ICICI Bank RubyX Credit Card Review

Here’s a comprehensive review of the ICICI Bank Rubyx Credit Card:

Overview:

The ICICI Bank Rubyx Credit Card is part of ICICI Bank’s Gemstone series, positioned as a premium card offering a mix of lifestyle, dining, golf, and travel benefits. It’s known for its dual card feature, where you get both a MasterCard and an American Express card linked to the same account.

Key Features and Benefits:

Dual Card Advantage:
- You receive two cards (one Visa/MasterCard and one American Express), providing double the network access and benefits.
Rewards Program:
- Earning: 2 Reward Points per ₹100 on all domestic spends except fuel, and 4 Reward Points per ₹100 on international spends.
- Milestone Benefits: Achieve up to 15,000 Reward Points annually by hitting spending thresholds (3,000 points on ₹3 lakh spend, 1,500 points for every additional ₹1 lakh).
- Redemption: Points can be redeemed for various rewards including vouchers, travel, or cashback, with each point valued at approximately ₹0.25 when redeemed for cash.
Travel Benefits:
- Airport Lounge Access: 2 complimentary domestic lounge accesses per quarter on spending a minimum of ₹5,000 in the previous quarter.
- Railway Lounge Access: Similar access for railway lounges.
- Golf Privileges: Up to 2 complimentary rounds of golf every month, based on spend eligibility.
Entertainment and Lifestyle:
- Movie Discounts: 25% off up to ₹150 on movie tickets through BookMyShow, twice a month.
- Dining: Part of ICICI Bank’s Culinary Treats program, offering discounts at select restaurants.
Insurance and Protection:
- Air Accident Cover: Up to ₹1 crore.
- Lost Card Liability: Protection up to ₹50,000.
Fees:
- Joining Fee: ₹3,000 + GST, with welcome vouchers worth ₹5,000+ to offset this cost.
- Annual Fee: ₹2,000 + GST, waived upon spending ₹3 lakh annually.

Pros:

Versatile Rewards: The dual card system provides access to both Visa/MasterCard and Amex benefits.
Travel Perks: Decent lounge access and golf benefits for those who travel or enjoy golf.
Welcome Benefits: The welcome voucher can significantly offset the joining fee.

Cons:

Reward Rate: The reward rate is not the highest in its class, especially for domestic transactions.
Spending Requirements for Perks: To enjoy benefits like lounge access, you need to meet spending thresholds, which might not suit all users.
Annual Fee: While there’s a waiver option, the fee might not be justified for lower spenders.

User Experience:

Ease of Use: The dual card feature is appreciated by users for its flexibility in payments, especially internationally.
Customer Service: ICICI Bank’s service has mixed reviews, with some users lauding their responsiveness, while others have had less positive experiences.

Sentiment from X and Web Reviews:

There’s a general appreciation for the travel and entertainment benefits, particularly among those who can leverage the dual card networks. However, some users feel the rewards program could be more lucrative. Recent posts on X indicate that while the card can be valuable for those who meet the spending criteria, others might find it less compelling unless offered lifetime free (LTF).

Me (Grok): Here’s information on the eligibility criteria and application process for the ICICI Bank Rubyx Credit Card:

Eligibility Criteria:

Age: Applicants should be between 21 to 65 years old.
Income:
- Salaried Individuals: A minimum monthly income of around ₹25,000 to ₹30,000 (this can vary, so check the latest requirements).
- Self-Employed: A minimum annual income of about ₹6 lakh.
Residency: Must be an Indian resident with a valid address proof in a serviceable city by ICICI Bank.
Credit Score: A good credit score is beneficial, especially for non-ICICI customers or those applying for their first credit card from ICICI Bank. While not explicitly stated, a CIBIL score of 750+ generally improves approval chances.

Application Process:

For Existing ICICI Bank Customers:

Pre-Approved Offers: Often, existing customers receive pre-approved offers for cards like Rubyx through the bank’s app, website, or email.
Application:
- Digital Channels:
  - Log into your ICICI Bank account on the bank’s website or through the iMobile app.
  - Navigate to the credit card section, where you can find the Rubyx card listed if you’re eligible.
  - Click ‘Apply Now’ or follow the link in your pre-approved offer email.
Instant Approval: Many existing customers get instant approval if they meet the criteria.
Digital Card: Upon approval, you receive a digital card for immediate use.
Physical Card: Physical cards are dispatched shortly after, usually within 7-10 business days.

For Non-ICICI Bank Customers:

Application via ICICI Bank Website:
- Online Application: Visit the ICICI Bank website, go to the credit card section, and select the Rubyx card.
- Fill in Details: Complete the application form with personal, employment, and financial details.
KYC Verification:
- Video KYC: For new customers, ICICI Bank often conducts a video KYC process:
  - You’ll need to provide documents like your PAN card, Aadhaar, and income proof.
  - An ICICI representative will verify your identity through a video call.
Document Submission:
- Required Documents: Proof of identity (Aadhaar, PAN, Driving License), address proof, and income proof (salary slips, bank statements, or ITR for self-employed).
Approval: The approval process might take longer for non-ICICI customers, typically within 7 to 10 business days for KYC verification and credit assessment.
Digital and Physical Card: Similar to existing customers, you’ll get a digital card on approval, with the physical card following.

Additional Tips:

Monitor Your Application: You can check the status of your application via the ICICI Bank website or through the communication channel provided during the application.
Credit Score: A strong credit score can enhance your chances of approval. If your score isn’t high, consider improving it before applying for premium cards like Rubyx.
Contact Customer Care: For any queries or if you need to expedite the process, ICICI Bank’s customer service can provide assistance.
Documentation: Ensure all documents are up-to-date and match the information provided in the application to avoid delays.

Always refer to the official ICICI Bank website or contact their customer service for the most current eligibility criteria and application process details, as these can change.

Conclusion:

The ICICI Bank Rubyx Credit Card is best for individuals who can make use of its travel and entertainment benefits, have a lifestyle that matches its perks (like enjoying golf), and can meet the spending requirements for fee waivers and lounge access. For someone looking for a card with a higher reward rate on everyday spending, other cards might be more suitable. The dual card aspect adds a unique selling point, especially if you frequently transact where both networks are accepted.