ICICI Bank Times Black Credit Card
The Times Black ICICI Credit Card is a premium metal card from ICICI Bank, offering luxury perks and high rewards. It comes with an annual fee of ₹20,000, making it ideal for high-spenders. Unique benefits like helicopter airport transfers (only at Bangalore Airport) add exclusivity, but the card hasn’t fully met expectations. It offers a 2.5% reward rate on international spending, but the 1.49% Forex fee reduces its value.
Best suited for frequent travelers and luxury seekers, this card gives 2% Reward Points on domestic expenses and 2.5% on international spending. However, the Forex fee cuts into rewards. To maximize benefits, users should have high income and spending habits. Check out the full review for details.
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.
What type of credit card is the Times Black ICICI Bank Credit Card?
It is a high-end credit card by ICICI Bank in collaboration with Visa and Times Internet Ltd. Tailored for ultra-HNI clients, it includes premium travel, lifestyle, and luxury benefits with a ₹20,000 + GST joining/renewal fee.
What is the reward rate of the Times Black ICICI Bank Credit Card?
This card provides 2.5% rewards on international transactions and 2% on domestic spending, making it more rewarding than most credit cards.
How can I get the annual fee waived?
From the second year onward, the annual fee can be waived if you spend ₹25 lakh within a card anniversary year.
Which companies collaborated with ICICI Bank to launch the Times Black Credit Card?
ICICI Bank partnered with Times Internet and Visa to introduce the Times Black Credit Card.
Can I use my Times Black ICICI Bank Credit Card for international purchases?
Yes, but you need to enable it for foreign transactions via Internet Banking or the iMobile app.
When does the credit card start accruing interest?
If the Total Amount Due (TAD) isn’t paid by the due date, interest will be charged on the outstanding balance and all new transactions until full payment. Cash withdrawals also attract interest from the withdrawal date.
I already own an ICICI Bank Credit Card. Can I still apply for the Times Black Credit Card?
Yes, even if you have an existing ICICI Bank Credit Card, you can apply for this premium card.
How do I complete my KYC video verification?
You need to submit your PAN and Aadhaar details, then join a video verification call with an ICICI Bank officer. During the call, you must answer a few questions and show your original PAN card. This process is available 24/7.
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