ICICI Bank Parakram Select Credit Card – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Parakram Select Credit Card is a specialized offering from ICICI Bank, exclusively designed for Indian Defence and Paramilitary personnel. Positioned as a mid-range card, it aims to provide financial flexibility and rewards for those serving the nation. Key differentiating benefits include accelerated reward points on essential spending categories like groceries and CSDs, complimentary domestic and international airport lounge access, and golf privileges, all without any joining or annual fees.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Spend-Based Waiver: Nil
• Rewards Redemption Fee: Rs. 99 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.
  • 3.75% interest per month for ATM withdrawals.
  • 3.75% interest per month if only the minimum due is paid.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on all fuel transactions across the country, applicable on transactions up to ₹4,000. This benefit applies to both primary and supplementary cardholders.
• Cash Advance Charges: 2.50% of the withdrawn amount or a minimum of Rs. 300.
• Late Bill Payment: Ranging from ₹100 to ₹1300.
• Add-on Card Fee: No added fee for up to 3 add-on credit cards.

Rewards

• Reward Rate:
  • 5X reward points on every Rs. 100 spent on groceries, department stores, and CSDs (max capped at 400 points per month as per one source).
  • 10 ICICI Bank Reward Points per ₹100 spent at grocery stores, department stores, and CSDs (with a maximum of 1,000 reward points earned per month as per another source).
  • 2 reward points for every Rs. 100 spent on other applicable expenses.
  • 1 reward point on every Rs. 100 spent on insurance and utility bills.
• Reward Exclusions: Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and other charges are not eligible to earn reward points.
• Dining Benefits: Exclusive dining offers under the ICICI Bank Culinary Treats Programme.
• Domestic Lounge Access:
  • 2 complimentary domestic airport lounge accesses per quarter.
  • To avail, you must spend ₹75,000 or more on your Parakram Select Credit Card in a calendar quarter, which entitles you to the benefit in the following calendar quarter.
  • Benefit is exclusively applicable to the primary cardholder.
• International Lounge Access:
  • 1 complimentary airport lounge access each year (as per one source).
  • 2 complimentary accesses at international airport lounges annually (as per another source).
  • Complimentary Priority Pass Membership for the primary cardholder, offering access to 1,400+ lounges in 145+ countries worldwide.
  • Present your Priority Pass Membership Card at participating international lounges.
• Golf Privileges:
  • Complimentary golf rounds if you spend more than Rs. 50,000 in a month (max capped 4 times per month as per one source).
  • A complimentary golf round per month on spending over ₹50,000 the previous month (max 1 round per month as per another source).
  • Benefits are credited by the 10th day of the following month and are available for use in the next two months.
• Insurance Benefits:
  • Personal accident insurance cover of Rs. 2 Lakh.
  • Air Accident Cover of Rs. 20 Lakh.
• Add-on Cards: Up to 3 add-on credit cards available with no additional fee.

Rewards Redemption Guide

• Redemption Rate: The reward redemption rate is Rs. 0.25 = 1 RP.
• Redemption Fee: A fee of Rs. 99 is charged for every reward redemption request.
• Redemption Options: Reward points can be redeemed against a variety of options available on the bank’s website, including shopping vouchers from favorite brands, Health & Beauty products, Travel & Luggage, Home Appliances, Electronics, and Fashion & Lifestyle items.

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
• Application Process: No physical documents required for application.

Card Review

The ICICI Bank Parakram Select Credit Card is specifically tailored for Indian Defence and Paramilitary personnel, acknowledging their unique needs and service. It stands out with its zero joining and annual fees, making it an accessible option. The card offers strong value back, particularly for daily essentials with accelerated reward points on groceries, department stores, and CSDs. Cardholders also benefit from complimentary domestic and international lounge access, golf privileges, and substantial insurance coverage including personal and air accident insurance. While there are some discrepancies in the stated reward rates and lounge/golf access limits across different sources, the overall package is robust. It provides essential financial support, rewards for everyday spending, and lifestyle benefits, making it an excellent choice for its target audience.

Important Product Details

• Exclusively designed for Indian Defence and Paramilitary personnel.
• No joining or annual fees.
• Accelerated reward points on groceries, department stores, and CSDs (5X or 10X points per ₹100 spent, with monthly caps of 400 or 1,000 points).
• 2 reward points for every Rs. 100 spent on other applicable expenses.
• 1 reward point on every Rs. 100 spent on insurance and utility bills.
• Reward points are not earned on fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and other charges.
• 2 complimentary domestic airport lounge accesses per quarter, subject to spending ₹75,000 in the previous quarter.
• 1 or 2 complimentary international airport lounge accesses annually, along with a complimentary Priority Pass Membership.
• Complimentary golf rounds (1 or 4 per month) on spending over Rs. 50,000 in the previous month.
• 1% fuel surcharge waiver on transactions up to ₹4,000 at any fuel outlet.
• Personal accident insurance cover of Rs. 2 Lakh and Air Accident Cover of Rs. 20 Lakh.
• Exclusive dining discounts through the ICICI Bank Culinary Treats Programme.
• Option to get your Defence Services title embossed on the card.
• Up to 3 add-on credit cards available without additional fees.
• Enhanced security features including an embedded microchip and PIN for merchant transactions.
• Fraud protection benefits include Counterfeit Card Liability and Account Takeover Cover.

Other Details

• Golf Booking Process:
  • Log in to the ICICI Bank Golf platform (https://teetimes.truztee.com/) with your registered mobile number.
  • Choose your preferred golf course, date, and tee time.
  • Submit your booking request and await confirmation.
  • An authorization amount of ₹2 shall be taken for each eligible card.
• Concierge Service: iAssist, a 24x7 concierge service, is available on 1800-26-70731 (toll-free for MTNL/BSNL) or 022-67872016 (standard charges) for assistance with golf bookings and other services.
• Application Inquiry: To avail the card, SMS ‘CARD DEF’ to 9215676766 or give a missed call on 022-40375755.
• Legal Information: Refer to the Most Important Terms & Conditions (MITC) and applicable Terms & Conditions for other charges and complete program details.
• Nominee Details: Update your Nominee details for insurance benefits via the provided link.