ICICI Bank Coral Credit Card Review

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Here’s a detailed review of the ICICI Bank Coral Credit Card:

Overview:

The ICICI Bank Coral Credit Card is positioned as an entry-level premium card within ICICI’s gemstone series, offering a blend of rewards, travel, and lifestyle benefits. It comes in multiple variants including Visa, MasterCard, and American Express.

Key Features and Benefits:

  • Rewards Program:
    • Earning: You earn 2 Reward Points for every ₹100 spent (excluding fuel), and 1 Reward Point for every ₹100 on utilities and insurance.
    • Milestone Benefits: Up to 10,000 Reward Points annually based on spending milestones (2,000 points at ₹2 lakh spend, 1,000 points for every additional ₹1 lakh).
    • Redemption: Points can be redeemed for products, travel vouchers, or cash (₹0.25 per point for cash).
  • Travel Benefits:
    • Lounge Access: 1 complimentary domestic airport or railway lounge access per quarter, on spending ₹5,000 in the previous quarter.
    • Fuel Surcharge Waiver: 1% waiver on fuel transactions between ₹400 to ₹4,000 at HPCL pumps.
  • Entertainment and Lifestyle:
    • Movie Offers: Buy one get one free on movie tickets through BookMyShow or INOX, twice a month.
    • Dining: Benefits through the ICICI Bank Culinary Treats Program, offering discounts at select restaurants.
  • Insurance:
    • Air Accident Cover: Up to ₹1 crore.
    • Lost Card Liability: Protection up to ₹50,000.
  • Fees:
    • Joining/Renewal Fee: ₹500 + GST, which can be waived if you spend ₹1.5 lakh annually.

Pros:

  • Cost-Effective: The card’s annual fee is relatively low and can be waived, making it attractive for those looking for premium benefits without high costs.
  • Versatile Rewards: The rewards program covers a broad range of spending, although the rate isn’t the highest in the market.
  • Travel Perks: For its price point, the lounge access is a nice addition.

Cons:

  • Reward Rate: The reward rate on domestic spends is not competitive compared to some other cards.
  • Conditional Benefits: Many perks like lounge access require spending thresholds, which might not suit all users.
  • Limited International Benefits: The card focuses more on domestic perks, with less emphasis on international travel benefits.

User Experience:

  • Ease of Use: The ICICI Coral is straightforward, with the added benefit of being available in multiple card networks, enhancing acceptance.
  • Customer Service: ICICI Bank’s service has mixed reviews. Some appreciate the responsiveness, while others have experienced delays or issues.

Sentiment from X (Twitter) and Web Reviews:

  • X posts and web reviews often highlight the card’s affordability and its utility for beginners or those not looking to pay high annual fees for credit cards. However, there’s a consensus that its rewards and benefits might not keep up with some competitors, especially post recent adjustments to the program.
  • The Coral card is frequently recommended for those new to credit cards or looking for a basic premium card experience without significant expenditure.

Eligibility Criteria:

  • Age: Must be between 21 to 65 years for primary cardholders, 18 years and above for add-on cardholders.
  • Income:
    • Salaried Individuals: A minimum monthly income of ₹25,000 is often required.
    • Self-Employed: An annual income of around ₹6 lakh or more might be necessary.
  • Residency: Should be an Indian resident with a valid address proof in an area serviced by ICICI Bank.
  • Credit Score: While not explicitly stated, a good credit score, preferably above 700, can improve your chances of approval.

Application Process:

For Existing ICICI Bank Customers:

  1. Pre-Approved Offers: Existing customers might receive pre-approval via email, SMS, or through the iMobile app.
  2. Application:
    • Online: Log into your ICICI Bank account on their website or app, go to the ‘Cards’ section, and look for the Coral Credit Card.
    • Apply: Click ‘Apply Now’ and fill in your details. If pre-approved, you might get instant approval.
  3. Digital Card: Upon approval, you receive a digital card for immediate use.
  4. Physical Card: The physical card will be dispatched and should arrive within 7-10 business days.

For Non-ICICI Bank Customers:

  1. Visit ICICI Bank Website:
    • Online Application: Navigate to the ICICI Bank site, find the Coral Card under credit cards, and click on ‘Apply Now’.
  2. KYC Verification:
    • Video KYC: New customers might need to go through a video KYC process, requiring:
      • Proof of identity (Aadhaar, PAN, Driving License)
      • Address proof
      • Income proof (salary slips, ITR)
  3. Document Submission: Submit the required documents online or prepare them for upload during the application.
  4. Approval: This might take a bit longer than for existing customers, typically within 7 business days.
  5. Digital and Physical Card: You’ll get a digital card upon approval, with the physical card following.

Spending Habit Analysis for ICICI Bank Coral Credit Card:

  • Daily Expenses:
    • Food and Dining: The card’s dining benefits via the Culinary Treats Program are beneficial if you dine out regularly. Check if the participating restaurants align with your dining habits.
  • Travel:
    • Domestic: If you travel domestically often, the lounge access benefit can be advantageous. Analyze if you can meet the spending threshold of ₹5,000 per quarter to avail this benefit.
  • Entertainment:
    • Movies: The BOGO offer on movie tickets is valuable if you’re a frequent movie-goer. Consider if you go to the movies at least twice a month to make use of this offer.
  • Utilities and Insurance:
    • While these categories earn fewer rewards, if they make up a significant portion of your spend, the Coral Card at least ensures you’re still earning some points.
  • Milestone Rewards:
    • Track your annual spending to see if you can hit the ₹1.5 lakh mark for the annual fee waiver. If you’re close to or exceed this annually, the card becomes cost-effective.
  • Reward Redemption:
    • Calculate the value of your rewards by considering how often you’ll use them. If you rarely redeem rewards, the card’s value might be lower for you.
  • Fuel:
    • If you spend a lot on fuel, consider the 1% surcharge waiver at HPCL pumps. However, the card doesn’t offer rewards on fuel spends.

Analysis Tips:

  • Track Your Spending: Use apps or financial tools to categorize your expenses. See where your money goes monthly and if it aligns with the card’s reward structure.
  • Compare with Other Cards: Look at other cards’ offerings on similar spending categories to ensure you’re getting the best rewards for your habits.
  • Long-Term Value: Factor in the annual fee (and potential waiver) versus the benefits you’ll actually use. For some, the lounge access or movie tickets might not justify the card if their spending doesn’t match the card’s benefits.

Conclusion:

The ICICI Bank Coral Credit Card is well-suited for individuals starting their journey with premium credit cards or for those who want to enjoy some benefits without a hefty annual fee. It offers a decent set of features for its price, particularly if you can meet the spending criteria for fee waivers and additional perks. However, for those seeking higher rewards rates or more comprehensive travel benefits, exploring other options might be necessary.

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