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

ICICI Bank Parakram Select Credit Card

Introduction

The ICICI Bank Parakram Select Credit Card is exclusively designed for Indian Defence and Paramilitary personnel, offering a suite of tailored benefits. It provides privileged access to complimentary international and domestic airport lounges, along with complimentary golf rounds. Cardholders can earn accelerated reward points, including 10 reward points per ₹100 spent on groceries, at department stores, and CSD (Canteen Stores Department) canteens. This card aims to provide significant value back on daily expenses, particularly for those serving the nation.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Spend-Based Waiver: Nil
• Rewards Redemption Fee: ₹99 charged on every reward redemption request.
• Foreign Currency Markup: 3.5%
• Interest Rates:
  • If only minimum due is paid: 3.75% interest per month.
  • General interest rate: 3.40% per month or 40.8% annually.
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel transactions across India.
• Cash Advance Charges: 2.50% of the withdrawn amount or a minimum of ₹300, whichever is higher.
• Late Bill Payment: Ranging from ₹100 to ₹1300.
• Add-on Card Fee: No additional fee for up to 3 add-on credit cards.

Rewards

• Reward Points Earning:
  • Earn 10 ICICI Bank Reward Points for every ₹100 spent on groceries, at department stores, and Canteen Stores Department (CSD) canteens. Maximum 1,000 reward points can be earned per month in this category.
  • Earn 2 ICICI Bank Reward Points for every ₹100 spent on other applicable domestic expenses.
  • Earn 1 reward point for every ₹100 spent on insurance and utility bills.
  • No reward points are earned on fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and other charges.
  • iShop Benefits: Earn from 6x to 12x reward points on iShop purchases.
• Movies:
  • Not specifically mentioned.
• Dining:
  • Exclusive dining offers under the ICICI Bank Culinary Treats Programme.
• Travel:
  • International Lounge Access: 2 complimentary accesses annually for the primary cardholder. This includes a complimentary Priority Pass Membership.
  • Domestic Lounge Access: 2 complimentary accesses per calendar quarter for the primary cardholder. Eligibility requires spending ₹75,000 or more on the card in a calendar quarter to avail the benefit in the following calendar quarter.
• Golf:
  • Receive 1 complimentary golf round or lesson per month.
  • Eligibility requires spending over ₹50,000 in retail purchases in the previous calendar month.
  • Maximum 1 complimentary round per month.
• Insurance:
  • Air Accident Insurance: Cover up to ₹20 lakhs for the cardholder.
  • Personal Accident Insurance: Cover of ₹2 lakh for the cardholder.
  • Fraud Protection: Cardholders are protected against fraudulent transactions with Counterfeit Card Liability and Account Takeover Cover.
• Lifestyle:
  • Option to get your Defence Services title embossed on the Card.

Rewards Redemption Guide

• Reward points can be redeemed against a variety of options available on the bank’s website.
• You can also redeem points for shopping vouchers from your favourite brands.
• The reward redemption rate is ₹0.25 for 1 reward point.
• A fee of ₹99 is charged for every reward redemption request.

Card Eligibility Criteria

• Eligibility Rules:
  • Applicant must be an Indian citizen.
  • Applicant must be over 21 years of age.
  • Applicant must be Indian Defence and Paramilitary personnel.
• Documents Required:
  • Identity Proof
  • Address Proof
  • Income Proof
  • No physical documents are required as applications can be processed via DigiLocker.

Card Review

The ICICI Bank Parakram Select Credit Card is a well-designed product specifically for Indian Defence and Paramilitary personnel. It serves as a valuable tool for managing daily expenses and emergencies, offering substantial benefits without any joining or annual fees. The card's strength lies in its accelerated reward program, particularly the 10X points on CSD and grocery purchases, catering directly to the spending habits of its target audience. Complimentary lounge access (both domestic and international) and golf privileges add significant lifestyle value. The included personal and air accident insurance provides an essential layer of security. While the card has high foreign currency markup and interest rates if balances are carried, its core benefits strongly align with the needs of defence personnel, making it a compelling option for them.

Important Product Details

• Key Highlights:
  • Specifically designed for Indian Defence and Paramilitary personnel.
  • Nil Joining Fee and Nil Annual Fee.
  • Earn 10 reward points per ₹100 on groceries, department stores, and CSDs (max 1,000 points/month).
  • Earn 2 reward points per ₹100 on other domestic spends.
  • Earn 1 reward point per ₹100 on insurance and utility bills.
  • Complimentary international airport lounge access (2 annually).
  • Complimentary domestic airport lounge access (2 per quarter).
  • Complimentary golf round (1 per month on eligible spend).
  • 1% fuel surcharge waiver on all fuel transactions up to ₹4,000.
  • Air Accident Insurance cover of ₹20 Lakh.
  • Personal Accident Insurance cover of ₹2 Lakh.
  • Fraud protection through Counterfeit Card Liability and Account Takeover Cover.
  • Equipped with Chip and PIN security for enhanced transaction safety.
  • Offers exclusive dining benefits with the ICICI Bank Culinary Treats Programme.
  • Option to have "Defence Services" title embossed on the card.
  • Up to 3 add-on credit cards available at no extra fee.
• Restrictions and Charges:
  • A Rewards Redemption Fee of ₹99 is applicable per request.
  • Foreign Currency Markup is 3.5% per transaction.
  • High interest rates apply if dues are not paid in full: 3.40% per month (40.8% annually) or 3.75% per month.
  • Cash Advance Charges are 2.50% of the withdrawn amount or a minimum of ₹300.
  • No reward points are earned on specific categories like fuel, ATM withdrawals, balance transfers, cash withdrawals, EMIs, PLCC, fees, and other charges.
  • Domestic lounge access is conditional on spending ₹75,000 in the previous calendar quarter.
  • Golf benefit is conditional on spending ₹50,000 in the previous month.

Other Details

• Complimentary Priority Pass Membership is offered to the primary cardholder for international lounge access.
• Golf benefits are booked through the Golftripz website. Benefits are credited by the 10th day of the following month and are valid for the next two months.
• The credit card is suitable for online purchases across India and in select overseas stores.