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ICICI Parakram Select Credit Card

Product Details
Credit Card Name : 

ICICI Parakram Select Credit Card

Bank Name :

ICICI Bank

Type :

Rewards Credit Card

Interest Rate : 

3.4% per month (or 40.8% per annum)

Eligibility :

Age: You must be a minimum of 21 years old for primary cardholder (18 years old for supplementary cardholders).
Employment: You must be either defence personnel, i.e., Commissioned Officers, Junior Commissioned Officers, and other ranks of the Indian Army, Navy, and Air Force (both active and retired).
Paramilitary Personnel: Members of Central Armed Police Forces (BSF, CRPF, CISF, ITBP, SSB), Assam Rifles, Indian Coast Guard (both active and retired).
Credit Score: You must have a good credit score. This means no recent defaults or delinquencies on loans or credit cards.

ICICI Parakram Select Credit Card
Pros
  • Welcome Benefits: None.

  • Reward System: 5 ICICI Bank reward points per INR 1,000 spends at grocery stores, department stores and Canteen Store Departments (CSDs). Value of 1 reward point = INR 0.25. Cashback rate: 1.25%. Get 2 reward points on all other categories. General cashback rate: 0.50%.

  • 2 free domestic airport lounge visits per year. 

  • 2 free international airport lounge visits per year. 

  • 1 free golf round on spending INR 50,000. 

  • Personal air accident insurance of INR 20 lakh. 

  • Personal accident insurance of INR 2 lakh. 

Cons
  • No free movie tickets. 

  • Limited value add features. 

  • Low cashback rate.

Pros & Cons
Welcome Benefits

None.

Rewards System

Reward System: 5 ICICI Bank reward points per INR 1,000 spends at grocery stores, department stores and Canteen Store Departments (CSDs). Value of 1 reward point = INR 0.25. Cashback rate: 1.25%. Get 2 reward points on all other categories. General cashback rate: 0.50%.

International Forex Markup

3.5%.

Welcome Benefits and Reward System
Special Features

None.

Eligibility Criteria

Age: You must be a minimum of 21 years old for primary cardholder (18 years old for supplementary cardholders).
Employment: You must be either defence personnel, i.e., Commissioned Officers, Junior Commissioned Officers, and other ranks of the Indian Army, Navy, and Air Force (both active and retired).
Paramilitary Personnel: Members of Central Armed Police Forces (BSF, CRPF, CISF, ITBP, SSB), Assam Rifles, Indian Coast Guard (both active and retired).
Credit Score: You must have a good credit score. This means no recent defaults or delinquencies on loans or credit cards.

Benefits
  • Cashback benefits. 

  • Lounge benefits. 

  • Insurance benefits. 

Speical Feature, Eligibility and Benefits
How to apply for Credit Card?

1. Online:

  • Visit ICICI Bank website.

  • Fill out the online application form with the correct details.

  • Upload the required documents when prompted.

  • Submit the application and track its status online.

2. Bank Branch:

  • Visit the ICICI Bank branch nearest to you. 

  • Meet a customer service representative and express your interest of availing the credit card.

  • Provide them with your KYC documents and fill out the application form.

  • Submit the application and inquire about further processing steps.

Contact Details

1800 1080

Account Opening and Procedure
ICICI Parakram Select Credit Card

The card offers low cashback rate. The card's USP is that it offers cashback on purchases from CSD canteens. Otherwise the cards offers limited value add benefits.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

Product Review
Fees & Charges
  • Joining Fee: Nil.

  • Annual Fee (Second year onwards): Nil

  • Interest Rate: 3.67% per month (annual interest rate - 44%). 

  • Interest On Cash: 2.49% per month (annual interest rate - 29.88%). 

  • Forex Marku: 3.5%

  • Cash Withdrawal Fee: 2.5% on advanced amount , subject to minimum of INR 300.

  • Rewards Redemption Fee: INR 99

  • Late Payment Charges: 0-1200 depending on the outstanding amount.il

Fuel Surcharge

1% fuel surcharge waiver at HPCL petrol pumps on transactions between Rs. 400 and Rs. 4,000, with a monthly cap of INR 250.

Billing Cycle

30 days.

Fees & Charges
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