ICICI Bank Parakram Select Credit Card
The ICICI Bank PARAKRAM SELECT Credit Card is made for JAWANS in the Indian Army and other defense forces. It helps them access funds when needed and earn rewards on daily spending. Cardholders get 5X reward points on groceries, department stores, and CSD purchases. They also enjoy free airport and railway lounge access every year, plus free golf rounds by reaching monthly spending targets. There are no joining or annual fees, just simple eligibility criteria.
This credit card is a way to support soldiers for their service. It provides financial help during emergencies and daily expenses while offering extra perks on shopping, travel, and dining. Since many defense personnel shop at CSDs, they can benefit from higher rewards. Other features include personal accident insurance and more, making it a valuable financial tool.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
ICICI Bank Parakram Select Credit Card Features and Benefits
The ICICI Bank Parakram Select Credit Card is specially designed for defence personnel in India. This credit card offers useful benefits that match the daily spending habits of members of the armed forces. It provides reward points on common purchases, along with dining benefits, travel privileges, insurance coverage, and fuel savings. Since many defence personnel frequently shop at CSD outlets, the card provides higher rewards in those categories, making it more useful for their regular expenses.
This credit card focuses on providing value on everyday transactions while also offering lifestyle benefits that make spending more rewarding.
Reward Points on Spending
The reward program is one of the main advantages of the ICICI Bank Parakram Select Credit Card. Cardholders can earn reward points when they use the card for different types of purchases.
- 5X reward points on every Rs. 100 spent at grocery stores, department stores, and CSD outlets
- Maximum limit of 1,000 reward points per month in the 5X category
- 2 reward points for every Rs. 100 spent on other eligible transactions
These reward categories are designed to cover common spending needs. However, some transactions are not eligible for reward points. These include fuel payments, ATM withdrawals, balance transfers, EMI conversions, cash withdrawals, fees, and other related charges.
Reward Points Redemption
The reward points earned through the ICICI Bank Parakram Select Credit Card can be redeemed through the ICICI Bank rewards platform. Cardholders can choose different redemption options based on their preference.
Reward points can be used to get shopping vouchers from various popular brands. The value of the reward points is Rs. 0.25 for each reward point. This means that the value of 100 reward points will be Rs. 25 when redeemed.
A processing fee of Rs. 99 is charged every time a cardholder makes a reward redemption request. Even though there is a small fee, the reward program still provides value for frequent card users.
Milestone Benefits
The credit card also offers milestone rewards based on monthly spending. This benefit is mainly focused on lifestyle privileges.
- Complimentary golf rounds if monthly spending crosses Rs. 50,000
- Maximum of 4 golf rounds can be availed in a month
This feature adds an extra lifestyle benefit for users who have higher monthly spending on their credit card.
Dining Benefits
Dining discounts are available through the ICICI Bank Culinary Treats Programme. Cardholders can enjoy special offers at partner restaurants across India. This program allows users to save money when dining out and also provides access to exclusive restaurant deals available only to ICICI Bank cardholders.
These dining privileges can be useful for people who frequently visit restaurants or enjoy dining experiences with family and friends.
Airport Lounge Access
The ICICI Bank Parakram Select Credit Card also provides travel benefits through airport lounge access. This feature helps travellers relax comfortably while waiting for their flights.
- Get 2 free domestic airport lounge visits every quarter.
- 1 complimentary international airport lounge visit every year
These lounge visits can make travel more convenient by providing access to comfortable seating, refreshments, and other facilities available at airport lounges.
Fuel Surcharge Waiver
Fuel expenses are a regular part of everyday spending. To help reduce the extra cost associated with fuel transactions, the card provides a fuel surcharge waiver.
Cardholders receive a 1 percent fuel surcharge waiver at fuel stations across India when they pay using the ICICI Bank Parakram Select Credit Card. This small saving can add up over time for people who frequently purchase fuel.
Insurance Coverage
The card also includes basic insurance benefits that provide financial protection for the cardholder.
- Personal accident insurance cover of ₹2 lakh.
- Air travel accident insurance cover of ₹20 lakh.
These insurance benefits provide an additional layer of security while using the credit card and during travel.
Fees and Charges
The ICICI Bank Parakram Select Credit Card comes with a simple fee structure. It does not charge a joining fee or annual fee, which makes it more accessible for eligible users.
- There is no joining fee and no yearly fee for this card.
- Rs. 99 fee for each reward redemption request
- 3.5 percent foreign currency markup on international transactions
- Interest rate of 3.40 percent per month, which equals 40.8 percent annually
- Cash advance fee of 50 percent of the withdrawn amount or a minimum of Rs. 300
- No fee for add-on cards
These charges are similar to many other credit cards available in the Indian market.
Bottom Line
The ICICI Bank Parakram Select Credit Card is a practical credit card option designed for defence personnel who frequently shop at CSD stores and grocery outlets. It offers strong reward points on everyday spending along with travel, dining, insurance, and fuel benefits. Since there is no joining or annual fee, the card provides good value for eligible users who want a credit card that supports their regular lifestyle and spending needs.
Does the ICICI Bank Parakram Select Credit Card have any milestone benefits?
Yes, if you spend ₹50,000 or more in a month, you get a free golf round, up to 4 times per month.
What are the lounge benefits of this credit card?
You get 2 free domestic airport lounge visits every quarter, totaling 8 visits per year. Plus, you also get 2 free international lounge visits per year.
What rewards do I earn with this credit card?
You get 5X points per ₹100 spent on groceries, department stores, and CSDs, and 2 points per ₹100 on other eligible purchases. Each reward point is worth ₹0.25.
Does this credit card offer insurance coverage?
Yes, it includes ₹2 lakh personal accident insurance and ₹20 lakh air accident cover.
Is there any fee for getting this credit card?
No, there is no joining or annual fee. You only have to qualify based on the given requirements.
Can I get add-on cards with this credit card?
Yes, you can get up to 3 free add-on credit cards for your family members.
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