The ICICI Bank Coral Credit Card is the most popular and affordable credit card in the Gemstone range of cards offered by the ICICI Bank.
The ICICI Bank is one of India’s leading private sector banks and currently has a network of more than 5000 branches in India.
Adding to this widespread reach, the bank has also created a large network of financial products and services. This ensures that premium financial products like credit cards have a wider reach to the semi-urban and smaller towns of India, providing them with the benefits of saving while spending.
With low annual maintenance and a host of benefits on travel, food and entertainment, this card comes in the stiff neck competition of its contemporary low maintenance cards, specifically the SBI SimplyCLICK Credit Card and the HDFC MoneyBack Credit Card.
Let us see how different this card is from its contemporaries and what category of spends would be most rewarding on this card.
The ICICI Bank Coral Card comes in MasterCard and Visa variants.
Contents
Benefits of ICICI Bank Coral Credit Card
WELCOME BENEFIT
There are no welcome benefits extended on this card.
RAILWAY LOUNGE BENEFITS
Finally, a mainstream credit card (as opposed to travel-specific credit cards) that offers railway lounge benefits. For a train-travel lover like me, benefits on railway travel are always a big plus-point in a credit card.
The ICICI Bank Coral Credit Card offers 1 complimentary access to select domestic railway lounges per quarter. Therefore, you have access to select railway lounges 4 times in a year.
AIRPORT LOUNGE BENEFITS
The card offers 1 complimentary access to select airport lounges per quarter on a minimum spend of Rs. 5000 in the previous quarter. In short, you are eligible for the complimentary airport lounge only if you happen to spend Rs. 5000 and above in the last 3 months.
A frequent flyer? Check out the amazing airport lounge benefits offered by the ICICI Bank Sapphiro Credit Card.
BOOKMYSHOW AND INOX BENEFITS
You can avail 25% discount up to Rs. 100 on a minimum purchase of 2 movie tickets through BookMyShow and INOX. This benefit is applicable twice a month.
FUEL SURCHARGE BENEFIT
1% waiver on fuel surcharge on a minimum spend of Rs. 4000 per transaction at all HPCL fuel stations.
MILESTONE BENEFITS
On a spend of Rs. 2 lakh a year, you receive 2000 PAYBACK points. Thereafter on every 1 lakh spent (Rs. 3 lakh onward), you receive 1000 PAYBACK points. You can earn a maximum of 10,000 PAYBACK points in a year.
OTHER BENEFITS
- Through the ICICI Bank Culinary Treats privilege, you receive special offers and discounts on dining.
- The ICICI Bank Coral Credit Card Visa variant extends offers and discounts on hotels, spas and fine dining in the country and abroad.
- The MasterCard variant offers access to the ‘MasterCard Moments’ portal. The Moments portal offers discounts and deals on travel, dining, entertainment and sports and also shopping.
Interestingly, the bank puts out a chart that shows around Rs. 11000+ worth savings on lifestyle and shopping spends in a year. The chart has been summarized here for you to check. The assumptions are based on an annual spend of Rs 3,60,000.
| 25% discount on movie tickets with BookMyShow and INOX | Rs. 2,400 |
| Cash rewards on an annual spend of Rs 3,00,000 | Rs. 1,425 |
| Milestone rewards on a spend of Rs 3,00,000 | Rs. 750 |
| Access to MasterCard or Visa Airport Lounge | Rs. 4,000 |
| 1% fuel surcharge waiver on Rs 5,000 spent every month on fuel | Rs. 600 |
| Complimentary access to Railway Lounge in India | Rs. 2,000 |
Reward/PAYBACK Points of ICICI Bank Coral Credit Card
The ICICI Bank is a premium partner of PAYBACK, India’s largest multi-brand loyalty program, and gives out reward points in the form of PAYBACK points. This means that reward points can be redeemed for products and offers from the PAYBACK catalog.
A huge benefit of PAYBACK points as reward points is the double points benefit.
For a purchase using your ICICI Bank Coral Credit Card, you can earn points from other PAYBACK partners, both online and in-store. Some well-known brands who are PAYBACK partners are Big Bazaar. HPCL, Brand Factory, Amazon, Flipkart, Myntra, Dominos, Swiggy, Lenskart and many other stores.
Also, noteworthy is that the PAYBACK catalog has a wide range of products and offers to choose from. A shopper’s delight I would say.
The PAYBACK point structure is as follows :
- 1 PAYBACK Point for every Rs. 100 spent on Utility Bills and Insurance-related spends.
- 2 PAYBACK Points on every Rs. 100 on every other spend, except fuel.
What is more rewarding is that you can encash your PAYBACK points too!
4 PAYBACK points = Re. 1
IN A NUTSHELL, PAYBACK POINTS CAN BE REDEEMED FOR
- Merchandise from the Rewards Catalogue of PAYBACK.
- Vouchers and E-Vouchers of numerous brands in food, fashion, electronics, grocery, entertainment and much more.
- Purchases at PAYBACK In-store and online partners.
- Air Miles.
- Cashback
Fees & Charges
JOINING FEE
The joining fee is Rs. 500 + taxes.
ANNUAL FEE/RENEWAL FEE
The Annual fee is Rs. 500 + taxes, waived off on a spend of over Rs. 1,50,000 in the previous year.
CASH ADVANCE CHARGES
2.5% of the amount advanced or Rs. 300, whichever is higher.
CHEQUE AND CASH PICK-UP CHARGES
Rs. 100 per pick-up.
RE-ISSUANCE OF LOST, STOLEN, OR DAMAGED CARD
Rs. 100.
STATEMENT RETRIEVAL CHARGE
Rs. 100 each for retrieval of statements more than 3 months old.
LATE PAYMENT CHARGES
| Statement Balance | Late Payment Charges |
| Less than Rs. 100 | No charge |
| Rs. 100 – Rs. 500 | Rs. 100 |
| Rs. 501 – Rs. 10,000 | Rs. 500 |
| Rs. 10,000 and above | Rs. 750 |
OVER LIMIT FEE
3.40% of the extended credit.
REDEMPTION HANDLING FEE
For Catalogue based redemptions on PAYBACK: Rs. 99.
For Online and in-store redemptions at PAYBACK: Rs. 25.
CASH REPAYMENT FEE
Rs. 100 per transaction.
RAILWAY BOOKING SURCHARGE
1.80% of the transaction amount for online ticket booking and 2.50% for counter ticket bookings.
OTHER MISCELLANEOUS FEE
| Drafts | 3% of the draft amount or Rs. 300, whichever is higher. |
| Return of cheque | 2% of the total amount due or Rs. 450, whichever is higher. |
| Outstation cheque processing fee | 1% of the cheque amount or Rs. 100, whichever is higher. |
| Charge slip request | Rs. 100 per charge slip. |
| Foreign currency transactions | 3.5% markup |
Eligibility for ICICI Bank Coral Credit Card
ICICI Bank has not specified set eligibility criteria for acquiring the card. Based on your net income, credit history, payment history, age and place of residence, the bank decides on your eligibility for the card.
However, taking into account the required expenditure for receiving milestone benefits, lounge facility and the renewal fee, our estimate is that an annual income of at least Rs. 3 lakh and upward would be needed for considering eligible.
From experience, I can say that a good spending history or a good credit score goes a long way in procuring a credit card from private banks.
To apply for the ICICI Bank Coral Credit Card, please visit the official webpage here.
Our Verdict on the ICICI Bank Coral Credit Card
The ICICI Bank Coral Credit Card can be your perfect first-ever credit card. The mentioned benefits also make it a desirable card for someone who spends a fixed amount of his or her income on lifestyle maintenance. This card is for you if you:
- Are looking for a low maintenance credit card.
- Love spending a couple of weekends every month watching movies and dining out.
- Travel a few times a year.
- Have considerable shopping needs from PAYBACK partnered business brands.
The fuel benefits of the card are not beneficial for someone with lesser fuel needs as there is an upper cap of Rs. 4000.
ICICI Coral card is also not the best one in terms of paying utility bills. Clearly, a more desirable card for someone with a knack for a luxurious lifestyle without spending too much on renewal fees.
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