Introduction:
Imagining the world without credit cards is impossible to begin with. It has become an integral part of how we live and how we form economic relationships with economic entities around us. It has revolutionized the way with which we purchase goods and services from retailers. A credit card might seem to be like a plastic card but in actuality it is a powerful tool, and when used wisely, it not only makes the cardholder?s purchasing power exponential but also helps to raise the credit standing too. This means that it becomes easier for someone owning a credit card to get their loan applications sanctioned because their credit-worthiness is reliable and banking institutions are more than ready to give them the loan that they need.
So how does a credit card work? Well, as we have noted, a credit card is essentially a plastic card that contains a microchip attached with it. The microchip is the most important component of the card as far as functionality goes, since it is digitally connected with the details of your account that is kept in the bank?s database. When the card is used to pay for a transaction, the bank is notified and it automatically loans the amount of the purchase _ essentially crediting your account with the amount _ and allowing you to pay for the product you have procured. Since the amounts are actually loans that the bank credits you with, you have to repay the total amount of credit back to the bank within a specific period of time.
The Pioneers, ICICI Bank:
As far as the Indian financial market is concerned, it can be said without a doubt that ICICI Bank has been a pioneer in this field. Credit cards existed in India since the 1980s but owing to the sheer lack of awareness among the populace, many did not know about it. All of that changed, however, when the Indian government liberalized its economic set up in the early 1990s and opened the floodgates to welcome in free market mechanisms, foreign investment and the availability of scores of products. This enabled the growth of the middle class as a conspicuous aspect of Indian socioeconomic realities, and gave them immense purchasing power. This also coincided with the invasion of the Indian market by foreign firms and corporations who were eager to place their products and services up for sale.
At such a scenario, the pioneering service of ICICI Bank is worth mentioning. They went on a veritable campaign to raise the awareness of the customers. They succeeded in making people aware about the existence of credit cards and their usefulness both as excellent replacements for currency and as a tool for improving one?s credit standing. They introduced a plethora of credit cards that catered to the needs and desires of the ever expanding middle class. If credit cards are popular today, one should be ever grateful to the work of ICICI Bank in the years following the economy?s liberalization.
ICICI Bank Credit Cards:
Owing to the rich experience of popularizing and offering various credit cards for a variety of customers, ICICI Bank credit cards are a combination of that experience as well as the knowledge regarding what does a growing middle class wants. So if you ever want to go on a Shopping spree and buy up accessories or items of interest, you can utilize the credit cards by ICICI Bank specifically programmed for this particular use, and utilize it to buy whatever you want and get the best deals from retail outlets in and around Patiala.
Best credit cards of ICICI Bank for Shopping in Patiala - Apply Now
| Different Types of Credit Cards and Types | Joining Fee | Annual Fee |
|---|---|---|
| ICICI Bank™ Platinum Chip Credit Card | 0 | 0.00 |
| ICICI Bank™ Coral Credit Card | 500 | 500.00 |
| ICICI Bank™ Rubyx Credit Card | 3000 | 2000.00 |
| ICICI Bank™ Sapphiro Credit Card | 6500 | 3500.00 |
Chqbook Review
The ICICI Bank's Coral Credit Card comes in cheap – at just a Rs. 500 annual fee, you can actually get this back in the first month itself by going for the 1+1 movie offer from BookMyShow™. Not only that, we also like that you can get your points converted to credit into your statement and the free quarterly visit to Domestic Airports and Railway Lounges are an added plus. Go for this card if you like Movies, travel once in a while and like earning points which actually translate to money.
PROS
- We love the 1+1 movie offer from bookmyshow™. It also helps that you can book tickets any day of the week.
- For someone who travels once in a while, the free access to domestic airport lounges with the ICICI Bank Coral Credit Card is a great plus. Also, its one of the few cards to throw in free access at Railway lounges too once in a quarter
- You can redeem your Payback™ points in cash which gets credited to your card account. With each Payback™ point worth ₹0.25, you are going to want to count each point!
- Mark all the HPCL petrol pumps on your map – the ICICI Bank Coral Credit Card allows you to get a 1% fuel surcharge waiver on all fuel transactions below ₹4000. Just make sure the card is swiped on an ICICI Bank swipe machine.
CONS
- The 1+1 movie offer from bookmyshow is on a first come first serve basis. If the quota for the day gets over, it can get frustrating.
Chqbook Review
The ICICI Bank™ Platinum Chip Credit Card is one of the best first credit card you can have. Not only it comes with zero joining fee and annual fee, its got everything going from Reward Points, fuel waiver etc. Go for this card if you are new to credit cards and want to get your feet wet.
PROS
- With no joining fee – it's one of the cheapest cards available and packs great features. Great Value for Money.
- We like that even the ₹199 Joining fee is waived off if your purchases exceed ₹2000 within 60 days of the card setup date and you work at select corporates1
- You get points through Payback – since other cards also use Payback you can actually see all your points adding up from different cards at one place.
- Mark all the HPCL petrol pumps on your map – the ICICI Bank Platinum Chip Credit Card allows you to get a 1% fuel surcharge waiver on all fuel transactions below ₹4000. Just make sure the card is swiped on an ICICI Bank swipe machine.
CONS
- The ICICI Bank Platinum Chip Credit Card does not come with any flight benefits or lounge access.
Chqbook Review
The ICICI Bank™ Rubyx Credit Card stands out for the benefits it gives for the fee it charges. From the get go, you get Welcome vouchers worth ₹5000 upon joining. Apart from that, the free movie tickets of upto ₹300 are an added bonus – this adds up to ₹7200 per year of savings, which itself is more than the annual fees. Ofcourse, this is just the start and the list of rewards is indeed long. Go for this credit card if you love shopping, movies and are looking for value for money.
PROS
- The ICICI Bank Rubyx Credit Card gives you Payback™ points – and they are redeemable for statement credit – a feature we absolutely love
- Another great thing is that each Payback™ point is worth ₹0.25 – which means you know exactly how much you can redeem them for at any point.
- Movie tickets – Free! – get 2 movie tickets each month worth ₹300 per ticket when you buy one ticket and you get the next one as part of this offer. You have to buy the ticket from bookmyshow™
- You save 15% every time you dine at a Culinary Treat participating restaurant. To find the participating restaurants, you can download the app or look up your favourite restaurants on the culinarytreats website.
- 1% fuel surcharge waived off on fuel transactions at any fuel outlet.
- Get 2 complimentary rounds/ lessons of golf every calendar month2 if the total retail spends on your card is equal to or more than ₹50,000 in the previous calendar month.
CONS
- One drawback we noticed is that if you are frequent traveller, 2 free visits to a Domestic Airport lounge may not be enough
- Start playing Golf! – it's a high point for the credit card, but if you are not a golfer, this feature might be lost on you2
Chqbook Review
The ICICI Bank™ Sapphiro Credit Card is one of the best cards for Shopping and Travel. From Statement Credit, to free movie tickets, this card has it all. We also love the DragonPass which allows you to access over 450+ airport lounges worldwide. You also get free access to Domestic Airport lounges 4 times each quarter – more than enough to keep anyone happy. Go for this card if you value points on Shopping, free movie tickets, free golf and access to airport lounges.
PROS
- The ICICI Bank Sapphiro Credit Card gives you more than you can ask for – with free movie tickets, complimentary airport lounge access and much more
- We like that you get 4 complimentary visits to Domestic Airport lounges per quarter – or 12 per year.
- If you enjoy Golf – this card gives you 4 complimentary rounds of Golf at a resort of your choice – every month!
- You will start checking restaurants listed with ICICI Bank after you get this card – with minimum 15% savings across 2500+ restaurants, who wouldn't!
- Did we hear free movie tickets? – get 2 complimentary movie tickets or event tickets worth ₹500 through bookmyshow™ every month!
- We always love statement credit – you can convert your PAYBACK™ points into cash by simply calling the ICICI Bank call center and redeeming them
CONS
- If we could fault something – it would be the lesser points on Fuel spends – 1 PAYBACK™ point for every ₹100 spent while for other spends you get 2 PAYBACK™ points for every ₹100 spent
