Corporates tend to spend a lot of money for various things. They have separate budgets for specific categories like office supplies, payment of utilities, etc. ICICI Bank offers Purchase Credit Cards to companies so that they can closely monitor expenditure that they carry out under categories like office supplies, utility payments, etc. It also makes their payment process faster and more efficient. Firms that depend on manual calculation and account keeping often witness higher costs of processing and an absence of visibility in the expenditure categories. On the other hand, companies using a purchase credit card have experienced an average saving of 10% in their overall costs. This was proven by a study that was conducted by Aberdeen Group Study 2005.
ICICI Bank Purchase Card makes tracking and analysis of data easy and more convenient. This further leads to better negotiation and sourcing by the firms. Let us take a detailed look at all the other functions that are performed by the ICICI Bank Purchase Card.
Features and Benefits of the ICICI Bank Purchase Credit Card
The ICICI Bank Purchase Card comes with a set of useful and exciting features and benefits some of which are listed below:
Companies can enjoy up to 45 days of the interest-free period.
This card comes with advanced data for useful decision making and supplier negotiation based on facts.
This card is equipped with enhanced online reporting tools.
Cardholders can choose from two different billing dates.
A dedicated relationship manager will be available for the company to support its infrastructure.
Companies will receive online e-statement of their account with a proper break-up of the expenses made using the credit card.
This credit card is accepted across the world.
Companies will be provided with a relationship and sales team for the ongoing management of the account.
Fees and Charges of ICICI Bank Purchase Credit Card
Listed below are the various fees and charges levied on the cardholder of an ICICI Purchase Card:
Types of fees and charges
Joining fee for primary as well as supplementary cardholders
Since this is a charge card with no revolving credit, the company will have to pay the total outstanding balance on the due date.
Default and late payment charges
3% of the total outstanding balance (subject to a minimum of Rs.400)
Up to a maximum of 45 days of credit-free period
Replacement card fee
Cash advance fee
Duplicate statement fee
Foreign currency transactions
Cheque/ECS return fee
Outstation cheque processing fee
0.5% of value of cheque subject to a minimum of Rs.100
Charge slip retrieval fees
Railway ticket booking surcharge
1.8% of transaction done online and 2.5% for over-the-counter tickets
Fees on making cash payments at bank branches
How to Apply for an ICICI Purchase Credit Card?
Companies can apply for an ICICI Purchase credit Card in the following ways:
They can log on to www.icicibank.com, select the ICICI Purchase Card and click on the “Apply” button. The page will lead the applicant to an application form on which they will need to fill in important details like their name, address, email ID, phone number, etc. Once they submit the application form, a customer care executive will get in touch with them and process their application.
They can call the bank’s 24x7 customer care number at 1800-200-3344 and ask the executive to process your application.
Alternatively, authorities from the company can walk into the nearest branch of ICICI and submit an application form in person.
Eligibility criteria of the ICICI Bank Purchase Credit Card
ICICI Bank has different eligibility criteria for different firms in India. However, the basic requirement is that the firm should not be involved in any kind of malpractices or illegal activities.
FAQs about ICICI Bank Purchase Credit Card:
What is the interest-free period that a firm can avail?
A firm can enjoy an interest-free period of 45 days.
Can firms withdraw cash using the ICICI Bank Purchase Card?
No, there is no provision of cash withdrawal facility offered by ICICI Bank Purchase Card.
Does the size of the firm matter in procurement of the card?
Yes, the size of the firm matters to an extent.
Does this card firms in cost-cutting?
Yes, this card helps firms to cut costs by making legitimate and reasonable negotiations.
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I have taken a ICICI make my trip credit card. Recently i am using this card from July month. I am happy with the credit limit it was Rs. 90k, more sufficient and also i am getting credit card statement through Email. On every purchase, i get reward points. I am getting some offers in online shopping like Flipkart and etc. Customer service need to be improved .
I have ICICI Bank credit card which i am using for the past 1 year .This credit card was taken through bank directly.This was a life time free card and this was a coral card and there are fuel benefits and movie ticket offers but not tried so far .This service was quite average according to me .
ICICI Bank is a very good bank and i have two cards. One is free credit card and other one is chargeable card. This is jet airways sapphiro card and the annual charge for this card is Rs. 5000. I am getting free one way air ticket. I am very happy with the service and the credit limit was Rs. 2,50,000.
I have ICICI Bank credit card which was taken through Bank directly.This was a free card and the credit limit was really sufficient and there are very useful cash back offers as well as reward points .I have submitted the required documents for this credit card.I am comfortable on using this credit card .
For past six months I am using ICICI bank credit card which was applied directly to them. So far I have not faced any issue by using this card. It is a life time free. There is an option of EMI conversion and it is useful if I purchase any huge amount.
I am using ICICI BANK amazon card for past 5 months. It is a life time free card. I got the card on behalf of amazon prime account. Credit limit is Rs.25,000. I get discount on online portal. Customer support is very easy to connect. EMI conversion options are available and the interest 14%.
I am using ICICI BANK coral credit card for past 3 years. Limit enhancement is not done which is the drawback. I have only the limit of Rs.25,000 for past 3 years. I will close this card due to low limit. Rewards points can be converted into the form of cash.
I am using ICICI credit card for past 2 months. Credit limit is high and very happy with it. I get free domestic airport lounges, 15% discounts on some restaurants and dining. For First year the card is chargeable, further it is a free credit card.
I am using ICICI bank credit card for past 3 years. The card is approved with Credit limit is 25K now it is 50K. I use this card for all purpose. I use to get rewards points but I have not redeem yet. It is a life time free card. Contacting customer support is easy via mobile app.
I am using ICICI CORAL credit card for more than 1 year. Credit limit was sufficient, i think it was Rs. 2 lakhs and i am very happy. Customer service was good and i applied this card directly through bank. Every thing is good and i hope this is a free card.
I have been using ICICI bank credit card for more than one year. It is a life time free card but the credit limit was less of 20K. To enhance the limit, I have raised to customer care but they have not done any action. EMI option is applicable but am not interested to use. Based on usage I am not getting any benefits and offers. It is a master card.
I am holding ICICI bank credit card for more than one year. I had applied through bank directly. It is a life time free card and the credit limit was okay of 20K. They have called me to provide other details but I have asked them to enhance the limit, I need to wait for 1-3 months. I get one plus one free movie ticket in book my show and dining offers as well. Based on the usage I get cash back . Mostly I spend for shopping. It is a coral card .
I never faced any issue from ICICI bank credit card and I get a reminder when I'm near to due date. I also get some calls regarding the offers. I'm using the make my trip credit card hence i get discounts on ticket booking. There is a flexi option is there. Through the app, I can able to convert my transaction into EMI.
I am using ICICI Bank coral card which was directly availed through Bank.I am using this credit card for almost 2 years and the credit limit was sufficient and there was no difficulties faced so far .I have got the credit card on exact time frame without any delay .I am satisfied with the service so far .
I have ICICI Bank credit card which was taken directly through Bank.This was a chargeable card and using for the past 1 year .The agent gave a clear picture about the card process.This card is good to use and satisfied with the credit limit.This card is good to use and satisfied with the service so far.
I am using ICICI BANK CREDIT CARD quite for a long time. This is a life time free card. Customer service and responsiveness was good. The credit limit was good they given Rs. 1,90,000. I am the employee of this bank so i got a offer directly from my bank
I have chosen my credit card from ICICI bank, because I am a customer of this bank for past 10 years. Already I have a account with them and if I purchase a credit card, its easy for me to make the payment. I am not sure about the offers provided by them. There is a surcharges waiver for fuel and I get 2 free movie tickets for this card.
I have been using ICICI bank credit card for more than 6 years. Based on salary account I got credit card offered directly from bank with annual fee of 250 rupees is nominal. The credit limit of 1L is good, they have offered more than a lakh but I felt this limit was okay. EMI option is avail and charges are nominal. I use for simple usage, I get many offers like one movie ticket free in PVR but I wont use that offer. Mostly use for online shopping. Based on usage I get reward points and cash back. It is a coral card.
I am holding ICICI bank coral credit card for more than 5 months. Since I am holding salary account, they have offered a life time free card and with good credit limit of 54K. EMI conversion is available and there is no charges. Mostly I use for online shopping and fuel based on usage I have not get reward points or cash back.
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Reviewed on Dec 04, 2019
I have ICICI Bank credit card which was taken through bank directly. This was a coral card and the credit limit was 28,000 . Agent has shared all the details about the card process. I have not yet checked any cash back offers and reward points. I am satisfied with the service so far .