The MakeMyTrip ICICI Bank Credit Card is the latest co-branded credit card launched by a travel portal in collaboration with a bank. There are multiple credit cards in this this space, almost all major portals have launched their own credit card in the recent past. This review will break down the features, fees, charges, and eligibility criteria of the MakeMyTrip ICICI Bank Credit Card, helping you decide if it aligns with your travel and financial needs.
Key Features of MakeMyTrip ICICI Bank Credit Card
Welcome Benefit: Cardholders will get a complimentary MMTBlack membership for one year. They will also get MakeMyTrip voucher of INR 1,000, which is valid for one year, on payment of joining fees.
Reward System: Cardholders will get 6% myCash on hotel bookings, over and above the discounts on MakeMyTrip. Value of 1 myCash point is INR 1. Hotel cashback rate: 6%. 3% cashback on flight, bus and cab bookings, over and above the discounts on MakeMyTrip. 1% cashback on all other retail spends.
Milestone Benefit: MakeMyTrip Hotel voucher of INR 1000 valid for three months, on payment of annual fees.
Travel Benefits: Cardholders get 8 domestic lounge access and 1 international lounge visit free per year.
Movie Benefits: Cardholders will get get up to INR 150 OFF on their second ticket purchase on BookMyShow and INOX twice a month.
Other Benefits: Annual fee waiver on spends of INR 3,00,000 in an anniversary year. Forex markup at a reduced rate of 0.99% on international transactions.
Cons of MakeMyTrip ICICI Bank Credit Card
Despite its many features, potential users should be aware of several drawbacks associated with the MakeMyTrip ICICI Bank Credit Card.
Low general cashback rate.
Limited number of non-travel perks.
Fees and Charges
Understanding the financial responsibilities associated with a credit card is crucial. Here are the key fees tied to the MakeMyTrip ICICI Bank Credit Card:
Joining Fees: INR 999 + Taxes
Annual Fees (2nd Year Onwards): INR 999 + Taxes.
Interest Rates: 3.40%p.m. 40.80%p.a.
Cash Advance Charges: 2.5% on advanced amount, subject to minimum of ₹300.
Late Payment Charges: Ranges from INR 0 to INR 1200.
Foreign Currency Mark-up Fees: 0.99%.
Eligibility Criteria
Before applying for the MakeMyTrip ICICI Bank Credit Card, you need to meet specific requirements:
Age Requirement: Applicants must be between 21 and 60 years old.
Income Level: The minimum income level has not been disclosed by ICIC on its website.
Credit Score: A healthy credit score, generally 750 or above, is crucial for approval. This score shows banks that you are a responsible borrower.
Residency Status: Only Indian residents can apply for this credit card.
Before applying, assess your financial health and travel habits to ensure you meet these criteria.
Final Thoughts
The MakeMyTrip ICICI Bank Credit Card offers decent benefits to individuals who travel frequently. It gives lounge benefits, MMT Black membership, milestone vouchers etc. The only major con is its low general cashback rate.
By understanding the features, benefits, fees, and eligibility requirements, you can make an informed decision. If you find alignment between this card and your travel needs, it could significantly enhance your travel experiences while providing valuable financial tools.
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