ICICI Bank Parakram Credit Card – Benefits, Fees & Eligibility

ICICI Bank Parakram Credit Card

Introduction

The ICICI Bank Parakram Credit Card is meticulously designed for Defence and Paramilitary personnel, offering a suite of exclusive benefits tailored to their unique needs. Key highlights include complimentary domestic airport and railway lounge access, comprehensive personal and air accident insurance, and a valuable fuel surcharge waiver. Cardholders can also enjoy accelerated reward points on essential purchases like groceries, department store items, and Canteen Stores Department (CSD) purchases, alongside dining discounts through the Culinary Treats Programme. The card also features enhanced security with an embedded microchip and the unique benefit of having the Defence Services title embossed on the card.

Welcome Benefits

• No specific welcome benefits are detailed for this card.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: ₹99 will be charged on every reward redemption request.
• Foreign Currency Markup: 3.5% on foreign currency transactions.
• Interest Rates:
  • 3.40% per month or 40.8% annually on unpaid balances.
  • 3.75% interest per month if only the minimum due is paid.
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel purchases at all fuel stations.
• Cash Advance Charges: 2.50% of the withdrawn amount or a minimum of ₹300.
• Late Bill Payment: Ranging from ₹100 to ₹1300.

Rewards

Reward Points

• Earn 5 accelerated reward points for every ₹100 spent at Canteen Stores Departments (CSD), grocery stores, and department stores. These accelerated points are capped at a maximum of 1,000 reward points per month.
• Earn 1 reward point for every ₹100 spent on all other applicable domestic transactions.
• Earn from 6x to 12x reward points on iShop.
• Transactions not eligible for reward points include fuel, ATM withdrawals, balance transfers, cash withdrawals, EMIs, PLCC, fees, and other charges.

Lounge Access

• Domestic Airport Lounge Access: Get 1 complimentary domestic airport lounge access every quarter.
  • Condition: To avail domestic lounge access, you must spend ₹75,000 or more on your Parakram Credit Card in a calendar quarter. This entitles you to avail the lounge access benefit in the following calendar quarter.
  • Applicable only to the primary Cardholder.
• Railway Lounge Access: Enjoy complimentary railway lounge access.

Insurance

• Personal Accident Insurance: Get a personal accident insurance cover of ₹2 lakh.
• Air Accident Insurance: Get an air accident insurance cover of ₹20 lakh.

Dining

• Receive dining discounts and exclusive privileges with the ICICI Bank Culinary Treats Programme.

Fuel

• Enjoy a 1% waiver on fuel purchases at all fuel stations across the country.

Lifestyle

• Get your Defence Services title embossed on the Card, signifying its exclusive design for defence personnel.

Rewards Redemption Guide

• Reward points can be redeemed against a variety of options available on the bank's official website.
• You can also redeem your collected reward points for vouchers from your desired brands, covering categories such as Health & Beauty, Travel & Luggage, Shopping, Home Appliances, Electronics, and Fashion & Lifestyle.
• A fee of ₹99 will be charged for every reward redemption request.
• The value of 1 Reward Point is ₹0.25.

Card Eligibility Criteria

Eligibility Rules

• Applicants must be Indian citizens over 21 years of age.
• The card is exclusively for Indian Defence and Paramilitary personnel.

Documents Required

• Identity Proof
• Address Proof
• Income Proof
• No physical documents are required if applying via DigiLocker.

Card Review

The ICICI Bank Parakram Credit Card is specifically tailored to meet the unique financial needs of Defence personnel and their families. Its reward program is highly advantageous for purchases made at Canteen Stores Departments (CSD), making it an excellent choice for those who frequently shop there. Beyond the specialized rewards, the card provides valuable benefits such as complimentary domestic airport and railway lounge access, comprehensive insurance covers for personal and air accidents, and a fuel surcharge waiver, adding significant value to daily expenses and travel. While it offers substantial benefits for its target demographic, it does not include golf benefits, which are available on the 'Parakram Select Credit Card' variant. Overall, it serves as a strong financial tool, offering convenience and savings, particularly for defence personnel seeking a card that aligns with their lifestyle and purchasing habits.

Important Product Details

• Exclusive Design: Specifically designed for Indian Defence and Paramilitary personnel, with the Defence Services title embossed on the card.
• Accelerated Rewards: Earn 5X reward points on CSD, groceries, and department store purchases (capped at 1,000 points/month).
• General Rewards: Earn 1 reward point for every ₹100 spent on all other applicable domestic transactions.
• Lounge Access: Includes 1 complimentary domestic airport lounge access per quarter (subject to a spend of ₹75,000 in the preceding quarter) and complimentary railway lounge access.
• Insurance Coverage: Provides personal accident insurance of ₹2 lakh and air accident insurance cover of ₹20 lakh.
• Dining Privileges: Access to dining discounts through the ICICI Bank Culinary Treats Programme.
• Fuel Savings: Enjoy a 1% fuel surcharge waiver on all fuel transactions.
• No Annual/Joining Fee: The card comes with zero joining and annual fees.
• Online Transactions: Facilitates online purchases in India and at select overseas online stores.
• Add-on Cards: Up to 3 add-on credit cards available with no added fee.
• Rewards Redemption Fee: A charge of ₹99 applies per reward redemption request.
• Foreign Currency Markup: A 3.5% markup is applied on foreign currency transactions.
• Interest Rates: Interest rates are 3.40% per month (40.8% annually) on unpaid balances.
• Cash Advance Fee: A fee of 2.50% of the withdrawn amount or a minimum of ₹300 for cash advances.
• No Golf Benefits: This specific card variant does not offer golf benefits.

Other Details

• The card incorporates an extra layer of security with an embedded microchip to protect against fraud, counterfeiting, and duplication.
• Offers specific benefits on iShop, allowing cardholders to earn from 6x to 12x reward points.