In 1998, the ICICI Bank for the first time proposed to bring credit cards to the large, underserved population in both semi-urban and rural areas of India. In 2001, the ICICI Bank along with BPL Mobile entered into a tie-up to launch a co-branded credit card and thus the ICICI Bank-BPL Mobile Credit Card was launched. ICICI Bank launched Drivesmart Credit Card for transporters in 2002. In 2003, the ICICI Bank acquired the credit card division of Tata Finance. During 2004, the ICICI Bank’s credit cards cross two million mark. During the same year, the bank along with Mohun Bagan launch co-branded credit card. In 2005, the bank overtakes Citibank in terms of credit card business with the sale of 3 million credit cards over Citibank’s 2.5 million credit card sales.
The ICICI Bank stands for Industrial Credit and Investment Corporation of India Bank, is India’s biggest private sector bank.It is a multinational banking and financial services company. It is headquartered in Mumbai, Maharashtra State. Its registered office is located in Vadodara.
ICICI was constituted during the year 1955 at the initiation of the World Bank, the Government of India and representatives of the Indian industry with a principle objective to create a development of a financial institution for providing medium and long-term project funding to Indian business.
The ICICI Bank was initially promoted in the year 1994 by ICICI Limited. The ICICI Bank was the wholly-owned subsidiary of ICICI Limited, an Indian financial institution.
ICICI Bank has total consolidated assets of Rs 9,860.43 billion as of March 31, 2017. It has a network of 4,850 branches and 14,164 ATM’s in India. It has its presence in 18 countries other than India.
ICICI Limited’s shareholding in ICICI Bank was brought down to 46% through a public offering of shares in India during 1998 and an equity offering in the form of American Depositary Receipts (ADRs) listed on the New York Stock Exchange (NYSE) during 2000.
During 1999, ICICI Bank became the initial Indian Company and the first bank from a non-Japan Asia to be listed on the New York Stock Exchange (NYSE). In the same year, it changed its name from ICICI Banking Corporation Limited to ICICI Bank Limited on September 10, 1999.
In 2001, ICICI Bank acquired Bank of Madura Limited in an all-stock amalgamation deal. It sold an additional stake to institutional investors through secondary market sales in 2001-2002.
The following are the features of ICICI Bank’s Credit Cardholder
• Auto Debit Facility – ICICI Bank’s Credit card provides Auto Debit Facility for credit cardholders who have an account with ICICI Bank. You will have an added convenience of paying bills either the minimum amount due or the total amount due directly to credit card account through your bank account.
• Cash Advance – ICICI Credit Card provides cash withdrawal facility 24 hours a day from any VISA or MasterCard participating member bank ATM using card holder's APIN, with this facility one will never be broke. A fee of 2.5% will be levied for every transaction up to a minimum of Rs 300. In addition to the transaction fee, an interest will also be charged from the date of transaction till the date of repayment.
• Self-Set Limit – ICICI Bank Credit card provides you to pre-define your own credit limit. You can request a lower limit than what you are actually eligible for. The user can preset the monthly spending limits regularly.
Any kind of transaction over the set spend limit will be declined. The monthly spending limit can be reset during every billing cycle by calling the customer care and placing the request with the customer care executive. The spending limit will be changed online and the same will come into effect from the next billing cycle.
• Click to Pay – ICICI Credit card provides click to pay opportunity, the user can now use the available Net Banking or Debit Card to make ICICI Bank loan outstanding payments or pay ICICI Bank’s Credit Card bills.
• Mobile Alerts / E-mail Statement – The Statement Online facility provided by ICICI Bank for credit card holders is a very simple, yet powerful and convenient way to view the credit card statement details online without any postal delays. The mobile alerts from ICICI Bank will provide the information about the credit card even when you are on the move. If the cardholder has any payments due against the credit card account, then you will receive an alert five days before the due date relating to the total due amount, minimum due amount and payment due date for the respective credit card account.
The following are the benefits of using an ICICI Bank’s Credit Card:
• Easy Access to Money – With the advent of Credit Card, the cardholder can have easy access to money without facing any hassles. One need to carry the card with them all the time instead of cash. This will eventually reduce the qualms of withdrawing the money every time either from bank’s branch account or through ATM’s.
• Rewards – The credit card provides reward points for the cardholder. The bank will have tie-ups with the leading brands ranging from dining to shopping. The user of the card can buy products or render the services and make payment using a credit card to avail the cashback benefits apart from the redemption of points during every purchase.
• Internet Banking – The ICICI Bank’s Credit card related information can be obtained via internet banking facility. The user can make transactions like accessing the account information both for the current and last month’s statement, can view the payment status, check the monthly statement. It also enables the user to request for a duplicate PIN, can change the address of communication, can order for the draft facility, give auto debit instructions, can request for an add-on card facility as well.
• Payments Option – The ICICI Bank’s Credit cardholder can pay the credit bill either through cash or using cheque or internet facilities or through the phone. This saves the time of the credit cardholder. It also encourages the user of the credit card to increase the total number of transactions.
An individual can apply for ICICI Bank’s Credit card either through online or by visiting the nearby bank branch.
• The customer can visit the official website of ICICI Bank and click on ‘Product Option’ on the homepage.
• Select the ‘Credit Card’ option post which the prospective customer can go through the various credit card options based on the minimum annual income of the individual that is the required aspect to possess a credit card and check other features such as travel, lifestyle and so on.
• Once the desired card is chosen, now the applicants can move on to the next step by selecting the ‘Apply Now’ option after which they will be directed to a new page.
• Based on if the individual is an existing or a new customer, the application form will be presented which has to be filled by providing the required details.
• Finally, based on the eligibility criteria of the customer, the bank may or may not grant the credit card to the customer.
The customers can also apply for a credit card by sending an e-mail directly to the ICICI Bank.
The individuals can apply for credit card with ICICI Bank via offline by visiting the nearest branch of ICICI Bank. The applicants have to fill in the application form provided by the bank executives to secure a credit card and have to submit the required documents as mentioned in the application. If they meet the eligibility criteria, then the bank will provide the credit card to the customer. The decision to provide the credit card to a customer is solely based on the bank's discretion.
Customers can also procure credit card by placing a call to the customer care of ICICI Bank which is operational 24X7.
An individual should satisfy the below-mentioned criteria to secure a Credit Card with ICICI Bank
1. Should not be younger than 23 years at the time of submitting the application.
2. Minimum age of the add-on cardholder is 18 years.
3. Should have a monthly salary of Rs 20,000
4. If the individual is self-employed, then the minimum annual income must not be less than Rs 3 lakhs.
5. Should have good CIBIL Score.
• PAN Card
• Passport size latest photograph
• Address Proof – Passport, Driving License, Rental agreement, Flat maintenance bill (two months – latest and previous month), Phone Bill (two months – latest and previous months), Electricity Bill (two months – latest and previous month).
• One Identity Proof issued by the government of India – Election Voters ID, Driving License, Aadhaar Card, Passport, Ration Card.
• Proof of Income – Last 3 months salary slip or last 3 months bank statement, Form 16, Audited financials for at least last two years for self-employed individuals.
• Exceptional Features – ICICI Bank provides its customers a wide array of credit cards, tailored to meet the requirements of today’s digitized era.
• More Benefits – The Credit card offered by the ICICI Bank comes with a wide range of features and benefits ranging from holidays, hotel, airline, travel, fuel, movies, wellness, dining and so on.
• Special Cards for NRIs- ICICI Bank not only provides credit card facilities to the Resident Indians, the credit card facility is extended even for the Non-Resident Indians (NRI).
• Easily Accessible – It is very easy to secure an ICICI Bank’s Credit Card, the prospective customers have to walk into the nearest bank branch, submit all the required details and get the card delivered to your doorsteps within a short period of time.
• Valuable Customer Support – The ICICI Bank’s credit card division provides good customer support to the cardholders. The strong customer care support will help you to clarify any query or concern- just by dialing the number or sending an email.
ICICI Bank has introduced a facility known as Bill Payment to help the customers make online payment of bills including telephone, mobile, electricity, insurance and so on. The bank has a tie-up with more than 250 billers to help the customers to pay the bill online without facing any hassles.
One needs to have any of the following
- ICICI Bank Account
- ICICI Bank Credit Card (available only for select billers)
There are three categories of billers on the basis of how the cardholder pay their bills:
Presentment Type: For these billers, the bills are presented on the bank’s website and one can go and check them online. Once you register for a presentment type biller the details will be sent to the biller and whenever the bill is generated (which will be the next billing cycle from the registration date), it will be presented on the bank’s website and you can make the payment.
It takes a minimum of 30 days after the registration by the cardholder for the completion of the registration process and hence one cannot pay the bill immediately after registration.
The physical form of bills will also be delivered as per the norms.
Payment Type: For these billers, one can pay the bill immediately after registering for them. The bills for these will not be presented online and the cardholder has to enter the payment amount while making payment.
The cardholder will continue to receive bills in the physical form the biller as per the norms.
Shopping Mall Type: For this kind of billers, one has to go the shops (biller) website for paying the bills. They cannot be paid by first logging on to the bank’s website.
A cardholder can visit the nearest ICICI Bank and meet an executive and inform about the intention to close the existing credit card.
Fill in the details of Credit Card Closure Form and submit the same to the Branch Manager. Alternatively, download the form, fill it and send it to ICICI Bank Limited, Race Course Circle, Vadodara – 390007 or ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051. Once the process of cancellation is initiated, the cardholder should cut the respective credit card diagonally. The request will automatically lead to the termination of the add-on cards.
Termination of the credit card will be effective after payment of all amounts outstanding on the card account.
The cardholder has to mention the type of card – Primary/Add type of ICICI Bank’s Credit card which he/she wants to cancel. After submitting the request for cancellation the Phone Banking Officer will contact you within 3 working days on the registered phone number to confirm the cancellation. Your request will be processed within 7 working days after the officer contacts you.
Cardholders can also fill the Credit Card Cancellation Request Form which is available online and can submit the same to cancel the respective Credit Card of ICICI Bank. In case if you are re-trying the procedure, then you can check the status of the previous request as well.
The Cardholder can also call the Customer Care of the ICICI Bank and can cancel their credit cards at any point of time by calling the toll-free number 1800-200-8181, to initiate a request to cancel or close their respective credit card.
Q: Can I use my credit card for international transactions?
A: All the credit cards issued by ICICI Bank are active for international transactions. If you are not able to use your card for international transactions, you may call the customer care from your registered mobile number to activate your credit card for international transaction purpose.
Q: How to place a request for Balance Transfer on credit card?
A: Balance Transfer facility is based on the type of credit card and also the availability of offers on your credit card. To know more information you have to call customer care from your registered mobile number.
Q: Can I change my mailing address from office to home address?
A: Yes, you can change your credit card mailing address from office address to home address by contacting customer care through e-KYC.
Q: How does the Contactless Credit Card work?
A: Contactless Credit Card has a chip and a radio frequency antenna embedded. When the Contactless Credit Card is tapped against terminal enabled for contactless payments, the card transmits payment details wirelessly, eliminating the need to insert it. Account details are communicated to the reader and then processed through the acceptance network in the usual way.
Q: Is the Contactless Credit Card more secure?
A: The ICICI Bank Contactless Card never leaves the customer’s hand when a payment is made, there is no chance for a fraudulent transaction, so he/she is always in control. This gives added security to the card.
Q: How to track my ICICI bank credit card status?
A: If you have applied for a credit card through a bank website then you can track the status by entering information such as your application Id, Mobile number, PAN and Date of Birth.
If you have applied for a credit card through the branch or any other channels, you can check the status of the application by visiting the respective branch.
Q: What is 3D Secure PIN in ICICI bank?
A: 3D Secure Code is a service offered by ICICI Bank in partnership with MasterCard. This service provides a way to PIN-protect your card usage on the Internet. Your 3D Secure PIN must be 6 digits in length and contain only numbers. Simply register your card and choose a 3D Secure PIN. This 3D Secure PIN will be required whenever you use your card to make Internet purchases from participating merchants.
Q: How to generate 3D secure PIN for my credit card?
A: Steps for registration of credit card for 3D Secure PIN:
1. Visit the bank website
2. Select>>> Products
3. Click on >>>Cards
4. Select>>>Credit card option
5. Click on >>>3D secure registration and OTP generation
6. Click on >>>Register for Verified by Visa / Mastercard SecureCode
7. You will get an option to create your Personal Assurance Message (PAM).
You will be asked to create a 6-digit numeric PIN. Once you enter the 6-digit numeric PIN of your choice, it becomes your 3D Secure PIN.
Q: How can I download my credit card statement?
A: You can download your credit card statement through Internet banking and iMobile app.
Login to your Internet Banking Account > My Accounts > Credit Cards > Service request > Credit card statement request- E-mail > Choose the date from which date you required.
Login to iMobile > Click on Select Credit Card Number> Click on Card Number > Click on More options > Select the Last/past Statement > Choose the Statement date and View/Send e-mail.
Q: To whom do the add-on credit card will be given?
A: Add-on card can be given only to immediate blood relatives of the Primary Card Holder. The bank will provide up to 4 add-on cards.