ICICI Bank Cancels 13 Lakh Credit Cards

ICICI Bank known for its aggressive lending and new age banking practices was caught on the wrong foot as its Direst Sales Associates and Agents bought in Delinquent customers which has led the Bank to rework its strategy, especially on the Credit Cards front.

In Dec-2009, ICICI Bank had 50.78 Lakh Credit Card Customers and it was on the list of Top Credit Card Issuers in India. However the number shrunk by a whopping 13 Lakh to 37.70 Lakh at the end of Dec-2010 as per RBI data released to CardBhai :-)

If you were one of those 13 Lakh customers whose credit card was canceled, we would like to hear from you. You can post your grievance on CardBhai Forum or e-mail it to us feedback At CardBhai.Com

Rewards Program - Unattractive

ICICI Rewards program on Credit Cards is unattractive compared to others.

• Gold and Silver credit cards [which most consumers hold], earn 1 reward point on every Rs. 200 spent.
• Platinum and Titanium Credit Card, earn 1 Reward point on every Rs. 100 spent.

Additionally, for co-branded cards, you continue to earn points in a somewhat better way - For Example co-branded cards of Amway will fetch you 1 point for every Rs 150 spent.

So to accumulate 1,000 points on Gold / Silver Credit Card, you need to spend a whopping Rs 200,000 on card or over 16,700 / month which is more than double the average balance on Credit Cards across the industry.

Indigo Airlines vouchers with Debit Card

ICICI Bank has written to us about a Special Monsoon Offer - Free Indigo Airlines vouchers worth Rs 2000 with your ICICI Bank Debit Card.

The voucher will be given every day to the person who spends maximum during the day with ICICI Bank Debit Card. You could be the winner! What you should do is club all the purchases you want to make on single day and do it. You never know, you could be that highest spender and hence the winner. W have recommended ICICI to issue a Winner region wise every day so that it is more attractive to consumers.

So hurry, make the most of your Debit Card, today!

Offer valid till August 31, 2009.

5% cash back at HPCL with Debit Card

Debit Cards are gaining lot of popularity post economic crisis. We have been just a while ago informed by ICICI Bank about a special offer beginning tomorrow.

Now, if you use your ICICI Bank Debit Card for just 5 non-fuel purchases in a month at any outlets, you get an assured 5% Cash Back on all fuel transactions you make for that month on ICICI Bank EDC machines at HPCL outlets.

If you have already used your Debit Card for fuel transactions this month, you can still avail of the 5% Cash Back on these transactions. All you need to do is use the card for 5 non-fuel purchases before the end of this month.

So, use your ICICI Bank Debit Card from June 1 to August 31, 2009 and save on your fuel costs.

• 5% cashback = 2.5% fuel surcharge reversal + 2.5% cash back
• Maximum Cash Back per customer - Rs 50 per customer and Maximum Fuel Surcharge per customer - Rs 50 per customer

Singapore Airlines Visa Platinum Credit Card

ICICI Bank has partnered with Singapore Airlines to launch the "ICICI Bank Singapore Airlines Visa Platinum Credit Card"

The features of the card, having an annual fee of Rs 6000, includes complementary membership to Singapore Airlines KrisFlyer Club and silver tier Hilton Honors Program, 5,000 KrisFlyer miles earned when used for the first time and up to 18 miles earned for every Rs 200 spent on the card, besides several other benefits.

The partnership is aimed at tapping the existing premiere customer base of both. Singapore Airlines has 80,000 Kris Flyer members in India and ICICI Bank has a credit card base of 7.5 million.