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ICICI Bank has launched two credit cards for the JAWANS who serve the country which are ICICI BANK PARAKRAM SELECT Credit Card and ICICI BANK PARAKRAM Credit Card. These credit cards are solely for individuals “dedicating their lives to serve the nation” as the bank quoted. Now the soldiers of the Indian Army or serving any other forces of the country have the privilege to borrow money whenever they need it. They can use credit cards and even earn rewards for their daily expenses.

The rewards with ICICI BANK PARAKRAM SELECT Credit Card get 5X with the expenses on groceries, department stores, and CSDs (Canteen Store Departments). The cardholders will also be able to get complimentary domestic airport and railway lounge access every year. Along with that, they will also be eligible for golf rounds upon reaching a milestone every month.

The ICICI Bank has presented the PARAKRAM SELECT with a specialized rewards plan with which the cardholder will get a value back on every type of expense they make. This credit card comes with a microchip embedded in it for additional security against any counterfeit and duplicate cards. The best part is that there is no joining or annual fee to get this credit card. The applicant just had to meet the eligibility criteria.

To get a detailed view of the ICICI BANK PARAKRAM SELECT Credit Card, keep reading:

ICICI Bank Parakram Select Credit Card
(4.5/5)

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping |

Reward Type

Reward Points |

Welcome Benefits

N/A

Movie & Dining

Dining offers under ICICI Bank Culinary Treats Programme.

Rewards Rate

5X reward points on every Rs. 100 spent on grocery, departments store, and CSDs and 2 reward points for every Rs. 100 spent on other applicable expenses, and 1 reward point on every Rs. 100 spent on insurance and utility bills.

Reward Redemption

The reward redemption rate is Rs. 0.25 = 1 RP

Travel

2 complimentary domestic airport and railway lounge visits per quarter.

Domestic Lounge Access

2 complimentary domestic airport lounge access and 2 complimentary domestic railway lounge access per quarter.

International Lounge Access

N/A

Golf

Complimentary golf rounds if you spend more than Rs. 50,000 in a month (max capped 4 times per month)

Insurance Benefits

Personal accident insurance of Rs. 2 Lakh and Air Accident Cover of Rs. 20 Lakh.

Spend-Based Waiver

Nil

Rewards Redemption Fee

Rs. 99 charged on every reward redemption request

Rewards Redemption Fee

Rs. 99 charged on every 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 across the country

Cash Advance Charges

2.50% of the withdrawn amount or the subject to a minimum of Rs. 300 charges

  • 5X reward points on every Rs. 100 spent on grocery, departments store, and CSDs (max capped at 400 points per month).
  • 2 reward points for every Rs. 100 spent on other applicable expenses.
  • 1 reward point on every Rs. 100 spent on insurance and utility bills.
  • Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fee, and other charges are not eligible to earn reward points.
  • Complimentary domestic airport lounge access, max capped 2 per quarter.
  • Complimentary domestic railway lounge access, max capped 2 per quarter.
  • Complimentary golf round on spending over Rs. 50,000 in a month, max capped 4 times per month.
  • 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, no added fee.
  • Dining benefits with ICICI Bank Culinary Treats Programme.

Features and Benefits

The ICICI BANK PARAKRAM SELECT Credit Card comes with great features and benefits with which you get value back on your every spend. Not only that but the ICICI bank also offers you exclusive dining privileges with partnered restaurants. Here is a detailed view of what features and benefits, this card can get its user –

Reward Rate

  • 5X reward points on every Rs. 100 spent on grocery, departments store, and CSDs (max capped at 400 points per month).
  • 2 reward points for every Rs. 100 spent on other applicable expenses.
  • 1 reward point on every Rs. 100 spent on insurance and utility bills.
  • Fuel, ATM withdrawal, balance transfer, cash withdrawal, EMIs, PLCC, fee, and other charges are not eligible to earn reward points.

Reward Points Redemption

  • The reward points can be redeemed against a variety of options available on the bank’s website.
  • You can also get vouchers from your favorite brands.
  • You will be charged Rs. 99 for every reward redemption request you make.
  • The rewards redemption rate is Rs. 0.25 for 1 RP.

Milestone Benefits

  • You can get complimentary golf rounds at the best destinations available upon spending more than Rs. 50,000 in a month.
  • You can avail of this benefit maximum of 4 times a month.

Dining Benefits

  • You can get exclusive dining discounts with ICICI Bank Culinary Treats Programme.

Domestic Lounge Access

  • 2 complimentary domestic airport lounge access per quarter.
  • 2 complimentary domestic railway lounge access per quarter.
  • To get both these benefits, you will have to spend at least Rs. 5,000 in the previous quarter.

Fuel Surcharge Waiver

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

Insurance Benefits

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

Fees

  • There is no joining or annual fee related to this card.
  • You will be charged a sum of Rs. 99 on every reward redemption request.
  • Foreign currency markup fee charged with this credit card is 3.5% per month or 42% annually.
  • The interest rate of 3.40% per month or 40.8% annually is charged.
  • 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 SELECT Credit Card is devoted to the JAWANS of the country. For all that they do for us and the country, this credit card is a little gesture for their sacrifice. It’s not that it’s free, but it can provide you with the funds in case of emergency and even for their daily needs.
The credit card is very well built by keeping in mind the daily needs of the defence personnel. As most defence people shop from CSDs, they will be able to avail of 5X reward points and much more.
This credit card comes with a variety of benefits and features that can make your shopping, traveling, and dining, etc. There are other added features such as Personal accident insurance coverage and much more. The tough competitors of these two credit cards are Axis Bank Pride Platinum Credit Card and Shaurya SBI Credit Card and other two variants by the banks.

FAQs:

You can get 1 reward point on every Rs. 100 spent on insurance and utility bills, 2 reward points for every Rs. 100 spent on other applicable expenses, and 5X reward points on every Rs. 100 spent on grocery, departments store, and CSDs.And the reward redemption rate is 1RP = Rs. 0.25.
You will get 2 complimentary airport lounge visits with this credit card which makes 8 visits in a year.
Yes, there is. If you spend more than Rs. 50,000 in a month, you can avail a complimentary golf round. You can only avail this benefits 4 times in a month.
You will get a Personal accident insurance of Rs. 2 Lakh and an Air Accident Cover of Rs. 20 Lakh.

1 Comment

  1. Shyamal Halder Reply

    I am interested for prakram card

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