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 cardholder͍s 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.
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.
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. From travel to lifestyle luxuries, these credit cards have got it all covered for you. In fact, some of the credit cards have special innovations too, for example the Unifare Metro Card, which acts like a credit card and a metro smartcard. Therefore, if you are looking for the best in credit cards, why go far when ICICI Bank has got everything that you want?
|Different Types of Credit Cards and Types||Joining Fee||Annual Fee|
|Platinum Chip Credit Card||0||0.00|
|ICICI Bank™ HPCL Coral American Express™ Credit Card||199||199.00|
|ICICI Bank™ HPCL Coral Credit Card||199||199.00|
|Manchester United ICICI Bank™ Platinum Credit Card||499||499.00|
|ICICI Bank™ Coral Credit Card||500||500.00|
|MakeMyTrip ICICI Bank™ Platinum Credit Card||500||0.00|
|Manchester United ICICI Bank™ Signature Credit Card||2499||2499.00|
|ICICI Bank™ Rubyx Credit Card||3000||2000.00|
|ICICI Bank™ Sapphiro Credit Card||6500||3500.00|
With a low entry fee and a selection of rewards across categories, the ICICI Bank™ Coral Credit Card is perfect for those who travel occasionally and enjoy going to the movies and want to earn reward points that actually translate to money.
With its low entry fee and amazing offers on fuel and retail transactions, this is an excellent card for everyday expenses. However, for those who enjoy travelling in comfort, this card might not be the right choice.
While this card offers dining, entertainment and retail benefits, it doesn’t offer any special PAYBACK points for fueling up at HPCL petrol pumps, as the Amex card does.
With a host of benefits ranging from dining and entertainment to luxury experiences, this card offers value for money and is perfect for someone who tends to live life king size.
If you are on the lookout for premium experiences on dining, entertainment, travel and shopping, this card is the right choice for you.
If you are looking for a travel credit card on a budget that will give you all the benefits of a premium card, the MakeMyTrip ICICI Bank™ Platinum Credit Card is the right choice for you.
If you are an avid Manchester United fan, you will be thrilled at the offers that come with this card. However, most of these offers can only be availed by top spenders, so there is no guarantee that you will receive these benefits.
While this card offers a slightly updated reward points system, it does not provide much in terms of benefits. If you are an ardent Manchester United fan, you might be better off going for the Platinum version of this card because it offers almost the same benefits at a lesser cost.
The ICICI Bank™ Platinum Chip Credit Card is a basic credit card that does not offer many benefits- however, it is also free of cost. Hence, this is a great starter card for anyone who has never had a credit card before.