myBiz ICICI Bank Business Credit Card – Benefits, Fees & Eligibility

Introduction

The myBiz ICICI Bank Business Credit Card is designed for small and medium businesses to efficiently manage their spending while earning valuable rewards. This card focuses specifically on business-related expenses, offering a low joining fee of ₹500 plus taxes and the significant advantage of no renewal fee from the second year onwards. Cardholders accrue myBiz cash on various purchases, which can be utilized to save on future travel and accommodation costs. Beyond its rewards program, the card enhances the business travel experience with special welcome benefits, milestone rewards, and complimentary airport lounge access.

Welcome Benefits

• Bonus myBiz cash: New cardholders receive a bonus of 500 myBiz cash upon joining.
• Flight Booking Discounts: Enjoy significant discounts on the first five domestic or international flight bookings, provided each booking has a minimum value of ₹10,000.
• Hotel Booking Discounts: Benefit from discounts on the first five hotel bookings, with specific minimum booking amounts applicable.

Fees

• Joining Fee: ₹500 + GST
• Renewal Fee: Nil (after the first year)
• Rewards Redemption Fee: ₹99
• Foreign Currency Markup: 3.50%
• Interest Rates: 3.67% monthly (44% annually)
• Fuel Surcharge: 1% surcharge waiver across all petrol pumps
• Cash Advance Charges: 2.5% or a minimum of ₹300

Rewards

• Reward Type: Rewards are earned as myBiz cash.
• Reward Rates:
  • 1 myBiz cash for every ₹200 spent on domestic transactions.
  • 1.25 myBiz cash for every ₹200 spent on international transactions.
  • 2 myBiz cash for every ₹200 spent on flight bookings.
  • 3 myBiz cash for every ₹200 spent on hotel bookings.
• Movies & Dining: No specific offers or cashback for dining, entertainment, or movie-related expenses.
• Travel: While there are no general 'travel' benefits mentioned as N/A, the card offers specific rewards and privileges related to flights and hotels.
  • Earn 2 myBiz cash for every ₹200 spent on flight bookings.
  • Earn 3 myBiz cash for every ₹200 spent on hotel bookings.
• Domestic Lounge Access: Enjoy 1 complimentary domestic airport lounge access every quarter.
  • Condition for Lounge Access: To gain access in the next quarter, cardholders must spend a minimum of ₹35,000 in the current quarter.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits: Not applicable.
• Milestone Benefits:
  • Earn 1,000 myBiz cash on spending ₹1 lakh annually on the myBiz platform.
  • Earn 2,000 myBiz cash on spending ₹5 lakhs annually on the myBiz platform.
• Concierge Services (i-Assist):
  • 24/7 concierge service available.
  • Assistance with: booking travel and hotels, arranging car rentals, and delivering movie tickets.
  • Contact: 1800 26 70731 (toll-free MTNL/BSNL) or 022 6787 2016 (standard call charges).
• MakeMyTrip myBiz Privileges:
  • No booking fee for domestic and international hotels.
  • No rescheduling fee on domestic flights for special fares.
  • Free meals on domestic flights for special fares.
  • Access to best-curated hotels with competitive rates.
  • Mobile-based approval workflow for corporate travel policy management.
  • Discounted booking fees on both one-way and round-trip flights.
  • Lower fees for canceling domestic flights.

Rewards Redemption Guide

• Rewards are earned as myBiz Cash.
• myBiz Cash can be redeemed at MMT myBiz (MakeMyTrip myBiz).
• The value of 1 myBiz Cash is equivalent to ₹1.
• myBiz Cash can be redeemed for future travel and accommodation expenses.
• Rewards can only be used on the myBiz app or website.

Card Review

The myBiz ICICI Bank Business Credit Card is an excellent choice for businesses looking to manage and optimize their expenses. With a manageable joining fee and the benefit of no renewal fees after the inaugural year, it presents a cost-effective solution for small enterprises. The card's reward structure allows cardholders to accumulate myBiz cash on diverse transactions, which directly translates into savings on future travel and lodging. In addition to its core focus on business spending, the card provides valuable welcome benefits, milestone rewards, airport lounge access, and convenient concierge services, collectively enhancing the overall experience for business professionals.

Pros

• New cardholders receive 500 myBiz cash upon joining.
• Concierge services are provided 24/7.
• Low joining fee and no renewal fee after the first year.
• Opportunity to earn significant myBiz cash on business-related travel bookings and other expenses.
• Includes airport lounge access.

Cons

• The card does not provide offers or cashback for dining, entertainment, or movie-related expenses.
• To enjoy lounge access in the next quarter, cardholders must spend a minimum of ₹35,000 in the current quarter.

Important Product Details

• There is no renewal fee after the first year.
• New cardholders receive a bonus of 500 myBiz cash when they join.
• Cardholders can access domestic airport lounges once every quarter.
• Earned myBiz cash can be redeemed for future travel and accommodation expenses.
• To avail domestic lounge access in the next quarter, a minimum spend of ₹35,000 is required in the current quarter.
• The card does not offer benefits for dining, entertainment, or movie-related expenses.
• 24/7 concierge services (i-Assist) are available.

Other Details

• Best Suited For: Shopping (in the context of business-related expenses).