ICICI Parakram Select Credit Card
MyRupaya Ratings
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.
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
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
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.
No free movie tickets.
Limited value add features.
Low cashback rate.
HDFC Bank Biz Power Credit Card
The card is a premium credit card with a number of value add features. This card offers cashback on even tax and GST payment. Overall it is a must have card for small business owners/ freelancers.
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.