ICICI Bank Parakram Credit Card – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Parakram Credit Card, issued by ICICI Bank, is specifically designed for Defence personnel. It offers exclusive benefits such as complimentary domestic lounge access, personal and air accident insurance, and a 1% fuel surcharge waiver. Cardholders can also enjoy accelerated reward points on purchases made at grocery stores, department stores, and Canteen Stores Departments (CSD).

Welcome Benefits

N/A

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: ₹99 will be charged on every reward redemption request.
• Foreign Currency Markup: 3.5% per month or 42% annually.
• Interest Rates: 3.40% per month or 40.8% annually. If only the minimum due is paid, interest is 3.75% per month.
• Fuel Surcharge: 1% waiver on fuel purchases at all fuel stations across the country.
• Cash Advance Charges: 2.50% of the withdrawn amount or a minimum of ₹300.
• Late Bill Payment: Ranging from ₹100 to ₹1300.

Rewards

• Accelerated Reward Points: Earn 5 reward points for every ₹100 spent at grocery stores, department stores, and Canteen Stores Departments (CSD), with a maximum of 1,000 reward points earned per month in these categories.
• Standard Reward Points: Earn 1 reward point for every ₹100 spent on all other domestic expenses.
• Ineligible Spends: Purchases like Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and other charges are not eligible to earn reward points.
• Dining Benefits: Exclusive dining privileges with the ICICI Bank Culinary Treats Programme.
• Domestic Lounge Access: Get 1 complimentary domestic airport lounge access every quarter. This benefit is exclusively applicable to the primary Cardholder and requires a spend of ₹75,000 or more on the card in a calendar quarter to avail access in the following calendar quarter.
• Insurance Benefits:
  • Personal Accident Insurance cover of ₹2 lakh.
  • Air Accident Insurance cover of ₹20 lakh.
• Add-on Cards: Up to 3 add-on credit cards can be issued with no added fee.

Rewards Redemption Guide

• Reward points can be redeemed against a variety of options available on the bank’s official website.
• Points can be redeemed for shopping vouchers from desired brands.
• Redemption value: 1 Reward Point (RP) = ₹0.25.
• A fee of ₹99 will be charged for every reward redemption request.
• Redemption options include Health & Beauty, Travel & Luggage, Shopping Vouchers, Home Appliances, Electronics, and Fashion & Lifestyle.

Card Eligibility Criteria

• Age: An Indian citizen over 21 years of age.
• Profession: Indian Defence and Paramilitary personnel.
• Documents Required:
  • Identity Proof
  • Address Proof
  • Income Proof
• No physical documents are required for application.

Card Review

The ICICI Bank Parakram Credit Card is specifically tailored to meet the needs of Defence personnel and their families. Its reward program is particularly beneficial for purchases made at Canteen Stores Departments (CSDs), grocery stores, and departmental stores, offering 5X reward points. The card also provides essential benefits like complimentary domestic airport lounge access (subject to spend), personal and air accident insurance, and a fuel surcharge waiver, making it a valuable financial tool for its target audience. The absence of joining and annual fees further enhances its appeal.

Important Product Details

• Defence Services title can be embossed on the card.
• 5X reward points on every ₹100 spent on CSDs, groceries, and departmental stores (max capped at 1,000 points per month).
• 1 reward point for every ₹100 spent on all other applicable expenses.
• 1% fuel surcharge waiver on all fuel transactions across the country.
• Personal accident insurance of ₹2 lakh.
• Air Accident Cover of ₹20 lakh.
• One complimentary domestic airport lounge access per quarter, subject to spending ₹75,000 or more in the preceding calendar quarter.
• Dining benefits with ICICI Bank Culinary Treats Programme.
• Up to 3 add-on credit cards with no added fee.
• The card features an extra layer of security with a microchip to protect against fraud, counterfeiting, and duplication.

Other Details

• Refer to the Most Important Terms & Conditions (MITC) for other charges.
• Applicable Terms & Conditions (T&Cs) are available for review.
• Information on updating nominee details for insurance benefits is available.
• A complete list of eligible domestic lounges is available.
• The card can be used for online purchases in India and at select overseas online stores.