Credit cards are cool, not just because they let you buy stuff. They also have loads of perks that make them more enjoyable and encourage you to spend responsibly. The ICICI Bank Times Black Credit Card has some cool features for people who can afford it. This blog will tell you all about the perks, rewards, milestone benefits, fees and charges, and eligibility requirements of this card.
Welcome Benefits
The ICICI Bank Times Black Credit Card provides impressive welcome benefits upon activation, cardholders can expect valuable perks like complimentary dining experiences and travel benefits.
New users may find themselves enjoying a luxury stay gift card from EaseMyTrip worth ₹10,000, travel visa benefits with Atlys and OneVasco worth ₹10,000, exclusive access to The Quorum Club, lifestyle gift cards from Toni&Guy and Interflora worth ₹4,000 and annual membership of Zomato Gold.
Reward System
The reward structure of the ICICI Bank Times Black Credit Card is attractive, especially for users who spend in various categories. Users can earn 2.5% reward points on international spending and 2% reward points on domestic spending. The value of 1 reward point is up to ₹1. So, the International cashback rate comes at 2.5% and the Domestic cashback rate at 2%. Further, if redemption is made against the statement balance, the value of 1 reward point is fixed at 0.4%, which means the cashback rate is 0.40%.
Moreover, users can redeem these points for a range of options, including shopping vouchers, airline tickets, or statement credits. The versatility of the redemption process adds significant appeal, ensuring that users easily benefit from their accrued points.
Milestone Benefits
The ICICI Bank Times Black Credit Card also rewards users for achieving specific spending milestones. Once users accumulate enough spending throughout the year, they can unlock milestone benefits like bonus reward points, cashback, or exclusive gift vouchers.
For example, users will receive Klook’s international experiences and activities worth ₹10,000, Luxury airport transfers via BLADE India/Avis/Indian Travel House worth ₹10,000, a Tata CLiQ Luxury gift card worth ₹10,000, and a one-night luxury stay from Ayatana Resorts worth ₹20,000 on achieving milestone spending.
Airport Lounge Benefits
The ICICI Bank Times Black Credit Card offers its users the exclusive benefit of unlimited complimentary access to airport lounges across both international and domestic locations. This means that as a cardholder, you can relax in comfort at airport lounges, whether you are traveling within the country or going abroad.
Potential Drawbacks
While the ICICI Bank Times Black Credit Card offers ample benefits, potential users must remain aware of its drawbacks. Firstly, the card comes with a relatively high annual fee of Rs. 20,000, which can be waived on spending Rs. 25,00,000 in an anniversary year, which is too high. Although the advantages can outweigh the cost for those who spend strategically, users with lower transaction totals might struggle to justify the annual fee.
Furthermore, some rewards have limitations, including blackout dates for travel or specific restrictions on where rewards can be redeemed. Such constraints may limit the enjoyment of the full value of rewards, particularly for users with specific plans or preferences.
Lastly, eligibility for the ICICI Bank Times Black Credit Card can be strict. Applicants generally need a significant income and a solid credit score. This could potentially exclude many deserving candidates from accessing the card's benefits.
Understanding Fees and Charges
It's essential to understand the fees associated with any credit card to manage finances wisely. As mentioned, the ICICI Bank Times Black Credit Card has a higher-than-average annual fee. This fee can be around Rs. 20,000, which reflects its premium status.
In addition, cardholders might encounter various other charges, such as late payment fees, cash withdrawal fees, or foreign transaction fees. For example, a late payment fee could reach Rs. 750, which can pile up quickly for those juggling multiple financial obligations. It’s also advisable for users to be aware of the interest rate on outstanding balances, which is 40.80% per year, significantly impacting expenses over time.
Customers should carefully review the fee structure to maximize the benefits of this card while minimizing any fees that may arise.
Eligibility Requirements
The eligibility criteria for the ICICI Bank Times Black Credit Card aim to ensure that the card is available to financially responsible individuals. Applicants typically need to showcase a stable and considerable income. For instance, a common requirement is an annual income of ₹16 lakhs or more, targeting well-established professionals or business owners.
A good credit score is also essential for approval; applicants often need a score of 750 or higher. This assessment minimizes the risk associated with lending and ensures that the card is issued to reliable users.
Potential applicants should evaluate their financial situation against the card's criteria before applying.
MyRupaya Review
The ICICI Bank Times Black Credit Card is a great choice for those who want to get perks like a lifestyle boost, solid rewards, and exclusive stuff. The cool welcome benefits and rewards structure make it a good choice for people who can use the card's features.
So, you should think about the pros and cons of the card before you decide. You should especially consider the fees and the strict eligibility requirements. It's really important to do some research before you pick a premium card. If you can take advantage of its features, the ICICI Bank Times Black Credit Card could really help you.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating click here
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