treats Programme)

  • Get a minimum discount of 15% on your dining bill at over 2500+ restaurants spread across 11 cities.

• Insurance Benefits

  • The card is equipped to compensate for uncertainties associated with business travel.
  • Personal accidental death (Air accident) cover: ₹75 lakh.
  • Personal accidental death (Non-air) cover: ₹500,000.
  • Medical expenses for bodily injury arising out of an accident cover: ₹100,000.
  • Credit shield (in case of accidental death) cover: ₹50,000.
  • Baggage insurance cover: Up to ₹25,000.
  • The mentioned insurance is complimentary with your card, subject to detailed terms and conditions.

• Concierge Services

  • Get 24/7 concierge service through the i-Assist team.
  • Services include Restaurant referral and reservation, Car rental and limousine service, Medical concierge privileges, and much more.

• Other Business Benefits

  • Track and manage spends using Self care or Admin Portal.
  • Offers great deals on product subscriptions like DocuSign, Evernote, Awfis, Amazon Web Services, and Airtel business plans.
  • Use your card to make utility bill payments from the comfort of your office or home.

Rewards Redemption Guide

• Cashbacks depend upon the statement balance; the more you spend, the more cashback you earn.
• Cashbacks are directly added to the account.

Card Eligibility Criteria

• Eligibility Rules

  • Designed for entrepreneurs, business owners, and self-employed professionals.
  • Applicants are typically expected to own or manage a registered business or professional practice in India.
  • Applicants should have a stable financial track record.
  • The Bank might also consider other factors pertaining to business stability and history before approving the application.

• Documents Required

  • Business Registration or Incorporation Certificate.
  • Proof of the business’s registered office address.
  • Financial documents (Bank Statements or Audited Financial or GST Returns).
  • The bank will perform additional due diligence based on the financial assessment of the submitted documents.

Card Review

• Overall Verdict: The ICICI Bank Business Advantage Black Card is an excellent choice for Small and Medium Enterprises (SMEs) and business owners who have regular business expenses. It provides substantial cashback, comprehensive insurance coverage, and premium lifestyle benefits, making it a valuable tool for managing and rewarding business spending.
• Pros:
  • Attractive cashback rates on eligible domestic and international business spends, with higher rates for increased spending.
  • Extensive insurance benefits covering air and non-air accidents, medical expenses, credit shield, and baggage.
  • Complimentary domestic airport lounge access twice per quarter.
  • Significant dining discounts through the ICICI Bank Culinary Treats Programme.
  • Fuel surcharge waiver at HPCL petrol pumps.
  • Zero Liability protection in case of card loss or theft.
  • Convenient contactless payments with Visa PayWave technology.
  • Dedicated 24x7 concierge services for various needs.
  • Spend-based waivers for both joining and annual fees.
  • Additional cashback for payments made via Corporate Net Banking.
• Cons:
  • Cashback is capped at ₹2,000 per month.
  • Certain categories like fuel, utility, insurance, government/tax payments, and education are excluded from cashback eligibility.
  • A foreign currency markup fee of 3.5% applies to international transactions.
  • Business cards do not offer personal card facilities such as balance transfer, EMI on call, merchant EMI on card, add-on card, and personal loans.
• Who Should Apply: This card is best suited for entrepreneurs, business owners, and self-employed professionals with steady income and significant business expenses who are looking for a card that offers strong cashback rewards, travel benefits, and robust insurance protection for business-related activities.

Important Product Details

• Get up to 1% cashback every month on eligible spends, maximum up to ₹2,000.
• Enjoy a minimum discount of 15% on your dining bill at over 2500+ restaurants through the ICICI Bank Culinary Treats Programme.
• Receive 2 complimentary access per quarter at select Airport Lounges.
• Benefit from extensive insurance coverage, including personal air accident cover of up to ₹75 lakhs.
• Access 24x7 concierge services for various needs.
• Get a fuel surcharge waiver of up to 1% on transaction value at HPCL petrol pumps, capped at ₹500 per month.
• Enjoy up to 48 days of interest-free credit on your business expenses.
• Make fast, convenient, and secure payments at retail outlets with Visa PayWave contactless technology.
• Utilize the card for utility bill payments from the comfort of your office or home.
• Benefit from Zero Liability protection in case of loss or theft of the card, if reported within a stipulated time period.
• The joining fee and annual fee can be waived based on eligible spending thresholds.
• An additional 0.20% cashback is available on the total amount due when paid via ICICI Bank Corporate Net Banking.

Other Details

• Business Credit Cards are specifically designed for entrepreneurs, proprietors, and MSMEs to manage business finances more efficiently, helping to manage company expenses separately, build a business credit profile, and access higher credit limits to support growth.
• ICICI Bank Business Credit Cards support easy reconciliation of business spends.
• To contact i-Assist for concierge services, please call 18002670731 (toll-free for MTNL / BSNL lines) or 022-67872016 (standard call charges applicable).
• To update nominee details for the insurance cover, refer to the bank's website.
• For detailed terms and conditions regarding insurance and other aspects, refer to the Most Important Terms & Conditions (MITC) and general Terms & Conditions available on the ICICI Bank website.
• The card offers up to a maximum of 50 days of interest-free credit period, with 20 days from the statement date.
• In case of loss/theft/misuse of the Card, it must be reported immediately to ICICI Bank either through Customer Care or by SMSing CCBLK to 5676766 from your registered mobile number.
• The ICICI Bank Business Advantage Black Card is a Visa card and does not support UPI payments.