ICICI Coral Credit Card Review: High Interest Rates

ICICI Bank’s Gemstone credit card collection comprises five distinct cards, including Coral, Rubyx, Sapphiro, Emeralde, and Diamant. Among these, Coral serves as the entry-level option, while Diamant, an invite-only card, holds the highest position in the lineup. In this article, our focus will be on a comprehensive review of the ICICI Coral credit card, specifically the American Express variant, which is the more commonly asked for variant.

Overview of ICICI Coral Credit Card

Features	Benefits
Reward Points	– Earn 2 PAYBACK points for every Rs. 100 spent, except on fuel.
	– Get 4 PAYBACK points for every Rs. 100 spent on dining, groceries, and supermarkets.
	– Redeem points for gift vouchers, merchandise, air miles, and more.
Lounge Access	– Enjoy complimentary access to select Indian airport lounges, up to 1 times per quarter. (On spending Rs. 5000 in previous quarter)
	– Access over 450 lounges worldwide through the Dreamfolks DragonPass Lounge Programme at fee of $27.
Movie Tickets	– Get up to 25% off on movie tickets per month, up to Rs. 100 per ticket when booking through BookMyShow.
	– Enjoy a discount of up to Rs. 100 on your second ticket when booking through INOX.
Fuel Surcharge Waiver	– Save on fuel costs with a 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 4,000, up to a maximum of Rs. 100 per month.
Additional Benefits	– Access discounts on dining, shopping, travel, and entertainment through the ICICI Bank Culinary Treats Programme and the ICICI Bank Privileges Programme.
	– Receive a complimentary personal accident insurance cover of up to Rs. 50 lakhs and an air accident insurance cover of up to Rs. 1 crore.

Rewards

The ICICI Coral Credit Card boasts a compelling rewards programme that is nothing short of captivating. Cardholders have the privilege of earning Coral Points with every transaction, and what sets it apart is the complimentary access to Visa affiliated lounges. With a seamless process to accumulate and redeem points, this credit card offers enticing benefits to its users.

Card Features	Reward Rates
Dining, Groceries, Supermarkets	4 Payback points per Rs. 100 (~1%)
All Other Purchases	2 Payback points per Rs. 100 (~0.5%)
Reward Rate	1% & 0.5% respectively (1 Payback point = Rs. 0.25)

Movie & Dining

25% discount up to Rs. 100 on movie ticket booking on BookMyShow and INOX two times a month.

15% discount on dining on partnered restaurants.
With 4 Payback points for every Rs. 100 spent on dining, groceries, and at supermarkets. While the reward rate is less compared for dining specific HDFC Swiggy credit card, it’s worth noting that 2 Payback points are earned for every Rs. 100 spent elsewhere.

Fuel Savings

The ICICI Coral Credit Card offers fuel surcharge waivers at select petrol stations, majorly HPCL as they majorly use ICICI card swipe machine for payment.

Domestic Lounge Access

1 complimentary lounge visit in each quarter on a minimum spend of Rs 5000 in the previous calendar quarter.

Eligibility and Application

Getting your hands on the ICICI Coral Credit Card is a straightforward process. The eligibility criteria are inclusive, making it accessible to a wide range of individuals. To apply, you need to meet specific income and age requirements, along with presenting necessary documents. The application process can be initiated online, saving time and effort. ICICI Coral Credit Card is generally pre-approved with a decent relationship with ICICI bank.

Eligibility Criteria	Requirements
Primary Cardholder’s Age	23 years or more
Supplementary Cardholders’ Age	18 years or more
Primary Cardholder’s Income	Minimum Rs. 5 lakhs as per ITR
Documents Required	Proof of address, identity, income

Fees and Charges

Understanding the fees and charges is essential when considering a credit card. The ICICI Coral Credit Card comes with an annual fee, which can vary based on your spending and usage. However, it’s important to note that the benefits and rewards can far outweigh the nominal charges.

Fees and Charges	Amount
Joining Fee	Rs. 500 + GST
Annual Fee	Rs. 500 + GST (waived off if you spend more than Rs. 1.5 lakhs in the previous year)
Interest Rate	3.4% per month (40.8% per annum)
Cash Advance Fee	2.5% of the amount withdrawn or Rs. 300, whichever is higher
Late Payment Fee	Rs. 100 to Rs. 750, depending on the outstanding balance
Overlimit Fee	2.5% of the overlimit amount or Rs. 500, whichever is higher
Foreign Currency Transaction Fee	3.5% of the transaction value

Summary