Introduction to Amazon Pay ICICI Bank Credit Card
The Amazon Pay ICICI Bank Credit Card is a co-branded credit card offered in collaboration between ICICI Bank, one of India's leading private sector banks, and Amazon, the global e-commerce giant. This card is designed to appeal primarily to frequent Amazon shoppers by offering a rewards program that provides cashback in the form of Amazon Pay balance. The card stands out in the market due to its lack of joining or annual fees, making it a cost-effective option for users who wish to earn rewards without the burden of recurring charges. It is particularly beneficial for Amazon Prime members, who receive enhanced cashback rates on their purchases. This card aims to simplify the rewards process by automatically crediting the earned rewards to the cardholder's Amazon Pay balance, which can be used for a wide range of purchases, both on Amazon and with other partner merchants.
ICICI Amazon Pay Credit Card
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Joining Benefits of ICICI Amazon Pay Credit Card
No Joining or Annual Fee:
Lifetime free card with no joining or annual fees, making it a cost-effective option.
Cashback on Amazon Purchases:
5% cashback for Amazon Prime members on Amazon India purchases.
3% cashback for non-Prime members on Amazon India purchases.
Cashback on Partner Merchants:
2% cashback on payments made at over 100 Amazon Pay partner merchants.
Cashback on All Other Spends:
1% cashback on all other purchases.
Fuel Surcharge Waiver:
1% waiver on fuel surcharge at all petrol pumps across India.
Instant Reward Redemption:
Cashback is credited directly as Amazon Pay balance, which can be used for future purchases on Amazon.in or with partner merchants.
Dining Discounts:
Up to 15% off at over 2,500 partner restaurants across India through ICICI Bankโs Culinary Treats program.
Security Features:
EMV chip-enabled card for enhanced security against counterfeiting and fraud.
Interest-Free Period:
Up to 48 days of interest-free credit on purchases.
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Amazon Pay ICICI Bank Credit Card Features
- Rewards Structure:
- 5% Cashback for Amazon Prime Members: Prime members earn 5% cashback on purchases made on Amazon.in. This elevated reward rate makes it an attractive option for frequent Amazon shoppers.
- 3% Cashback for Non-Prime Members: Even without Prime membership, cardholders can still enjoy 3% cashback on Amazon.in purchases.
- 2% Cashback on Amazon Pay Partner Merchants: The card offers 2% cashback on transactions made at over 100 Amazon Pay partner merchants, expanding the usability of rewards beyond just Amazon.
- 1% Cashback on Other Transactions: For all other purchases, including shopping, dining, and travel, the card offers a 1% cashback rate, ensuring that users earn rewards on all types of spending.
- No Fees:
- No Joining Fee or Annual Fee: The card comes with no joining or annual fee, making it a truly no-cost option for users who want to benefit from cashback without worrying about maintenance costs.
- Automatic Rewards Credit:
- 1 Reward Point = 1 INR: The cashback earned through this card is automatically credited as Amazon Pay balance, with 1 reward point equivalent to 1 INR. This balance can be used to purchase over 10 crore products on Amazon.in or at partner merchants, offering a seamless experience for users.
- No Expiry on Rewards:
- Unlimited Rewards with No Expiry: Unlike some cards where rewards points may expire after a certain period, the rewards earned with the Amazon Pay ICICI Bank Credit Card do not expire, allowing cardholders to accumulate and use them at their convenience.
- Special Privileges:
- No-Cost EMI Options: The card offers no-cost EMI options for 3 and 6 months on eligible purchases on Amazon.in, making it easier for cardholders to finance larger purchases.
- Fuel Surcharge Waiver: A 1% surcharge waiver is provided for all fuel purchases made with the card, adding to the cardโs overall savings potential.
Pricing and Plans of Amazon Pay ICICI Bank Credit Card
The Amazon Pay ICICI Bank Credit Card is designed to offer a range of features and benefits with minimal associated costs, making it an attractive option for budget-conscious consumers. Below is a detailed breakdown of the fees and charges associated with the card:
- Joining and Annual Fees:
- No Joining Fee: The card does not require any joining fee, making it cost-effective from the start.
- No Annual Fee: There are no annual renewal fees, ensuring that users can maintain the card without incurring ongoing costs.
- Finance Charges:
- Interest on Extended Credit: The interest rate for carrying forward balances varies between 3.5% to 3.8% per month, which translates to an annual rate of 42% to 45.6%. The exact rate is determined based on the cardholderโs payment behavior and credit performance.
- Interest on Cash Advances: Cash withdrawals attract the same interest rates as extended credit, i.e., 3.5% to 3.8% per month.
- Other Fees and Charges:
- Cash Advance Transaction Fee: A transaction fee of 2.50% of the cash advance amount is charged, subject to a minimum of โน300. For certain cards, this fee may be reduced to 1.99%.
- Late Payment Charges: Depending on the outstanding amount, late payment fees range from โน100 to โน1,200. This fee structure is designed to penalize late payments while incentivizing timely payments.
- Over-limit Charges: If the cardholder exceeds the credit limit, a fee of 2.50% of the over-limit amount is levied, with a minimum charge of โน550.
- Foreign Currency Transaction Fee: A foreign currency transaction fee of 3.50% is applied to all transactions conducted in currencies other than Indian Rupees. Starting from March 1, 2024, a 1% dynamic currency conversion fee will also be applicable for transactions made in Indian Rupees at international locations or with merchants registered abroad.
- Fuel Surcharge: A surcharge of 1% or โน10 (whichever is higher) is applicable on fuel purchases. However, this surcharge is completely waived for fuel transactions made with the Amazon Pay ICICI Bank Credit Card, except at off-us terminals where GST may still apply.
- Rent Payment Fee: A fee of 1% is applied to all transactions categorized under rent payments (MCC 6513), effective from October 20, 2022. No rewards points are earned on these transactions.
- Interest-Free (Grace) Period:
- Grace Period: The grace period for interest-free credit ranges from 18 to 48 days, depending on the billing cycle and the timing of purchases. This grace period allows cardholders to manage their payments without incurring interest charges, provided they pay the total amount due within this period.
- Payment Methods:
- Multiple Payment Options: Cardholders can make payments through various channels, including cash deposits at ICICI Bank branches (with a โน100 transaction fee), cheques, drafts, internet banking, auto-debit from ICICI Bank savings accounts, and NEFT transfers from other banks.
- Billing and Dispute Resolution:
- Billing Frequency: The cardholder is billed monthly, and statements are sent by post or email. Cardholders are required to pay at least the Minimum Amount Due (MAD) by the due date to avoid late payment charges. Disputes regarding billing must be communicated to the bank within 60 days of receiving the statement.
Amazon Pay ICICI Credit Card Limit
The credit limit on the Amazon Pay ICICI Bank Credit Card is determined by ICICI Bank based on several factors, including the applicant's income, credit history, and overall financial profile. Hereโs how the credit limit works:
Understanding the Credit Limit
- Initial Credit Limit:
- Determined at Approval: When your card application is approved, ICICI Bank assigns an initial credit limit based on your creditworthiness. This limit is communicated to you when you receive the card.
- Factors Considered: The bank evaluates your income, existing debts, credit score, and repayment history to determine an appropriate credit limit.
- Credit Limit Review:
- Periodic Reviews: ICICI Bank may periodically review your account to assess if your credit limit should be increased or decreased. This could be based on your usage patterns, timely repayments, and any changes in your financial situation.
- Requesting a Limit Increase: You can request an increase in your credit limit by contacting ICICI Bank, especially if your income has increased or your financial situation has improved. The bank may require updated income documents and may review your credit score before approving the request.
- Temporary Credit Limit Increase:
- For Special Occasions: If you need a higher credit limit temporarily (e.g., for a large purchase or travel), you can request a temporary increase from ICICI Bank. The bank may grant this based on your credit history and repayment track record.
- Available Credit Limit:
- Monthly Statements: Your available credit limit is reflected in your monthly credit card statement, which shows the total credit limit minus any outstanding balance.
- Online Access: You can also check your available credit limit at any time through ICICI Bankโs mobile app, internet banking, or by contacting customer service.
Managing Your Credit Limit
- Stay Within Limit: Itโs advisable to stay within your credit limit to avoid over-limit fees, which are typically 2.50% of the over-limit amount.
- Impact on Credit Score: Using a high percentage of your credit limit regularly may impact your credit score negatively. Aim to use 30% or less of your available credit to maintain a good credit score.
How to Apply Amazon Pay ICICI Credit Card?
To apply for the Amazon Pay ICICI Bank Credit Card, follow these steps:
Step-by-Step Guide:
- Visit Amazon's Website or App:
- Log in to your Amazon account on the website (www.amazon.in) or open the Amazon app on your smartphone.
- Navigate to the Amazon Pay section.
- Locate the Credit Card Offer:
- Scroll down to find the "Amazon Pay ICICI Bank Credit Card" offer, typically under the "Amazon Pay" section.
- Alternatively, you can search for "Amazon Pay ICICI Bank Credit Card" in the search bar.
- Check Your Eligibility:
- Click on the credit card offer to view the details.
- Amazon may show a pre-approved offer if you're eligible based on your transaction history and other criteria.
- If not, you can still proceed to apply by filling out the application form.
- Complete the Application Form:
- Fill in the required details such as your name, date of birth, PAN number, and income information.
- Provide your mobile number and email address for communication.
- Existing ICICI Bank customers may have a quicker application process, with minimal documentation required.
- Submit KYC Documents:
- You may need to upload or provide your KYC (Know Your Customer) documents, such as Aadhar card, PAN card, and address proof.
- Some applicants may be able to complete KYC through an Aadhaar-based e-KYC process, which is quicker and fully digital.
- Review and Submit:
- Review all the details you have entered to ensure they are correct.
- Submit the application.
- Wait for Approval:
- After submission, ICICI Bank will review your application and check your eligibility based on your credit history and income.
- If approved, you may receive instant approval, and a virtual card will be issued, which you can start using immediately on Amazon.
- The physical card will be delivered to your registered address within a few days.
- Activate Your Card:
- Once you receive the physical card, follow the instructions provided to activate it.
- You can activate the card via ICICI Bankโs mobile app, internet banking, or customer service.
Additional Tips:
- Existing ICICI Bank Customers: If you are already an ICICI Bank customer, you may find the process faster, with fewer documentation requirements.
- Amazon Prime Members: If youโre an Amazon Prime member, ensure that your account is linked to your Amazon Pay ICICI Bank Credit Card to enjoy higher cashback rates.
By following these steps, you can apply for and start using the Amazon Pay ICICI Bank Credit Card to maximize your savings on Amazon and other partner merchants.
User Experience with Amazon Pay ICICI Bank Credit Card
The Amazon Pay ICICI Bank Credit Card is designed with a user-friendly approach, emphasizing convenience and seamless integration with Amazonโs ecosystem. Hereโs an overview of the user experience:
- Application Process:
- Online Application: The card application process is entirely online, facilitated through Amazonโs website or mobile app. Users can apply by navigating to the Amazon Pay section and filling out the required details. The process is straightforward and typically takes a few minutes to complete.
- Instant Approval for Eligible Customers: For existing ICICI Bank customers or Amazon users with a solid credit history, the card approval can be instant. Eligible applicants may even receive a virtual card immediately, which they can start using for Amazon purchases without waiting for the physical card to arrive.
- Documentation: Minimal documentation is required, especially for existing ICICI Bank customers, who can often complete the process with just an Aadhar-based e-KYC (Know Your Customer) verification. New customers may need to provide additional documents, such as proof of income and identity.
- Integration with Amazon Ecosystem:
- Seamless Usage on Amazon: The card is designed to integrate seamlessly with Amazonโs platform. Cardholders can easily track their rewards, view transactions, and manage their card through the Amazon app or website. The cashback earned is automatically credited as Amazon Pay balance, making it immediately available for purchases.
- Amazon Pay Balance Management: Users can use the Amazon Pay balance for a wide range of transactions, including purchases on Amazon.in and payments to over 100 partner merchants. This integration enhances the user experience by providing flexibility in how rewards are used.
- Customer Service and Support:
- Dedicated Customer Support: ICICI Bank offers dedicated customer service for Amazon Pay ICICI Bank Credit Cardholders. Support is available through multiple channels, including a toll-free number, email, and online chat. The customer service team is generally responsive, with a focus on resolving issues efficiently.
- Dispute Resolution: ICICI Bank provides a structured process for resolving disputes related to billing or transactions. Cardholders can escalate issues through the bankโs grievance redressal system if initial support does not resolve their concerns.
- Card Management:
- Mobile App and Online Banking: Cardholders can manage their account through ICICI Bankโs mobile app and internet banking platform. Features include viewing statements, paying bills, converting purchases into EMIs, and setting transaction limits. The app also allows users to block the card or request a replacement in case of loss or theft.
- Transaction Security: The card is equipped with Chip and PIN technology for enhanced security in physical transactions. For online transactions, ICICI Bank uses Verified by Visa (3D Secure) to ensure safe payments. Additionally, the card can be blocked instantly through the app or by contacting customer service if fraudulent activity is suspected.
- User Feedback and Ratings:
- Positive Feedback: The Amazon Pay ICICI Bank Credit Card generally receives positive reviews from users, particularly for its no-fee structure and the ease of earning and redeeming rewards. The integration with Amazon is a highlight, as it simplifies the shopping experience for regular Amazon users.
- Areas for Improvement: Some users have noted that the cashback rates outside Amazon and Amazon Pay partners are relatively modest (1%), which may not appeal to those looking for higher rewards on a broader range of spending categories. Additionally, the high interest rates on outstanding balances and cash advances could be a drawback for those who occasionally carry forward balances.
Benefits of Amazon Pay ICICI Credit Card
The Amazon Pay ICICI Bank Credit Card offers several additional perks and benefits that enhance its value proposition, especially for frequent Amazon users and those seeking cost-effective credit card options. Below are the key additional perks and benefits:
1. No-Cost EMI Options:
- Flexible Payment Plans: Cardholders can avail themselves of no-cost EMI options for 3 or 6 months on eligible purchases made on Amazon.in. This feature is particularly beneficial for financing larger purchases, allowing users to spread out payments without incurring additional interest charges.
- Wide Range of Eligible Products: The no-cost EMI option applies to a broad range of products available on Amazon, making it a versatile tool for managing big-ticket expenses.
2. Fuel Surcharge Waiver:
- 1% Surcharge Waiver: The card provides a 1% waiver on fuel surcharges at all petrol stations across India when paying with the Amazon Pay ICICI Bank Credit Card. This waiver is automatically applied to eligible transactions, helping cardholders save on routine fuel expenses.
- No Limit on Fuel Transactions: Unlike some cards that impose restrictions or caps on the number of fuel transactions eligible for surcharge waivers, this benefit is applicable to all fuel purchases, adding to its convenience.
3. Chip and PIN Security:
- Enhanced Security Features: The card is equipped with an embedded microchip, providing an additional layer of security against counterfeiting and fraud. Transactions at physical merchant outlets require a PIN, ensuring that only the cardholder can authorize purchases.
- 3D Secure for Online Transactions: For online purchases, the card uses Verified by Visa (3D Secure), which requires an additional authentication step, making online transactions safer and more secure.
4. International Usage:
- Global Acceptance: The Amazon Pay ICICI Bank Credit Card is powered by Visa, ensuring widespread acceptance at millions of merchants worldwide. Cardholders can use it for international transactions, making it a convenient option for travelers.
- Dynamic Currency Conversion (DCC) Fee: Starting from March 1, 2024, a 1% DCC fee will apply to transactions made in Indian Rupees at international locations or with merchants registered abroad. While this adds a minor cost to international usage, it is a standard fee across many credit cards.
5. Amazon Pay Partner Merchant Rewards:
- 2% Cashback on Partner Merchants: In addition to the rewards on Amazon purchases, the card offers 2% cashback when used at over 100 Amazon Pay partner merchants. These partners span various categories, including dining, entertainment, travel, and utilities, providing additional opportunities to earn rewards.
- Direct Credit of Rewards: The cashback earned from these transactions is directly credited to the Amazon Pay balance, ensuring easy access and usage of the rewards.
6. Savings on Everyday Expenses:
- Dining, Shopping, and Travel: Cardholders can enjoy 1% cashback on other expenses such as dining, shopping, insurance payments, and travel bookings. Although modest, this cashback adds up over time, offering incremental savings on everyday spending.
7. ICICI Amazon Pay Credit Card Benefits Lounge Access:
- The ICICI Amazon Pay Credit Card provides exclusive benefits, including complimentary airport lounge access at select domestic airports, cashback on Amazon purchases, and rewards for shopping and bill payments
8. Amazon Pay ICICI Credit Card Fuel Benefits:
- The Amazon Pay ICICI Credit Card offers 1% cashback on all fuel transactions, helping you save on fuel costs. No additional surcharges are applied, maximizing your fuel savings.
9. Amazon Pay ICICI Credit Card Benefits for Non Prime Members:
- The Amazon Pay ICICI Credit Card offers non-Prime members 3% cashback on Amazon, 2% on partner merchants, 1% on all other spends, and no annual fees or joining fees.
10. Amazon Pay ICICI Credit Card Benefits on Bill Payment:
- The Amazon Pay ICICI Credit Card offers 5% cashback on Amazon purchases, 2% on partner merchants, and 1% on all other spends. No annual fee and easy bill payments.
Comparative Analysis: Amazon Pay ICICI Bank Credit Card
| ๏ปฟFeature/Benefit | Amazon Pay ICICI Bank Credit Card | Flipkart Axis Bank Credit Card | HDFC Millennia Credit Card | SBI SimplyCLICK Credit Card | Citi Cashback Credit Card |
|---|---|---|---|---|---|
| Annual Fee | None | โน500 (waived on โน2 lakh spend) | โน1,000 (waived on โน1 lakh spend) | โน499 (waived on โน1 lakh spend) | โน 500 |
| Joining Fee | None | โน 500 | โน 1,000 | โน 499 | โน 500 |
| Rewards Structure | 5% cashback on Amazon (Prime members) | 5% cashback on Flipkart & Myntra | 5% cashback on Amazon, Flipkart, Swiggy | 10x rewards on Amazon, BookMyShow | 5% cashback on utility bill payments |
| 3% cashback on Amazon (Non-Prime) | 4% on preferred merchants like Swiggy, Uber | 2.5% cashback on online spending | 5x rewards on online purchases via partner | 5% cashback on movie ticket purchases | |
| 2% cashback on Amazon Pay partners | 1.5% cashback on all other spends | 1% cashback on all other spends | 1 reward point = โน0.25 on other spends | 0.5% cashback on all other spends | |
| 1% cashback on all other spends | 1 reward point = โน0.25 | ||||
| Reward Redemption | Auto-credited as Amazon Pay balance | Auto-credited as statement credit | Redeem points for statement credit or gift | Redeem points for gift vouchers or bookings | Auto-credited as statement credit |
| Can be used on Amazon and Amazon Pay partners | Can be used to offset card bill | vouchers | via SBI rewards portal | Can be used to offset card bill | |
| Fuel Surcharge Waiver | 1% surcharge waiver | 1% surcharge waiver | 1% surcharge waiver | 1% surcharge waiver | 1% surcharge waiver |
| Interest Rate (Annual) | 42% to 45.6% | 49.36% | 40.8% to 42% | 40.20% | 42% |
| Foreign Currency Mark-up | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
| Special Offers/Benefits | No-cost EMI on Amazon purchases | Welcome benefits on Flipkart & partner brands | 5% cashback on Apple purchases | e-Vouchers on annual spending milestones | Movie ticket booking benefits |
| Unlimited reward points with no expiry | Exclusive discounts on Flipkart sales | 1,000 bonus points on spends of โน1 lakh | Milestone benefits at โน1 lakh and โน2 lakh | ||
| Late Payment Fee | โน100 - โน1,200 | โน500 - โน1,200 | โน100 - โน1,300 | โน400 - โน950 | โน450 - โน1,300 |
| Eligibility | Minimum income โน25,000 per month | Minimum income โน15,000 per month | Minimum income โน35,000 per month | Minimum income โน20,000 per month | Minimum income โน30,000 per month |
| Target Audience | Frequent Amazon shoppers | Frequent Flipkart shoppers | Online shoppers and millennial customers | Regular online shoppers | General cashback seekers |
Summary of Comparision
- Amazon Pay ICICI Bank Credit Card: Best suited for frequent Amazon shoppers, particularly Prime members, with no annual fee and automatic cashback credited as Amazon Pay balance.
- Flipkart Axis Bank Credit Card: Ideal for users who shop primarily on Flipkart and Myntra, offering higher cashback on these platforms and other preferred merchants.
- HDFC Millennia Credit Card: Targets millennials with a focus on online spending and offers flexible rewards redemption options, but comes with a higher annual fee.
- SBI SimplyCLICK Credit Card: Offers strong rewards on online shopping, particularly through partnered merchants, and milestone benefits, with a manageable annual fee.
- Citi Cashback Credit Card: A general cashback card with straightforward rewards on bill payments and movie tickets, but with less focus on specific online platforms.
Amazon Pay ICICI Credit Card Eligibility
The eligibility criteria for the Amazon Pay ICICI Bank Credit Card are designed to ensure that applicants meet certain financial and demographic requirements. Below is a detailed breakdown of the criteria needed to apply for this credit card:
- Age Requirements:
- Primary Cardholder: The applicant must be at least 18 years old and not older than 60 years at the time of application.
- Supplementary Cardholder: The minimum age for a supplementary (add-on) cardholder is 18 years.
- Income Requirements:
- Minimum Income: Applicants must have a minimum monthly income of โน25,000. This can vary slightly depending on the applicant's location, employment status, and relationship with ICICI Bank.
- Employment Status:
- Salaried Employees: Must provide proof of stable employment, such as a salary slip or employment letter, indicating a regular income.
- Self-Employed Individuals: Need to submit proof of business continuity and income, such as the last two yearsโ Income Tax Returns (ITR) and bank statements.
- Credit Score:
- Good Credit History: Applicants should ideally have a CIBIL score of 700 or above. This indicates a good credit history, which increases the chances of approval.
- No Defaults: The applicant should not have any history of loan or credit card defaults.
- KYC Documentation:
- Identity Proof: Valid documents include Aadhar Card, PAN Card, Passport, Voter ID, or Driving License.
- Address Proof: Proof of residence can be established through documents such as a utility bill (electricity, water, or gas), rental agreement, or passport.
- Income Proof: Recent salary slips, Form 16, or bank statements showing income deposits (for salaried individuals), or ITR and bank statements (for self-employed individuals).
- Existing Relationship with ICICI Bank:
- ICICI Bank Customers: Existing customers with a good banking relationship and transaction history may find it easier to get approved, and may also receive pre-approved offers.
- Non-ICICI Bank Customers: Non-customers can also apply but may need to provide more comprehensive documentation during the application process.
- Residential Status:
- Indian Residents: The card is primarily available to Indian residents with a stable residential address.
- Non-Resident Indians (NRIs): NRIs may apply, but specific criteria related to income and documentation may vary.
- Additional Considerations:
- Application Through Amazon: Applicants who are frequent Amazon users and have their KYC verified through Amazon Pay may experience a quicker approval process.
- No History of Rejections: It is recommended that applicants should not have recent rejections for credit applications, as this may impact their approval chances.
Amazon Pay ICICI Bank Credit Card Overview
| ๏ปฟFeature | Details (โน) |
|---|---|
| Type of Card | Cashback Credit Card |
| Annual Fee | โน0 (No annual fee) |
| Joining Fee | โน0 (No joining fee) |
| Reward Rate | - 5% cashback on Amazon for Prime members |
| - 3% cashback on Amazon for non-Prime | |
| - 2% cashback on Amazon Pay partners | |
| - 1% cashback on all other spends | |
| Renewal Rate | โน0 (No renewal fee) |
Pros and Cons of Amazon Pay ICICI Bank Credit Card
The Amazon Pay ICICI Bank Credit Card offers several advantages, particularly for frequent Amazon shoppers, but it also has some limitations that potential users should consider. Below is a summary of the key pros and cons of the card:
Pros:
- No Joining or Annual Fees:
- Cost-Effective: The card comes with no joining fee or annual fee, making it an attractive option for those who want to benefit from a credit card without the burden of recurring charges.
- High Cashback on Amazon Purchases:
- 5% Cashback for Prime Members: Amazon Prime members earn a substantial 5% cashback on all Amazon.in purchases, which is one of the highest cashback rates available for online shopping.
- 3% Cashback for Non-Prime Members: Even without Prime membership, cardholders earn 3% cashback on Amazon.in purchases, making it a valuable card for regular Amazon users.
- Automatic Rewards Credit:
- Seamless Redemption: Cashback is automatically credited as Amazon Pay balance, which can be used for purchases on Amazon and at over 100 partner merchants, ensuring easy and instant use of rewards.
- No Expiry on Rewards:
- Unlimited Validity: The rewards earned do not expire, allowing cardholders to accumulate and use their cashback at their convenience without worrying about deadlines.
- Additional Perks:
- No-Cost EMI: The card offers no-cost EMI options on Amazon, which is useful for financing larger purchases without interest.
- Fuel Surcharge Waiver: A 1% waiver on fuel surcharges helps users save on fuel transactions.
- Secure Transactions:
- Chip and PIN Security: Enhanced security features such as Chip and PIN technology and 3D Secure for online transactions provide peace of mind.
- Low Documentation for Existing ICICI Customers:
- Easy Application: Existing ICICI Bank customers or verified Amazon users can enjoy a streamlined application process with minimal documentation.
Cons:
- Modest Cashback on Non-Amazon Purchases:
- Limited Cashback on Other Spends: The card offers only 1% cashback on non-Amazon purchases, which may be lower compared to other cashback cards that offer higher rewards across a broader range of spending categories.
- High Finance Charges:
- Expensive Interest Rates: The interest rate on outstanding balances ranges from 42% to 45.6% per annum, which is relatively high. Carrying a balance on this card can be costly.
- Foreign Currency Mark-up:
- 3.50% Mark-Up Fee: The card has a 3.50% foreign currency transaction fee, which is standard but still a significant cost for those who frequently make international purchases or travel abroad.
- Limited Appeal Outside Amazon Ecosystem:
- Best for Amazon Users: The cardโs primary benefits are centered around Amazon purchases, which may not appeal to individuals who shop across multiple platforms or are not frequent Amazon customers.
- No Rewards on Certain Transactions:
- Exclusions on Rewards: No cashback is earned on certain transactions such as fuel, utility bill payments, insurance premiums, and rent payments. Additionally, EMI transactions do not earn rewards.
- Eligibility Criteria:
- Income Requirement: A minimum monthly income of โน25,000 may exclude some potential applicants, particularly students or part-time workers.
Conclusion and Overall Rating
The Amazon Pay ICICI Bank Credit Card is a compelling option for frequent Amazon shoppers, offering significant rewards, especially for Amazon Prime members. With no joining or annual fees, the card provides excellent value by allowing users to earn cashback on every purchase, which is automatically credited as Amazon Pay balance. This balance can be used not only on Amazon but also at a wide range of Amazon Pay partner merchants, making the rewards flexible and easy to use.
The cardโs seamless integration with the Amazon ecosystem, combined with features like no-cost EMI options and a 1% fuel surcharge waiver, further enhances its appeal. It is particularly advantageous for those who prefer the convenience of online shopping and want to avoid the hassle of redeeming traditional reward points.
However, the card's rewards are heavily skewed towards Amazon and Amazon Pay transactions, which may limit its appeal to those who do not shop frequently on Amazon. Additionally, the card carries high finance charges, making it less ideal for users who tend to carry a balance.
Alternatives to the Amazon Pay ICICI Bank Credit Card
Here are some alternatives to the Amazon Pay ICICI Bank Credit Card, particularly for users who are looking for similar benefits in terms of cashback, rewards, or specific shopping platforms:
1. Flipkart Axis Bank Credit Card
- Ideal for: Frequent Flipkart and Myntra shoppers.
- Rewards: 5% cashback on Flipkart and Myntra, 4% on preferred merchants like Swiggy and Uber, 1.5% on all other spends.
- Annual Fee: โน500 (waived on spending โน2 lakh annually).
- Additional Benefits: Exclusive discounts and offers on Flipkart, Myntra, and partner brands.
2. HDFC Millennia Credit Card
- Ideal for: Millennials and frequent online shoppers.
- Rewards: 5% cashback on Amazon, Flipkart, and Swiggy; 2.5% cashback on other online spends; 1% cashback on offline spends.
- Annual Fee: โน1,000 (waived on spending โน1 lakh annually).
- Additional Benefits: Cashback on Apple purchases, bonus points on hitting spending milestones.
3. SBI SimplyCLICK Credit Card
- Ideal for: Regular online shoppers, especially those using partner websites.
- Rewards: 10x reward points on Amazon, BookMyShow, and other partners; 5x reward points on other online spends.
- Annual Fee: โน499 (waived on spending โน1 lakh annually).
- Additional Benefits: e-Vouchers on reaching annual spending milestones, flexible reward redemption options.
4. Citi Cashback Credit Card
- Ideal for: General cashback seekers.
- Rewards: 5% cashback on utility bill payments and movie ticket purchases; 0.5% cashback on all other spends.
- Annual Fee: โน500.
- Additional Benefits: Auto-credit of cashback to statement, making it easy to manage.
5. American Express Membership Rewards Credit Card
- Ideal for: Those looking to earn and redeem points for a variety of rewards.
- Rewards: Earn 1,000 bonus points on 4 transactions of โน1,000 each in a month; points can be redeemed for a wide range of rewards.
- Annual Fee: โน4,500.
- Additional Benefits: Access to exclusive American Express offers and experiences, reward points do not expire.
These alternatives offer a variety of benefits tailored to different spending habits, from cashback on specific shopping platforms to rewards on general purchases. Users can choose based on which card best aligns with their shopping preferences and financial needs.
FAQs: Amazon Pay ICICI Bank Credit Card
1. How does the rewards program work for the Amazon Pay ICICI Bank Credit Card?
- 5% Cashback: For Amazon Prime members on Amazon.in purchases (except certain exclusions like e-books and gift cards).
- 3% Cashback: For non-Prime members on Amazon.in purchases.
- 2% Cashback: On purchases made at Amazon Pay partner merchants.
- 1% Cashback: On all other transactions including dining, shopping, and travel.
- The cashback is automatically credited to your Amazon Pay balance.
ย 2. Are there any exclusions where I wonโt earn cashback?
Yes, cashback is not earned on the following transactions:
- Purchase of e-books and gift cards (both physical and digital) on Amazon.in.
- Loading Amazon Pay balance.
- Utility bill payments, mobile and DTH recharges.
- Gold purchases, EMI purchases, and rent transactions.
3. What are the interest rates and fees associated with the Amazon Pay ICICI Bank Credit Card?
- Interest Rate on Outstanding Balances: 42% to 45.6% per annum (3.5% to 3.8% per month).
- Cash Advance Fee: 2.50% of the withdrawn amount, subject to a minimum of โน300.
- Late Payment Fee: Ranges from โน100 to โน1,200 depending on the outstanding amount.
- Foreign Currency Mark-up Fee: 3.50% on all foreign currency transactions.
4. How can I manage my Amazon Pay ICICI Bank Credit Card?
You can manage your card through:
- ICICI Bank Mobile App: View transactions, pay bills, convert purchases into EMIs, and more.
- Amazon App: Check rewards balance and track spending.
- ICICI Bankโs Internet Banking: Access all card-related services online.
5. Why use the Amazon Pay ICICI Bank Credit Card?
- High Cashback: Earn up to 5% cashback on Amazon purchases, with rewards credited as Amazon Pay balance.
- No Fees: No joining or annual fees, making it cost-effective.
- Convenient Redemption: Use your Amazon Pay balance easily on Amazon and partner merchants.
- Extra Perks: Enjoy no-cost EMI options and a 1% fuel surcharge waiver.
- Secure Transactions: Chip and PIN technology and 3D Secure ensure safety.
