ICICI Bank Parakram Credit Card | Guide For Indian Armed Forces

Today’s credit card is so much more than a payment device. With the right card, you could gain access to a treasure trove of rewards, discounts and travel perks! The ICICI Bank Parakram Credit Card is one such special credit card, offered to India’s defense and paramilitary service personnel as a way to salute their service. It’s built for not only financial flexibility but also a suite of lifestyle and travel perks that meet the special needs of our country’s active and retired service members.

We are here to take a deep dive into it with all the features, benefits and rewards offered and how it stands against others credit cards with its similar counterparts. We will also take a look at how the card could potentially offer all sorts of unique perks for the brave men and women in uniform.

What is ICICI Bank Parakram Credit Card?

ICICI Bank Parakram Credit Card is a co-branded credit card for Indian defense service personnel (Serving / Retired) in defence comprising Army, Navy, Air Force and Paramilitary services. It provides the unique reward which is in the spirit of serving Indian armed forces with access to discount, reward, and lifestyle benefits through travel rewards.

Based on the word "Parakram" (Which means Bravery and Valor), it is a small gesture of appreciation for the sacrifices and services rendered by these guardians of our nation. The card is designed to make your day-to-day spending more rewarding and offer some big benefits when it comes to travel, dining and insurance.

Salient Features of the ICICI Bank Parakram Credit Card

ICICI Bank Parakram Credit Card: The feature-filled card for defense and paramilitary personnel

The ICICI Bank Parakram Credit Card is a beneficial and sophisticate offering, designed especially for defence and paramilitary personnel. Here’s a closer look at the features that set this card apart:

Reward Points System

The reward points programme of ICICI Bank Parakram Credit Card is aimed at helping the card holders earn rewards on all their spending. So cardmembers can earn points in different categories, including transactions made online and offline.

• 5X Reward Points: Earn 5 reward points for every ₹100 spent at Canteen Stores Departments (CSDs), grocery and departmental stores. That makes it a great pick for your everyday shopping, particularly if you’re shopping at these specific stores.
  
  
• 1 Reward Point for every ₹100: Cardmembers earn 1 reward point for every ₹100 spent on all other purchases. That includes general retail purchases that don’t fit in any of the categories eligible for higher reward points.
  
  
• Monthly Cap: There is a cap on the number of reward points that can be earned through the 5X categories. Up to 1,000 reward points can be collected per month when making these purchases.
  
  

Points earned through rewards can be exchanged for an array of products ranging from flight tickets to hotel stays and many things in between. Whats more, these points can be used through the ICICI Bank Rewardz, which offers huge redemtion choices.

Dining Benefits

The exclusive offers on the ICICI Bank Parakram Credit Card are extremely tempting, one of which happens to be dining. Cardholders will also get deals and offers at selected restaurants and dining outlets in the country. This is a great bonus for foodies, who can save cash even when they eat out.

Travel Privileges

There are travel benefits on this card as well, so ICICI Bank ensures that travel enthusiasts among cardholders can explore national as well as international adventures.

• Domestic Lounge Access: The card owner can avail of 1 complimentary domestic airport lounge every quarter. That means cardholders can kick back and relax with style on long layovers or before their flights take off.
  
  

Insurance Coverage

• Personal Accident Insurance: The card offers ₹2 lakh insurance in case of an accident.
  
  
• Air Accident Cover: Cardholders also get air accident insurance cover of ₹20 lakh. This is an important feature for frequent fliers.
  
  

The insurance provides a financial barrier to any disasters, while also making things more comfortable on the road.

No Annual Fee or Joining Fee

One prominent feature of the ICICI Bank Parakram Credit Card is that there is no joining and annual fee. Whilst this makes it a bargain for defence and paramilitary staff Certainly cheaper than the AE Gold card anyway. Many premium credit cards carry high annual fees, but the fee waiver is part of the benefits of this card — courtesy of spending requirements.

• Annual Fee WAIVER: The annual fee is waived off if your annual spends exceed ₹1,00,000. That is an awesome feature that just makes the card more accessible and lucrative.
  
  

Fuel Surcharge Waiver

ICICI Bank Parakram Credit Card also comes with 1% fuel surcharge waiver across all petrol stations in India on a minimum transaction of ₹400 and maximum transaction of ₹4,000. This exclusive offer can be availed without thinking about those extra fuel charges, and this is suited for those who drive often.

The maximum waiver is ₹250 for a month, which means that cardholders can consider savings of a substantial amount on monthly allocations for fuel.

Comprehensive Insurance Coverage

Benefits of ICICI Bank Parakram Credit Card

The ICICI Bank Parakram Credit is a versatile card which offers nothing but benefits in the form of insurance to the cardholder. These include:

• Purchase Protection: Cardholders are covered for theft or damage of eligible purchases.
  
  
• Credit Shield cover: If the primary cardholder meets with death in an accident then the Indian Overseas Bank Credit Card is covered by Credit Shield to pay the outstanding card dues.
  
  

Add-on Cards

With ICICI Bank Parakram Credit Card, you can avail upto 3 add-on cards for your family members who are even above 18 years of age, without paying anything extra. This is a great benefit to make sure that your card’s rewards can be easily shared with family and friends.

What Makes The ICICI Bank Parakram Credit Card Stand Out?

Compared to other credit cards available in the market, ICICI Bank – Parakram Credit Card comes with several features that set it apart, especially for defence and paramilitary personnel:

• No Joining or Annual Fees: You won't be required to pay any joining fee or annual fee as compared to various other premium category cards.
  
  
• Step-Up in Military Privileges: The card brings exclusive privileges to defence personnel such as more reward points (compared to normal members) on purchases from the CSD and groceries, ensuring it is a relevant card for armed forces members.
  
  
• Insurance Cover: Excellent insurance package makes it a unique offer in the market and a valuable benefit for the card.
  
  
• Lifestyle Benefits – Travel and Dining: Various complimentary lounge access as well as travel insurance and dining discounts lead to that the cardholder lives a premium lifestyle owing to the ICICI Bank Parakram Credit Card.
  
  

How to Make the Most of the ICICI Bank Parakram Credit Card

To get the most out from the ICICI Bank Parakram Credit Card, consider using these tips:

• Leverage the 5X Reward Points: Be sure to use the card for CSD and certain grocery store spends and get 5X reward points. The more you use the card the more points you will earn, you can exchange these points for various travel and shopping rewards.
  
  
• Spend Wisely to Waive Off Fees: Try to spend at least ₹1,00,000 yearly on the card and get this way pay the card back and maximize the most out of card.
  
  
• Get Used to Being in the Lounge: Enjoy your domestic lounge access whilst flying. If you have access to the lounge, you can rest in comfort until boarding.
  
  
• Eat out and enjoy your Dining Benefits: When eating outside, find partner restaurants where you can get discounts with the card’s dining privileges.
  
  

Final Thoughts

The ICICI Bank Parakram Credit Card is a great proposition for the courageous men and women of our armed forces. Offering exclusive reward points, travel perks, dining privileges and a host of comprehensive insurance coverage makes everyday spending all that more rewarding and travel that much more secure and comfortable.

ICICI Bank Parakram Credit Card, not just a credit card, it’s a mark of respect for the selfless services of defense and paramilitary personnel, and is the perfect way to say thank you. If you are a serving or retired personnel from defense services, this card is designed to provide you the perfect mix of rewards and benefits that compliment your lifestyle and also make your purchases a rewarding experience.