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Federal BankICICI Bank Sapphiro Prepaid Forex Card is a premium forex card by the bank as it comes with quite a high issuance (joining) fee of Rs. 2,999 (Rs. 999/annum chargeable second year onwards), and offers benefits like complimentary international lounge access, discounted rates on hotel/flight bookings, and many more. Unlike credit cards, however, ICICI Sapphiro Prepaid Forex Card does not have any reward structure.
Since it is a prepaid card, you need not satisfy any income-based criteria to be eligible for Sapphiro Prepaid Forex Card. You can apply for the card either online or you can simply walk into any of the ICICI Bank’s forex branches and submit your application offline. Read on to learn more about this premium forex card by ICICI Bank.
ICICI Bank Sapphiro Forex Prepaid Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel |
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
N/A
Rewards Rate
N/A
Reward Redemption
N/A
Travel
2 complimentary airport lounge access per annum with Dragon Pass, no cross-currency usage fee, comprehensive travel insurance policy, 5% cashback on hotel and flight bookings
Golf
N/A
Domestic Lounge Access
N/A
International Lounge Access
2 complimentary access every year
Insurance Benefits
Comprehensive insurance policy including an air accident cover worth Rs. 10 lakh and a lost card liability cover worth Rs. 5 lakh
Zero Liability Protection
Cardholder not liable for any fraudulent transaction on the card post reporting the loss of card to the bank and a cover of Rs. 2 lakh against lost card liability
Spend Based Waiver
N/A
Rewards Redemption Fee
N/A
Rewards Redemption Fee
N/A
Foreign Currency Markup
Nil (no foreign currency mark-up fee and no-cross currency usage charges)
Interest Rates
N/A
Fuel Surcharge
N/A
Cash Advance Charges
USD 2 (or currency equivalent) on cash withdrawals from ATMs, 0.5% of the transaction amount on cash withdrawals from POS
Add-on Card Fee
N/A
- Central shopping voucher worth Rs. 500 and Uber vouchers worth Rs. 1,000 as a welcome gift.
- Complimentary Dragon Pass membership with 2 international lounge access per annum.
- Complimentary OneAssist complete card protection cover.
- 5% cashback on online hotel/flight bookings (max cashback capped at Rs. 3,000 per month).
- Comprehensive travel insurance including a personal air accident cover worth Rs. 10 lakh and many other travel-related insurance covers.
- Free replacement card provided with the primary card in the welcome kit.
- The card can be used for shopping at duty-free stores at airports within India.
- Exciting deals around the world on stay, traveling, dining and shopping.
- Discounts on international roaming packs.
- Complimentary lost card liability cover worth Rs. 5 lakh.
ICICI Bank Sapphiro Forex Prepaid Card Welcome Benefits
You get the following two benefits complimentary at the time of card issuance-
- Central shopping voucher worth Rs. 500.
- Uber discount vouchers worth Rs. 1,000.
ICICI Bank Sapphiro Forex Prepaid Card Travel Benefits
- 2 complimentary international lounge access at airports worldwide with Dragon Pass membership.
- 5% discount on hotel and flight bookings with a monthly max cap of Rs. 3,000 on the cashback.
- Discounts on international roaming packs.
- No mark-up fee on cross-currency usage.
Insurance Benefits
You get a complimentary comprehensive insurance plan with the card. The following table summarises that all the insurance covers that you get under this comprehensive plan-
| Insurance Type | Covered Amount |
| Air accident | Rs. 10 lakh |
| Checked-in baggage delay | USD 300 |
| Loss of passport/tickets | USD 500 |
| Missing connecting international flight | USD 300 |
| Plane Hijacking | Up to USD 3,000 |
| Counterfeit Card Liability | Rs. 5lakh |
| Lost card liability | Rs. 5 lakh |
Other Benefits
- A free replacement card is provided in the welcome kit.
- The card can be used for shopping at duty-free stores at international airports across India.
ICICI Bank Sapphiro Forex Prepaid Card Fees and Charges
- An initial fee of Rs. 2,999 (plus GST) is chargeable at the time of card issuance.
- An annual membership fee of Rs. 999 (plus GST) is to be paid second year onwards.
- No foreign currency mark-up fee and no cross-currency usage charges.
- A cash advance fee of USD 2 is applicable on cash withdrawals from ATMs. If you withdraw cash at POS, you have to pay a withdrawal fee of 0.5% of the withdrawn amount.
How to apply
- You can apply for ICICI Sapphiro Forex Prepaid Card through internet banking, iMobile Pay app or by visiting any of the forex branches of the bank.
- In order to proceed with the application, you are required to submit copies of your PAN card, Aadhar card, Passport (with Visa) and Form A2 along with the card application form.
Conclusion
ICICI Sapphiro Forex Prepaid is one of the few forex cards that come with an annual membership fee. In the case of most other forex cards, you only pay an initial issuance fee. For this reason, the Sapphiro Forex Prepaid card can be a good pick for someone who is a frequent international traveler as, unlike most forex cards, Sapphiro Forex Prepaid Card also offers plenty of premium benefits like complimentary international lounge access, zero cross-currency mark-up and discounted rates on hotels and flights, that usually, only credit cards offer. Keeping in mind the zero mark-up fee on cross currency usage and all the other premium benefits that the card comes packed with, it would be safe to conclude that ICICI Sapphiro Forex Prepaid Card does justice to its high joining and annual fees.
