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Federal BankThe ICICI Bank has launched two new cards dedicated solely to the benefit of Defence Personnel. These cards are ICICI Bank Parakram Credit Card and railway lounges. While talking about ICICI Bank Parakram Credit Card, this credit card has exclusive rewarding features. There are marvellous benefits of holding these cards, which also include the specialised reward plan where you can earn 5 reward points in selected categories. The benefit of culinary treats is an add-on by the ICICI Bank Culinary Treats Program. To protect the card from any fraud, counterfeiting, and duplication, an extra layer of security is added to the microchip present in the card.
This card offers you rewards on multiple platforms and also the opportunity to get value back on your every other purchase. Since the card is specifically designed to fulfil the needs of defence personnel, you get 5X reward points on your purchases with Canteen Store Departments as well. The best feature of this credit card is the complimentary railway lounge access it provides. This feature will make the journey of many soldiers easier while they travel to report for their post.
Have a thorough look at the credit card by ICICI bank, which is specially designed for defence people.
ICICI Bank Parakram Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel | Shopping |
Reward Type
Reward Points |
Welcome Benefits
Movie & Dining
Dining benefits with ICICI Bank Culinary Treats Programme
Rewards Rate
5X reward points for every Rs. 100 spent on CSDs, groceries, and departmental stores and 1 reward point for every Rs. 100 spent on all other expenses
Reward Redemption
Rs. 99 will be charged on every reward redemption request
Travel
2 Complimentary domestic railway lounge access
Golf
NA
Domestic Lounge Access
2 Complimentary domestic railway lounge access
International Lounge Access
NA
Insurance Benefits
Personal accident insurance of Rs. 2 Lakh and Air Accident Cover of Rs. 20 Lakh
Zero Liability Protection
Cardholder will not be liable for any transactions made with the card, once the theft or misplacement is reported
Spend Based Waiver
NA
Rewards Redemption Fee
Rs. 99 per reward redemption request
Rewards Redemption Fee
Rs. 99 per reward redemption request
Foreign Currency Markup
3.5% per month or 42% annually
Interest Rates
3.40% per month or 40.8% annually
Fuel Surcharge
1% fuel surcharge waiver on all fuel transactions
Cash Advance Charges
2.50% of the withdrawn amount or a minimum of Rs. 300
Add-on Card Fee
Nil
- 5X reward points on your every Rs. 100 spent on CSDs, groceries, and departmental stores (max capped at 400 points per month).
- 1 reward point for every Rs. 100 spent on all other applicable expenses.
- Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fee, and other charges are not eligible to earn reward points.
- Complimentary domestic railway lounge access, max capped 2 per quarter only if you spend a minimum of Rs. 5,000 in the previous calendar quarter.
- 1% fuel surcharge waiver on all fuel transactions across the country.
- Personal accident insurance of Rs. 2 Lakh.
- Air Accident Cover of Rs. 20 Lakh.
- Up to 3 add-on credit cards with no added fee.
- Dining benefits with ICICI Bank Culinary Treats Programme.
ICICI Bank Parakram Credit Card Features & Benefits
The ICICI Bank Parakram Credit Card has specialised features and benefits. These benefits are to get value back on your every spend. There are curated dining privileges with the bank’s partner restaurants, which will help you get the most discount on your meals. To have a thorough look at this card, here are the features and benefits explained –
Reward Rate
- 5X reward points on your every Rs. 100 spent on CSDs, groceries, and departmental stores (max capped at 400 points per month).
- 1 reward point for every Rs. 100 spent on all other applicable expenses
- Purchases like Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fees, and others are not eligible to earn reward points.
Reward Points Redemption
- You can redeem these rewards against a variety of options available at the bank’s official website.
- You can also redeem your collected reward points against a voucher from your desired brand.
- 99 will be charged for every reward redemption request you make.
- Here 1 RP = Rs. 0.25
Dining Benefits
- Exclusive dining privileges with ICICI Bank Culinary Treats Programme.
Domestic Lounge Access
- You will be able to access railway lounges as a travel benefit with the help of this card.
- You will get 2 complimentary railway lounge access per quarter.
- You will have to spend a minimum of Rs. 5,000 to avail this benefit.
Insurance Benefits
- You get Personal accident insurance of Rs. 2 Lakh.
- You will also get an Air Accident Cover of Rs. 20 Lakh.
ICICI Bank Parakram Credit Card Charges
- There is no joining or annual fee related to this card.
- A sum of Rs. 99 will be charged on every reward redemption request.
- The foreign currency markup fee charged is 3.5% per month or 42% annually.
- The interest rate is 3.40% per month or 40.8% annually.
- 50% of the withdrawn amount or the subject to a minimum of Rs. 300 is charged as Cash Advance Fee.
ICICI Bank Parakram Credit Card Review
The ICICI Bank Parakram Credit Card is solely dedicated to the needs of the defence personnel. Just like any other credit card, this card helps in case of emergencies and gets you value back on your expenses. However, since its sole purpose is to fulfil the needs of the individuals and families related to defence, the reward program is made in a way that allows the benefits to be obtained while purchasing from the CSDs. Since most defence families prefer CSDs rather than general stores, this reward system is quite overwhelming.
Looking at the market competitors of this credit card, AXIS Banks and SBI Bank are some of the few credit cards dedicated to defence personnel in the market. These credit cards give fierce competition to this credit card. However, every credit card has one thing better than the other. This is what needs to be evaluated to find out the best-suited one for you.
4 Comments
Airport lounge facility should be available in this card.
It is applicable on the Select variant of this card.
Airport lounge should be added
Airport lounge facility should be aded