ICICI Bank is one of the largest private sector banks in India, and it offers a wide range of credit cards to cater to the diverse needs of its customers. One of the most popular credit cards offered by ICICI Bank is the ICICI Coral Credit Card. This credit card comes with a host of benefits that make it an attractive option for people who are looking for a credit card that offers a lot of perks and rewards. In this article, we will take a closer look at the ICICI Coral Credit Card and explore its various benefits.
Overview of ICICI Coral Credit Card
The ICICI Coral Credit Card is a premium credit card that is designed to cater to the needs of people who want to enjoy a luxurious lifestyle. This credit card offers a range of benefits that include dining, shopping, travel, and entertainment privileges. The card comes with an annual fee of Rs. 1,000, which is waived off if the cardholder spends Rs. 1,25,000 or more in a year.
The ICICI Coral Credit Card offers a reward point system where cardholders earn 2 reward points for every Rs. 100 spent on the card. These reward points can be redeemed for a variety of benefits, including air miles, shopping vouchers, and merchandise.
Now, let’s take a closer look at some of the key benefits of the ICICI Coral Credit Card:
Dining Benefits
The ICICI Coral Credit Card offers a range of dining benefits that allow cardholders to enjoy delicious meals at some of the best restaurants in the country. With this credit card, cardholders can enjoy discounts of up to 15% at over 800 restaurants across India. This includes some of the top restaurants in the country, such as The Leela, The Taj, and The Oberoi.
In addition to this, the ICICI Coral Credit Card also offers a complimentary Culinary Treats membership, which gives cardholders access to exclusive dining privileges at select restaurants in India.
Shopping Benefits
The ICICI Coral Credit Card offers a range of shopping benefits that make it an attractive option for people who love to shop. With this credit card, cardholders can enjoy discounts of up to 15% at over 2,500 merchants across India. This includes some of the top brands in the country, such as Adidas, Nike, and Levi’s.
In addition to this, the ICICI Coral Credit Card also offers a complimentary ShopSmart membership, which gives cardholders access to exclusive shopping privileges at select stores in India.
Travel Benefits
The ICICI Coral Credit Card offers a range of travel benefits that make it an attractive option for people who love to travel. With this credit card, cardholders can enjoy discounts on flight tickets, hotel bookings, and car rentals. The card also offers complimentary access to select airport lounges across India.
In addition to this, the ICICI Coral Credit Card also offers a complimentary Travel Insurance policy that covers the cardholder for up to Rs. 50 lakh in case of any travel-related emergencies.
Entertainment Benefits
The ICICI Coral Credit Card offers a range of entertainment benefits that make it an attractive option for people who love to indulge in various forms of entertainment. With this credit card, cardholders can enjoy discounts on movie tickets, concert tickets, and theme park tickets. The card also offers complimentary access to select lounges across India.
In addition to this, the Coral Credit Card also offers a complimentary BookMyShow voucher worth Rs. 1,000 on the cardholder’s first transaction.
Other Benefits
Apart from the above-mentioned benefits, the ICICI Coral Card also offers a range of other benefits that make it an attractive option for people who want to enjoy a luxurious lifestyle. Some of these benefits include:
- Fuel Surcharge Waiver: The card offers a 1% fuel surcharge waiver on fuel transactions of up to Rs. 4,000 at HPCL petrol pumps.
- Contactless Payment: The card comes with contactless payment technology, which allows cardholders to make payments by simply waving their card at the payment terminal.
- EMI Facility: The card offers an EMI facility that allows cardholders to convert their high-value purchases into easy monthly installments.
- Easy Bill Payment: The card comes with an Auto Bill Pay feature, which allows cardholders to set up automatic bill payments for their utility bills, insurance premiums, and other bills.
- 24/7 Customer Support: The card offers 24/7 customer support, which ensures that cardholders can get assistance whenever they need it.
Eligibility and documentation
To apply for the ICICI Coral Credit Card, you need to meet certain eligibility criteria and submit the required documentation. Here’s a closer look at the eligibility criteria and documentation requirements for the ICICI Coral Credit Card:
Eligibility Criteria
- Age: You should be between 21 and 65 years of age.
- Income: Your annual income should be at least Rs. 6 lakhs.
- Credit Score: Your credit score should be good, which means a score of at least 750 or above.
Documentation Requirements
- Identity Proof: You need to submit a copy of any one of the following identity proofs – Aadhaar card, PAN card, Passport, or Voter ID card.
- Address Proof: You need to submit a copy of any one of the following address proofs – Aadhaar card, Passport, Voter ID card, or utility bills.
- Income Proof: You need to submit income proof in the form of salary slips, bank statements, or Income Tax Returns (ITR).
- Photographs: You need to submit recent passport-sized photographs.
Once you have gathered all the required documents, you can apply for the Coral Credit Card either online or by visiting the nearest ICICI Bank branch. During the application process, you will be required to fill in the application form, submit the necessary documents, and undergo a credit check. If your application is approved, you will receive your Coral Credit Card within a few days.
Fees and charges
While the Coral Card comes with a host of benefits, it is important to note that it also has certain fees and charges associated with it. Here is a detailed look at the various fees and charges of the Coral Credit Card:
Joining Fee
The joining fee for the Coral Credit Card is Rs. 1,000.
Annual Fee
The annual fee for the first year is Rs. 500, which is waived off if you spend Rs. 1.25 lakhs or more in the previous year. From the second year onwards, the annual fee is Rs. 500.
Interest Rate
The interest rate on the ICICI Coral Credit Card is 3.50% per month or 42% per annum.
Late Payment Fee
If you miss your credit card payment due date, you will be charged a late payment fee of Rs. 100 for the outstanding balance up to Rs. 500. For outstanding balance between Rs. 501 to Rs. 10,000, the late payment fee is Rs. 500. For outstanding balance above Rs. 10,000, the late payment fee is Rs. 750.
Overlimit Fee
If you exceed your credit limit, you will be charged an overlimit fee of 2.50% of the overlimit amount, subject to a minimum of Rs. 500.
Cash Advance Fee
If you withdraw cash using your Coral Credit Card, you will be charged a cash advance fee of 2.50% of the transaction amount, subject to a minimum of Rs. 300.
Foreign Currency Transaction Fee
If you use your Coral Credit Card for transactions in foreign currency, you will be charged a foreign currency transaction fee of 3.50% of the transaction amount.
GST
Goods and Services Tax (GST) will be applicable on all fees and charges levied on the ICICI Coral Credit Card.
The ICICI Coral Credit Card comes with certain fees and charges that you need to be aware of before applying for the card. While the joining fee and annual fee are relatively low, the interest rate, late payment fee, overlimit fee, cash advance fee, and foreign currency transaction fee can add up to a significant amount. Therefore, it is important to use the card judiciously and make timely payments to avoid paying these fees and charges.
How to apply for ICICI Coral Credit Card?
You can apply for the ICICI Coral Credit Card in two ways – online and offline. Here’s a step-by-step guide on how to apply for the ICICI Coral Credit Card:
Online Application
Step 1: Visit the official website of ICICI Bank.
Step 2: Click on the ‘Credit Cards’ option and select the ‘Coral Credit Card’ from the list of available credit cards.
Step 3: Click on the ‘Apply Now’ button.
Step 4: Fill in the online application form with your personal, contact, and income details.
Step 5: Upload the required documents, such as your identity proof, address proof, income proof, and passport-sized photographs.
Step 6: Review the application form and submit it.
Step 7: Once your application is processed and approved, you will receive your ICICI Coral Credit Card within a few days.
Offline Application
Step 1: Visit the nearest ICICI Bank branch.
Step 2: Request for the ICICI Coral Credit Card application form.
Step 3: Fill in the application form with your personal, contact, and income details.
Step 4: Attach the required documents, such as your identity proof, address proof, income proof, and passport-sized photographs.
Step 5: Submit the application form and documents to the bank executive.
Step 6: Once your application is processed and approved, you will receive your ICICI Coral Credit Card within a few days.
Conclusion
The ICICI Coral Credit Card is a premium credit card that offers a range of benefits and features to cater to the diverse needs of its customers. You can apply for the card online by visiting the official website of ICICI Bank or offline by visiting the nearest ICICI Bank branch. To ensure that your application is processed smoothly, make sure to meet the eligibility criteria, gather all the required documents, and fill in the application form accurately. If your application is approved, you can start enjoying the benefits of the ICICI Coral Credit Card right away.