ICICI Bank Parakram Credit Card Review 2026: No Annual Fee, Fuel Still Earns & FAQs
ICICI Bank Parakram Credit Card carries no joining or annual fee and earns 1 Reward Point per ₹100 — about 0.25%. One of only two ICICI cards that still earns on fuel. For defence personnel. Fees and FAQs.
The Parakram range is ICICI's proposition for defence personnel. ICICI Bank Parakram Credit Card carries no joining or annual fee and earns 1 Reward Point per ₹100, about 0.25%.
It also has a distinction no other ICICI card except its sibling can claim.
ICICI Bank Parakram Credit Card Quick Overview
| **Card type** | Defence-segment card |
|---|---|
| **Best for** | Serving and retired defence personnel |
| **Joining / renewal fee** | Nil, same on renewal |
| **Network** | Visa, Mastercard |
| **Base reward rate** | **0.25%** |
| **Reward currency** | ICICI Bank Reward Points, valued at ₹0.25 each |
| **Lounge access** | 1 domestic visit per quarter (4 a year) |
| **Forex markup** | 3.5% |
Reward Structure: How You Earn
ICICI does not publish what a Reward Point is worth — not in its Most Important Terms, not in the card terms, not on its own rewards page. This review uses ₹0.25, the third-party consensus for statement-credit and catalogue redemption, so every percentage below rests on a figure the bank will not state.
1 Reward Point per ₹100 on eligible spends — about 0.25%.
| Spend | Effective rate |
|---|---|
| Everything else | 0.25% |
| Fuel, rent, wallet loads, government, gaming | **0%** |
The caps that actually bind
Headline rates mean little until you know where they stop. These are the limits on this card:
| Cap | Limit |
|---|---|
| Utility | 40,000 points per calendar month |
| Insurance | 40,000 points per calendar month |
| Transport | 10,000 points per calendar month |
This is one of only two ICICI cards that still earns Reward Points on fuel. From 15 January 2026 the rest of the range earns nothing on fuel at all; ICICI names the Parakram cards as the exception.
Grocery is uncapped here too. ICICI's February 2026 cap table shows 'NA' for the Parakram tier where every other tier carries a grocery ceiling. Utility and insurance are capped at ₹40,000 of spend a cycle and transportation at ₹10,000.
The card is free, so joining_fee of zero is a published fact rather than a placeholder.
Category Restrictions: Where You Won't Earn
- Where you earn nothing: Earns nothing at all: fuel (MCC 1361, 3851, 5172, 5541, 5542, 5555, 5983, 9752 — the Parakram cards are exempt); e-wallet loads (MCC 6540 — the Amazon Pay card is exempt); cash advances; and, on the premium metal cards, government services, rent, tax payments and property management. Both fuel and wallet exclusions took effect on 15 January 2026.
- Point expiry: Reward Points are valid for 36 months from the date of accrual. Points LAPSE ENTIRELY on card cancellation, and a redemption handling fee of ₹99 plus GST applies to each redemption request.
- Redemption fee: ₹99 per redemption.
- Utility cap: ₹40,000 of utility spend per statement cycle qualifies for Reward Points, w.e.f. 1 February 2026. This is a SPEND ceiling, not a points ceiling — spend beyond it in this category earns NOTHING more that cycle, rather than dropping to a lower rate. ICICI sets the ceiling by card tier; this card is on the parakram tier.
- Insurance cap: ₹40,000 of insurance spend per statement cycle qualifies for Reward Points, w.e.f. 1 February 2026. This is a SPEND ceiling, not a points ceiling — spend beyond it in this category earns NOTHING more that cycle, rather than dropping to a lower rate. ICICI sets the ceiling by card tier; this card is on the parakram tier.
- Transport cap: ₹10,000 of transportation spend per statement cycle qualifies for Reward Points, w.e.f. 1 February 2026. This is a SPEND ceiling, not a points ceiling — spend beyond it in this category earns NOTHING more that cycle, rather than dropping to a lower rate. ICICI sets the ceiling by card tier; this card is on the parakram tier.
Fees and Charges
| Charge | Amount |
|---|---|
| Joining fee | Nil |
| Renewal fee | Nil |
| Finance charges | 3.75% per month (45% per annum) on extended credit and cash advances. |
| Interest-free period | Up to 48 days from the date of purchase, only when the previous balance is paid in full. |
| Minimum amount due | 5% of the total amount due, subject to a minimum of ₹100, plus any EMI, fees, charges and over-limit amount. |
| Cash advance fee | 2.5% of the amount withdrawn, subject to a minimum of ₹500. |
| Cash advance interest | 3.75% per month (45% per annum), charged from the date of withdrawal with no interest-free period. |
| Forex markup | 3.5% of the transaction amount. |
| Dynamic currency conversion | 1% of the transaction amount, applied to transactions billed in Indian rupees at international locations or at merchants in India registered abroad. |
| Late payment | Graduated by total amount due: nil up to ₹100; ₹100 for ₹101–₹500; ₹500 for ₹501–₹5,000; ₹750 for ₹5,001–₹10,000; ₹900 for ₹10,001–₹25,000; ₹1,000 for ₹25,001–₹50,000; ₹1,200 above ₹50,000. Revised 15 November 2024. |
| Overlimit | 2.5% of the over-limit amount, subject to a minimum of ₹500. |
| Payment return | 2% of the total amount due, minimum ₹500, for a returned cheque or a failed auto-debit. An additional ₹50 plus GST is debited. |
| Rent payment | 1% of the transaction amount on rent payments (MCC 6513), w.e.f. 15 November 2024. |
| Wallet load | 1% of the transaction amount on wallet loads of ₹5,000 or more (MCC 6540), w.e.f. 15 January 2026. |
| Utility payments | 1% of the transaction amount on utility payments exceeding ₹50,000 (MCC 4899, 4900, 4901, 4814, 4821), w.e.f. 15 November 2024. |
| Education payments | 1% of the transaction amount on education payments made through third-party apps, w.e.f. 15 November 2024. Paying an institution directly is exempt. |
| Fuel transactions | 1% of the transaction amount on fuel transactions exceeding ₹10,000, w.e.f. 15 November 2024. |
| Online skill-based gaming | 2% of the transaction amount on skill-based gaming transactions (MCC 5816), w.e.f. 15 January 2026. |
| Card replacement | ₹100 per replacement card. |
| Add-on card | ₹3,500 one-time for each new add-on card issued on or after 15 January 2026. Add-on cards issued before that date carry no fee. |
| Reward redemption | ₹99 plus GST per redemption request under the ICICI Bank Rewards scheme and for Mine Cash statement-credit redemptions; ₹25 for catalogue-based redemptions. |
| EMI processing | 2.99% of the transaction amount, capped at ₹299 plus 18% GST, on all Instant EMI transactions w.e.f. 1 September 2025. |
| GST | 18% on all fees, interest and charges. |
Is the ICICI Bank Parakram Credit Card Worth It?
A free card that still earns on fuel and has no grocery cap is a genuinely good combination in a range that spent 2026 removing both.
At 0.25% the base earning is low, but with no fee to recover that matters less than it would elsewhere.
Eligibility is restricted to defence personnel, so this is not a card most readers can choose.
Milestone and welcome benefits are released only after the fee has actually been paid — a waived fee forfeits them. Rent, government and education spends count toward neither the fee waiver nor the milestones.
Frequently Asked Questions (FAQs)
What is the ICICI Bank Parakram Credit Card earn rate? 1 Reward Point per ₹100 — about 0.25% at the ₹0.25 working valuation.
Does this card earn on fuel? Yes. From 15 January 2026 ICICI stopped paying Reward Points on fuel across its range — the two Parakram cards are the named exception.
What does it cost? Nothing. No joining fee and no annual fee are published for this card.
Who can apply? Defence personnel. Eligibility is restricted.
Is grocery capped? No. ICICI's February 2026 cap table shows no grocery ceiling for the Parakram tier, where every other tier has one. Utility and insurance cap at ₹40,000 of spend a cycle, transportation at ₹10,000.
Cards Mentioned in This Article
