ICICI Bank has launched a number of unique credit cards catering to the needs of a specific profession. ICICI Parakram Select Credit Card is one such credit card catering to the needs of the military professional and paramilitary professionals. This article provides an in-depth review of the ICICI Parakram Select Credit Card, exploring its benefits, drawbacks, fees, charges, and eligibility requirements.
ICICI Parakram Select Credit Card - Best Suited For?
Choosing the right credit card is crucial, especially when considering features, benefits, and potential downsides. The ICICI Parakram Select Credit Card is tailored for armed personnel who appreciate rewards, travel benefits, and lifestyle privileges. With a competitive rewards scheme and exclusive perks, it can effectively cater to frequent travelers and shoppers alike.
Advantages of the ICICI Parakram Select Credit Card
The card offers a variety of benefits that can significantly enhance your lifestyle and travel experiences, including:
Reward Points System:
Cardholders get 5 ICICI Bank reward points per INR 100 spends at grocery stores, department stores and Canteen Store Departments ("CSDs").
Value of 1 reward point = INR 0.25. Cashback rate: 1.25%. CardholdesGet 2 reward points on all other categories. General cashback rate: 0.50%.
Travel Perks
Benefit from two complimentary domestic airport lounge visits per year and two complimentary international lounge visits per year.
Lifestyle Perks
Cardholders get 1 free golf round on spending INR 50,000.
Drawbacks of the ICICI Parakram Select Credit Card
While the benefits are attractive, there are important considerations to keep in mind:
The card offers a low general cashback rate.
The perks offered by the card are limited in comparison to other cards in the market.
No free movie tickets.
Understanding Fees and Charges
Being aware of the fees and charges associated with a credit card is critical for making a well-informed decision. Here are the key charges for the ICICI Parakram Select Credit Card:
Joining Fee: Nil.
Annual Fee (Second year onwards): Nil
Interest Rate: 3.67% per month (annual interest rate - 44%).
Interest On Cash: 2.49% per month (annual interest rate - 29.88%).
Forex Marku: 3.5%
Cash Withdrawal Fee: 2.5% on advanced amount , subject to minimum of INR 300.
Rewards Redemption Fee: INR 99
Late Payment Charges: 0-1200 depending on the outstanding amount due.
Requirements for Eligibility
Before applying for the ICICI Parakram Select Credit Card, ensure you meet these key eligibility criteria:
Age: You must be a minimum of 21 years old for primary cardholder (18 years old for supplementary cardholders).
Employment: You must be either defence personnel, i.e., Commissioned Officers, Junior Commissioned Officers, and other ranks of the Indian Army, Navy, and Air Force (both active and retired).Paramilitary Personnel: Members of Central Armed Police Forces (BSF, CRPF, CISF, ITBP, SSB), Assam Rifles, Indian Coast Guard (both active and retired).
Credit Score: You must have a good credit score. This means no recent defaults or delinquencies on loans or credit cards.
Weighing Your Options
The ICICI Parakram Select Credit Card overall is an average credit card from the ICICI stable. It does offer cashback and value added features, however they are below average.
A well-informed choice can lead to enjoying the numerous privileges that the ICICI Parakram Select Credit Card has to offer.
You can read a more detailed review of the card and our rating of the card out of 5 here.
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