ICICI Makemytrip Credit Card Review

Me (Grok): Here’s a detailed review of the ICICI MakeMyTrip Credit Card:

Overview:

The ICICI MakeMyTrip Credit Card is a co-branded travel card aimed at individuals who frequently use MakeMyTrip for their travel bookings. It comes in two variants – Platinum and Signature, though the newer offering has been simplified into one card with both Mastercard and RuPay networks. This review focuses on the latest iteration unless specified otherwise.

Key Features and Benefits:

• Rewards Program:
  • myCash: Instead of traditional reward points, you earn myCash.
    • MakeMyTrip Bookings: 6% myCash on hotel bookings, 3% on flights, holidays, cabs, and buses.
    • Other Spends: 1% myCash on all other retail purchases.
  • No Expiry: myCash does not expire, providing flexibility in when you redeem your rewards.
• Welcome Benefits:
  • Joining Offer: A ₹1,000 MakeMyTrip voucher and MMTBLACK Gold Membership for one year on payment of the joining fee.
• Travel Perks:
  • Lounge Access:
    • Domestic: 2 complimentary visits per quarter.
    • International: 1 complimentary visit per year.
  • No Forex Markup: One of the card’s significant advantages, with a foreign currency markup fee of only 0.99%.
• Entertainment and Lifestyle:
  • Movie Tickets: Buy one, get one free on BookMyShow and INOX, twice a month, with up to ₹150 off on the second ticket.
• Fees:
  • Annual/Joining Fee: ₹999 + GST, waived on spending ₹3 lakh annually.
  • Renewal: Same fee structure, with the same waiver condition.

Pros:

• High Reward Rate for Travel: Particularly beneficial for frequent MakeMyTrip users, with a high myCash value for bookings.
• Low Forex Markup: Makes international transactions cost-effective.
• Membership Benefits: The MMTBLACK Gold Membership adds value to travel planning.

Cons:

• Limited to MakeMyTrip: Rewards are best utilized within the MakeMyTrip ecosystem, which might not suit everyone’s travel habits.
• Annual Fee: While waivable, it might not justify for those not reaching the spending threshold or using MMT extensively.
• Entertainment Offers: The movie ticket benefit, while nice, is not unique and might be surpassed by other cards in terms of frequency or discount.

User Experience:

• Ease of Use: The card is praised for its straightforward rewards system, particularly when booking through MakeMyTrip. However, some users have noted limitations in using myCash outside of MMT.
• Customer Service: ICICI Bank’s service has mixed reviews, with some users satisfied with support, while others mention challenges in resolving issues or discrepancies.

Sentiment from X and Web Reviews:

• Posts on X and web reviews often commend the card for its travel-specific benefits and low forex markup. However:
  • Pros: Excellent for MakeMyTrip loyalists, the forex benefit is a major plus for international travelers.
  • Cons: The restriction of rewards to MMT has been a point of contention, and some have expressed disappointment over changes in benefits like lounge access criteria.

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 is generally required.
  • Self-Employed: An annual income of approximately ₹6 lakh might be necessary.
• Residency: Must be an Indian resident, with availability potentially limited to cities where ICICI Bank has a presence.
• Credit Score: A good credit score is advantageous for approval, typically above 700, to ensure you’re a low-risk borrower.

Application Process:

Online Application:

1. Visit ICICI Bank or MakeMyTrip Website:
   • Navigate to the ICICI Bank website or directly to the MakeMyTrip platform where the credit card might be offered.
   • Look for the MakeMyTrip Credit Card and click ‘Apply Now’.
2. Fill Application Form:
   • You’ll need to provide:
     • Personal Details (Name, DOB, Address, etc.)
     • Employment Information (Company, Salary, etc.)
     • Financial Details (Annual Income, Existing Liabilities, etc.)
3. KYC Verification:
   • Video KYC: ICICI Bank might require a video KYC for identity verification:
     • Documents required include:
       • Proof of Identity (Aadhaar, PAN, Passport)
       • Proof of Address (Aadhaar, Utility Bill)
       • Income Proof (Salary Slips, Bank Statements, ITR for self-employed)
4. Digital Submission:
   • Upload or submit details of the required documents online.
5. Application Review:
   • ICICI Bank reviews your application, which might take up to 7 business days, depending on document verification and credit checks.
6. Approval and Card Issuance:
   • If approved, you’ll receive notification.
   • You might get a digital card for immediate use, with the physical card sent to your address.

Offline Application:

• Visit an ICICI Bank Branch:
  • Go to a nearby ICICI Bank branch with all necessary documents.
  • Fill out the physical application form provided by the bank.
  • Submit documents for KYC verification in person.
• Application Review: Similar review process but might be expedited with direct interaction.

Spending Requirements:

• Annual Fee Waiver:
  • To waive the ₹999 + GST annual fee, you need to spend ₹3 lakh annually on the card. This makes it important to use the card for a significant portion of your expenses to justify its benefits.
• Maximizing Benefits:
  • Travel Booking: Use the card for all MakeMyTrip bookings to maximize the 6% myCash on hotels and 3% on other travel segments. This is where you’ll get the most value from the card.
  • International Transactions: Leverage the 0.99% forex markup fee for savings on international spends.
  • Daily Spends: Even on non-travel purchases, you earn 1% myCash, so using the card for regular expenses can add up over time.
• Entertainment:
  • Utilize the BOGO offer on movie tickets to get some value from entertainment spending, especially if you go to the movies frequently.

Additional Tips:

• Monitor Application: Keep an eye on your email or registered mobile number for updates from ICICI Bank.
• Credit Score: If your score isn’t optimal, consider improving it before applying or look into pre-approved offers if you’re already an ICICI customer.
• Spending Strategy: Plan your travel bookings through MakeMyTrip to maximize rewards, and use the card for international transactions to benefit from the low forex fee.

Conclusion:

The ICICI MakeMyTrip Credit Card is ideal for those who book most of their travel through MakeMyTrip, as it maximizes rewards within this platform. Its low forex fee is also a significant draw for international transactions. However, if you’re looking for a card where you can earn rewards across multiple travel platforms or need broader spending rewards, you might want to consider other options.