Our Money Guide

The ICICI Bank Parakram Credit Card is exclusively targeted at Indian Defence and Paramilitary personnel. The card has no annual fee, and is lifetime free.

It gives a higher benefit of 1.25% on canteen stores departments (CSD) purchases, grocery purchases and department store purchases.

ICICI Parakram Credit Card

Brief Summary

3.0 / 5

Our View

Best for those who are beginning their credit journey , since this is an entry level card from ICICI Bank. You get complimentary access to airport lounges in India (once per quarter), complimentary access to railway lounges in India (once per quarter), and 25% discount on movie tickets at BookMyShow and Inox (upto ₹100 each per month).

The reward rate of 0.50% that you get on the card is quite low, and it maybe useful to look at other cards available in the marketplace.

The card comes with an annual fee of ₹500, and the annual spend target of ₹1.50 lakhs to get annual fee waiver from the 2nd year onwards is quite high.

on ICICI Bank website

ICICI Bank Parakram Credit Card

Special Benefits

Complimentary domestic airport & railway lounge access

Other Benefits

25% discount on movies

Minimum Income

Not specified

Annual Fee

₹ 500

Annual Fee Offers

Renewal fee waived off at ₹1.50 lakhs annual card spend

Pros and Cons of ICICI Bank Parakram Credit Card

Pros

  • Lifetime free card, exclusively for Indian Defence and Paramilitary personnel.
  • Higher benefit of 1.25% on various types of shopping purchases including canteen stores departments (CSD) purchases. And also on grocery and department store purchases
  • Complimentary domestic railway lounge access – 2 times per quarter

Cons

  • Reward rates on card spending are comparatively low.

Features & Benefits of the ICICI Bank Parakram Credit Card

Lifetime free premium card, exclusively for Indian Defence and Paramilitary personnel.

There is no annual fee on the card.

This card is exclusively for Indian Defence and Paramilitary personnel.

1.25% benefit on canteen stores departments (CSD) purchases || grocery purchases || department store purchases (5X)

You get 5 reward points worth ₹1.25, on every ₹100 you spend in these categories.

This benefit is valid only on total monthly purchases upto ₹8000 across these 3 categories, since you can earn a maximum of 400 reward points at this accelerated rate.

1 reward point = ₹0.25 or 25 paise, and can be redeemed for products, vouchers and more.

0.25% benefit on all other spends (X)

You earn 1 reward points worth ₹0.25 (25 paise), on every ₹100 you spend on all other purchases.

1 reward point = ₹0.25 or 25 paise, and can be redeemed for products, vouchers and more.

Please note that no reward points are given on fuel purchases, cash advance, ATM withdrawals, EMI transactions, balance transfer, fees and other charges.

Complimentary domestic railway lounge access – 2 times per quarter

You get free visits to railway lounges in India, 8 times per year (maximum 2 times per quarter).

This benefit is applicable only if you have spent a minimum of ₹5,000 on your credit card, in the previous quarter.

Complimentary insurance benefits

You get free insurance covers:
– Personal accident insurance of ₹2 lakh
– Air accident cover of ₹20 lakhs

Fuel surcharge waiver, upto ₹250 per month

You get a 1% waiver fuel surcharge waiver only on fuel transactions between ₹400 and ₹4000. And only on fuel purchases upto ₹25000 per month (since the waiver amount is limited to ₹250 per month).

ICICI Bank customer care number

Please click here for all the options to contact the bank

ICICI Bank Parakram Credit Card Fees and Charges

Annual fee & annual fee offers

Annual feeAnnual fee offers
1st year joining feeLifetime free
Renewal fee from 2nd year onwardsLifetime free

Important note

– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – ICICI Bank Credit Card Fees & Charges

Eligibility Criteria

Minimum age21 years or above
Maximum age60 – 65 years
Occupation Indian Defence and Paramilitary personnel.
Minimum incomeNot specified
Other criteriaGood credit score preferably over 750

Application Process & Tracking Application Status

Step-by-step guide

Online application process 
The easiest way to apply is to click here – APPLY NOW , you shall be taken to the card application page on the ICICI Bank website. You can also visit official website of the bank and fill out the application form.

Steps –
– Fill out the online application form with basic personal details
– Fill out additional details along with basic documents details
– Verification and opening of card
Offline (face to face)  application processYou can visit any of the nearest branches of the bank and talk to an executive regarding the process.
Tracking your application statusTo track your credit card application status, please click here – ICICI Bank Credit Card Application Status.

Necessary documents and verification

We are listing below general criteria followed by most card issuing banks, since exact criteria has not been specified for this particular card. The bank may ask for additional documents.

Required documents 
– PAN card

– Identity proof : PAN card , driving license, valid passport, voter ID (any one)

– Address proof : electricity bill, phone bill, driving licence, passport, ration card, bank statement, passbook, voters ID, flat maintenance bill, rent agreement (any one)

– Income proof : latest salary slip/s, income tax returns etc
Apply Now

on ICICI Bank website

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