ICICI BankmyBiz ICICI Bank Business Credit Card – Benefits, Fees & Eligibility
Is the myBiz ICICI Bank Business Credit Card Right for You?
The myBiz ICICI Bank Business Credit Card is best suited for users who prioritize Business, Travel. With a joining fee of ₹500 + GST and a renewal fee of Free (1st year), this card is positioned for cardholders who can maximize its benefits to justify the cost. It offers Reward Points as its primary reward mechanism, with a rewards rate of 1 myBiz cash per ₹200 domestic, 1.25 per ₹200 international, 2 per ₹200 flights, 3 per ₹200 hotels..
Key Card Details
₹500 + GST
Free (1st year)
Reward Points
3.50%
1 myBiz cash per ₹200 domestic, 1.25 per ₹200 international, 2 per ₹200 flights, 3 per ₹200 hotels.
3.67% monthly (44% annually)
Notable Perks
Welcome Offer
500 myBiz cash on joining. Discounts on first five domestic/international flight and hotel bookings.
Domestic Lounge Access
1 complimentary domestic lounge access quarterly, requires ₹35,000 spend in prior quarter.
Fuel Surcharge Waiver
1% surcharge waiver across all petrol pumps
Things to Consider
Limited benefits for dining, entertainment, or movie-related expenses.
Lounge access requires a minimum spend of ₹35,000 in the preceding quarter.
A rewards redemption fee of ₹99 applies for each redemption transaction.
Benefits & Features
Welcome Offer
500 myBiz cash on joining. Discounts on first five domestic/international flight and hotel bookings.
Rewards Rate
1 myBiz cash per ₹200 domestic, 1.25 per ₹200 international, 2 per ₹200 flights, 3 per ₹200 hotels.
Reward Type
Reward Points
Reward Redemption
Redeem myBiz Cash at MMT myBiz (mybiz.makemytrip.com) for future travel and accommodation expenses.
Domestic Lounge Access
1 complimentary domestic lounge access quarterly, requires ₹35,000 spend in prior quarter.
Travel Benefits
Discounts on flight/hotel bookings, no booking fees for hotels, free meals on domestic flights.
Fees & Charges
Joining Fee
₹500 + GST
Renewal Fee
Free (1st year)
Foreign Currency Markup
3.50%
Interest Rates
3.67% monthly (44% annually)
Fuel Surcharge Waiver
1% surcharge waiver across all petrol pumps
Cash Advance Charges
2.5% or a minimum of ₹300
Rewards Redemption Fee
₹99
Pros & Cons
Pros
Key benefits and features of this card.
New cardholders receive 500 myBiz cash upon joining the card.
Concierge services are provided 24/7 to assist with various bookings.
Enjoy the significant benefit of no renewal fee after the first year.
Earn myBiz cash on business expenses, redeemable for travel and accommodation.
Cons
Key drawbacks and limitations of this card.
Limited benefits for dining, entertainment, or movie-related expenses.
Lounge access requires a minimum spend of ₹35,000 in the preceding quarter.
A rewards redemption fee of ₹99 applies for each redemption transaction.
High foreign currency markup of 3.50% makes international spends costly.
Product Details
No renewal fee after the first year, making it cost-effective for businesses.
Receive a welcome bonus of 500 myBiz cash upon joining the card.
Enjoy 1 complimentary domestic lounge access per quarter, with a spend condition.
myBiz cash earned is redeemable for future travel and accommodation expenses.
Offers 24/7 i-Assist concierge services for various booking needs.
Provides exclusive MakeMyTrip myBiz privileges, including no hotel booking fees.
Designed specifically for small and medium businesses to manage expenses efficiently.
Earn myBiz cash on domestic, international, flight, and hotel spends.
Benefits & Features
Welcome Offer
500 myBiz cash on joining. Discounts on first five domestic/international flight and hotel bookings.
Rewards Rate
1 myBiz cash per ₹200 domestic, 1.25 per ₹200 international, 2 per ₹200 flights, 3 per ₹200 hotels.
Reward Type
Reward Points
Reward Redemption
Redeem myBiz Cash at MMT myBiz (mybiz.makemytrip.com) for future travel and accommodation expenses.
Domestic Lounge Access
1 complimentary domestic lounge access quarterly, requires ₹35,000 spend in prior quarter.
Travel Benefits
Discounts on flight/hotel bookings, no booking fees for hotels, free meals on domestic flights.
What matters, explained clearly
Introduction
The myBiz ICICI Bank Business Credit Card, issued by ICICI Bank, is designed for small and medium businesses to manage their spending efficiently while earning rewards. Positioned as an affordable business credit card with a joining fee of ₹500 plus taxes, it stands out with no renewal fee from the second year onwards. Key differentiating benefits include earning myBiz cash on various business expenses, which can be redeemed for travel and accommodation, along with welcome benefits, milestone rewards, and domestic airport lounge access.
Welcome Benefits
- New cardholders receive a bonus of 500 myBiz cash upon joining.
- Enjoy discounts on your first five transactions for domestic or international flight bookings, provided the minimum booking value is ₹10,000.
- Benefit from discounts on your first five hotel booking transactions, with specific minimum booking amounts applicable.
Fees
- Joining Fee: ₹500 + GST
- Annual Fee: Nil (no renewal fee after the first year)
- Rewards Redemption Fee: ₹99
- Foreign Currency Markup: 3.50%
- Interest Rates: 3.67% monthly (44% annually)
- Fuel Surcharge Waiver: 1% surcharge waiver across all petrol pumps
- Cash Advance Charges: 2.5% or a minimum of ₹300
Rewards
Reward Rates
- 1 myBiz cash for every ₹200 domestic spends.
- 1.25 myBiz cash for every ₹200 international spends.
- 2 myBiz cash for every ₹200 spent on flight bookings.
- 3 myBiz cash for every ₹200 spent on hotel bookings.
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.
- The value of 1 myBiz cash = ₹1 and can only be used on the myBiz app or website.
Airport Lounge Access
- Cardholders receive 1 complimentary domestic airport lounge access every quarter.
- To gain lounge access in the next quarter, cardholders must spend a minimum of ₹35,000 in the current quarter.
Concierge Services
- i-Assist is a 24/7 concierge service.
- Assists with tasks such as booking travel and hotels, arranging car rentals, and delivering movie tickets.
- Contact i-Assist at 1800 26 70731 (toll-free for 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 on special fares.
- Free meals on domestic flights on special fares.
- Access to best-curated hotels with the best rates.
- Mobile-based approval workflow for corporate travel policy management.
- Enjoy 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 (mybiz.makemytrip.com).
- The value of 1 myBiz Cash is equivalent to ₹1.
- Earned myBiz cash can be redeemed for future travel and accommodation expenses.
Card Review
The myBiz ICICI Bank Business Credit Card is an excellent choice for businesses looking to manage expenses effectively. Its low joining fee and absence of renewal charges after the first year make it particularly appealing for small enterprises. The card's reward structure, which offers myBiz cash on various transactions, helps businesses save on future travel and accommodation. Beyond business-specific benefits, it also provides welcome bonuses, milestone rewards, airport lounge access, and concierge services, enhancing the overall cardholder experience.
Pros
- New cardholders receive 500 myBiz cash upon joining.
- Concierge services are provided 24/7.
- No renewal fee after the first year.
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, subject to a minimum spend of ₹35,000 in the preceding quarter.
- Earned myBiz cash can be redeemed for future travel and accommodation expenses.
- The card offers 24/7 concierge services (i-Assist).
- It provides specific privileges on MakeMyTrip myBiz, including no booking fees for hotels and discounted flight fees.
Other Details
- Application Process: You can apply for the myBiz ICICI Bank Business Credit Card online via the ICICI Bank website or by visiting a branch.