ICICI Bank Parakram Credit Card

Features and Benefits

The ICICI Bank Parakram Credit Card has specialized features and benefits. These benefits are to get value back on your every spend. There are curated dining privileges with the partnered restaurants of the bank, 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.

Fuel Surcharge Waiver

• 1% fuel surcharge waiver at all outlets across the country.

Insurance Benefits

• You get Personal accident insurance of Rs. 2 Lakh.
• You will also get an Air Accident Cover of Rs. 20 Lakh.

Fees

• No joining or annual fee related to this card.
• Sum of Rs. 99 will be charged on every reward redemption request.
• 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• 50% of the withdrawn amount or the subject to a minimum of Rs. 300 is charged as Cash Advance Fee.
• There is no charge related to this credit card as an Add-on card fee.

Conclusion

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 a value back on your expenses. But since its sole existence is to fulfill the needs of the individuals and families related to defence, the reward program is made in a way to get the benefits while purchasing from the CSDs. Since mostly in 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 have some of the few credit cards dedicated to defence 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.