ICICI Bank Parakram Credit Card

ICICI Bank has introduced two brand-new cards specifically designed to cater to the needs of Defense Personnel. These cards are named the ICICI Bank Parakram Credit Card and the Railway Lounges Card. Let’s delve into the ICICI Bank Parakram Credit Card; it offers a range of exclusive and rewarding features. Cardholders can enjoy a host of fantastic benefits, including a specialized rewards program that allows them to earn 5 reward points in select categories.

Moreover, the main cardholder receives Personal Accident Insurance worth Rs. 2 Lakhs and Air Accident Cover of Rs. 20 Lakhs. Adding to the pleasure, the ICICI Bank Culinary Treats Program offers delightful culinary experiences. The card is also fortified with an extra layer of security within its microchip, guarding against fraud, counterfeiting, and duplication.

Features and Benefits of ICICI Bank Parakram Credit Card

  1. Welcome Benefits: New cardholders are greeted with enticing welcome benefits upon card activation, including bonus reward points and exclusive special offers.
  2. Rewards Points: Cardholders can accumulate reward points on their card spending, with accelerated rewards for specific categories like dining, groceries, and fuel. These points are redeemable for various options, such as gift vouchers, merchandise, or statement credits.
  3. Lounge Access: The Parakram Credit Card offers complimentary access to selected airport lounges, ensuring a comfortable and leisurely travel experience for cardholders.
  4. Insurance Benefits: The card offers a personal insurance cover of INR 2 lakhs for accidental death and an additional INR 20 lakhs for air accidents, ensuring financial security in unexpected situations.
  5. Dining Benefits: Cardholders can relish discounts and special offers at partner restaurants and dining establishments, enhancing their dining experiences with cost-effective perks.
  6. Fuel Surcharge Waiver: The card extends a 1% fuel surcharge waiver at all fuel stations, aiding cardholders in reducing their fuel expenses.

ICICI Bank Parakram Credit Card Fees and Charges

  • No joining or annual fees are associated with this card.
  • When redeeming rewards, a fee of Rs. 99 is charged for each redemption request.
  • For global transactions, there’s a foreign currency markup charge of 3.5% monthly, totaling 42% annually.
  • The card carries an interest rate of 3.40% per month, equivalent to 40.8% annually.
  • For cash advances, a fee of 50% of the withdrawn amount or a minimum of Rs. 300, whichever is higher, is levied.
  • There is no fee for adding an additional card to this credit card.

ICICI Bank Parakram Credit Card Eligibility

  1. Citizenship: You must be an Indian citizen.
  2. Occupation: The primary cardholder should be either currently serving or retired armed forces personnel.
  3. Age: Typically, the primary cardholder must be at least 21 years old.
  4. Income: Your income should meet the specific criteria set by ICICI Bank.
  5. Credit Score: A positive credit score and credit history might also factor into the application evaluation.

How to apply for ICICI Bank Parakram Credit Card?

  1. Check Eligibility: Before applying, make sure you meet the eligibility criteria set by ICICI Bank. Eligibility requirements may include minimum age, income, and credit score criteria. You have the option to access this information either through ICICI Bank’s website or by reaching out to the bank directly.
  2. Collect Documents: Prepare the necessary documents. In general, you’ll require verification of your identity, which can include documents like Aadhar card, passport, or driver’s license. Additionally, proof of address is necessary, which may entail utility bills, passport, or Aadhar card. Lastly, you’ll need to provide evidence of your income, which could be in the form of salary slips, income tax returns, or bank statements.
  3. Online Application: Head over to the ICICI Bank’s official website or utilize their mobile application to initiate the application procedure. Navigate to the credit cards section and opt for the ICICI Bank Parakram Credit Card. Proceed by following the provided guidelines to complete the application form.
  4. Offline Application: You can also visit the nearest ICICI Bank branch to apply in person. The bank staff will assist you with the application process and guide you through the required documentation.
  5. Application Review: After submitting your application, the bank will review your application and documents. The duration of this procedure varies, spanning from several days to several weeks, contingent upon the internal protocols of the bank.
  6. Verification: ICICI Bank might reach out to you for further details or clarifications as they evaluate your application.
  7. Credit Check: The bank will evaluate your creditworthiness by performing a credit check. Approval largely hinges on your credit score and financial background.
  8. Approval and Dispatch: Once your application is approved, you will receive an approval notification from ICICI Bank. Your ICICI Bank Parakram Credit Card will be dispatched to your registered mailing address.
  9. Activation: Upon receiving the card, you will typically need to activate it by following the instructions provided. This may involve calling a customer service number or using internet banking.

Frequently Asked Questions (FAQs)

1. What is the ICICI Bank Parakram Credit Card?

The ICICI Bank Parakram Credit Card stands out as a uniquely crafted financial tool tailored to meet the specific requirements of military personnel, providing an array of advantages and functionalities.

2. Who qualifies for the ICICI Bank Parakram Credit Card application?

The card is exclusively designed for armed forces personnel, including army, navy, air force, paramilitary, and police personnel.

3. What are the key features of the ICICI Bank Parakram Credit Card?

Some notable aspects encompass exclusive dining discounts, waivers on fuel surcharges, travel perks, and insurance protection tailored for the cardholder.

4. How can I apply for the ICICI Bank Parakram Credit Card?

Eligible individuals can apply for the card online through the official ICICI Bank website or by visiting a nearby ICICI Bank branch.

5. What paperwork do I need to submit for the application?

The documentation required might encompass various forms of verification such as proof of identity, address, income, and any pertinent documents relating to service for military personnel.

6. What benefits does the ICICI Bank Parakram Credit Card offer for dining?

The card provides dining discounts at select partner restaurants, allowing cardholders to enjoy savings while dining out.

7. Is there any annual fee for the ICICI Bank Parakram Credit Card?

The charges linked to the card, including the annual fee, might differ. It’s wise to review the most recent fee details either on ICICI Bank’s official website or by reaching out to customer service.

8. Are there any travel benefits with the ICICI Bank Parakram Credit Card?

Certainly! The card provides various travel advantages like access to airport lounges, savings on flight reservations, and additional perks related to travel. You can find precise information about these benefits in the card’s terms and conditions.

9. How can I redeem the rewards earned on the ICICI Bank Parakram Credit Card?

You can use the rewards you accumulate on the card by redeeming them through the ICICI Bank rewards program. This program offers various choices such as gift vouchers, merchandise, or statement credit. The bank furnishes all the necessary details regarding how you can redeem your rewards.

10. What protective measures does the ICICI Bank Parakram Credit Card offer in terms of security?

The card is equipped with advanced security measures like chip and PIN technology, ensuring safe online transactions. Additionally, it offers zero-liability protection if the card is lost or stolen.

11. How can I contact ICICI Bank customer service for queries related to the Parakram Credit Card?

Customer service contact details, including phone numbers and email addresses, can be found on the official ICICI Bank website. Cardholders can also visit a local ICICI Bank branch for assistance.