ICICI Bank Parakram Select Credit Card

ICICI Bank has unveiled two new credit cards specifically crafted for the courageous soldiers who tirelessly devote themselves to our nation’s service. The ICICI BANK PARAKRAM SELECT Credit Card and the ICICI BANK PARAKRAM Credit Card cater exclusively to these esteemed individuals in the Indian Army and other national defense forces. These cards provide them with convenient access to funds whenever needed, along with a range of financial benefits. Additionally, they can earn rewards on their everyday expenses, recognizing and honoring their unwavering dedication to our country.

Features and Benefits of ICICI Bank Parakram Select Credit Card

In this ICICI Bank Parakram Credit Card review, we’ll delve into the appealing features and advantages tailored for defense personnel. Here are the key highlights:

  1. Welcome Benefits: New cardholders can relish enticing welcome benefits, like bonus reward points or exclusive offers, immediately upon card activation.
  2. Rewards Points: Cardholders accumulate reward points on their card spending, with accelerated rewards for specific categories such as dining, groceries, and fuel. These points offer flexibility by being redeemable for gift vouchers, merchandise, or statement credits, enhancing the value of using the card.
  3. Lounge Access: The Parakram Credit Card grants complimentary access to selected airport lounges, ensuring a comfortable and serene experience during travel.
  4. Insurance Benefits: This card provides personal insurance covering accidental death up to INR 2 lakhs and an additional INR 20 lakhs for air accidents. It ensures financial protection in unexpected circumstances.
  5. Dining Benefits: Cardholders can relish discounts and exclusive offers at partner restaurants and dining establishments, enhancing their dining experiences and saving money.
  6. Fuel Surcharge Waiver: The card eases the burden of fuel expenses by providing a 1% fuel surcharge waiver at all fuel stations, resulting in cost savings for cardholders.

ICICI Bank Parakram Select Credit Card Fees and Charges

  • This card doesn’t come with any joining or annual fees.
  • A fee of Rs. 99 is levied on every reward redemption request.
  • The foreign currency markup fee for this credit card is 3.5% per month or 42% annually.
  • A monthly interest rate of 3.40% or an annual rate of 40.8% is imposed.
  • For cash advances, a fee of 50% of the withdrawn amount or a minimum of Rs. 300 is charged.
  • Obtaining an Add-on card for this credit card incurs no fees.

ICICI Bank Parakram Select Credit Card Eligibility

  • Citizenship: To submit your application, you must hold Indian citizenship.
  • Occupation: The primary cardholder must be a current or retired armed forces personnel.
  • Age: The primary cardholder should typically be at least 21 years old.
  • Income: You should meet the income requirements established by ICICI Bank.
  • Credit Score: When evaluating applications, your credit score and credit history could play a significant role.

Frequently Asked Questions (FAQs)

1. What is ICICI Bank Parakram Select Credit Card?

The ICICI Bank Parakram Select Credit Card is uniquely crafted to meet the requirements of armed forces members. It provides distinctive perks, advantages, and incentives customized to suit the lifestyle of defense personnel.

2. Who is eligible for the ICICI Bank Parakram Select Credit Card?

Indian citizens who are part of the armed forces, whether active duty or retired, from branches like the Army, Navy, Air Force, Paramilitary Forces, and Central Armed Police Forces, are eligible for the card.

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

The card comes with features such as fuel surcharge waiver, dining benefits, exclusive discounts, and rewards on specific spending categories. It also offers complimentary access to select airport lounges.

4. How do I go about applying for the ICICI Bank Parakram Select Credit Card?

You can apply for the card through the official ICICI Bank website or by visiting the nearest ICICI Bank branch. Ensure that you meet the eligibility criteria and provide the necessary documents during the application process.

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

Generally, you would need proof of identity, address, and income, along with specific documents related to your defense service. These may include a valid service ID, salary slips, and other relevant documents.

6. Does the ICICI Bank Parakram Select Credit Card incur an annual fee?

The yearly fee and additional charges linked to the card might fluctuate. It’s advisable to check the latest fee structure on the ICICI Bank website or contact their customer service for the most accurate and up-to-date information.

7. Are relatives of military personnel eligible to apply for this credit card?

Typically, the card is designed for defense personnel, and eligibility is restricted to serving and retired armed forces personnel. However, specific eligibility criteria may be subject to change, and it’s recommended to check with ICICI Bank for the latest information.

8. What advantages does the ICICI Bank Parakram Select Credit Card provide for traveling abroad?

The card may offer benefits such as international acceptance, currency conversion services, and airport lounge access. Check the card details for specific international benefits and features.

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

Typically, rewards that you accrue can be exchanged via the bank’s rewards program portal. Choices often range from merchandise to gift vouchers or statement credits. Details on how to redeem can be located on the bank’s site or by reaching out to customer service.

10. How do I contact ICICI Bank customer support for queries related to the Parakram Select Credit Card?

You can reach ICICI Bank customer support through their helpline numbers, email, or by visiting a nearby ICICI Bank branch. Typically, you can find contact information on the official site.