Jan 26, 2011 07:18 PM
48492 Views
I am using an ICICI Bank Gold credit card for last 6 years. It was my first credit card. It has no fees whatsoever, has a reward program that is useless (1 point for Rs. 200 spent; and even the redemption choices are ridiculous) and has no glitzy offers (like discounted holidays, spa treatments etc. for its cardholders). But I am still holding onto it because ICICI was the onlybank who dared to issue me a credit card when I had ZERO income and when almost every other bank was wary of issuing cards to students.
Anyway, apart from this somewhat emotional aspect, this card has been good for several reasons:
Zero joining, annual and maintenance fees
Excellent onlinecredit card website
Their SMS alerts actually work!
Responsive customer care: I rarely had any problems with this card; but whenever I had any doubts they were satisfactorily resolved within 2-3 days
Clear and transparent charges: with every statement, they send an illustrative table clearly mentioning what will happen if I:
a)Do not pay anything of the outstanding amount
b)Pay only a part of the outstanding amount
c) Pay only the minimum amount due
- Multiple payment options: One can pay by cash, drop a cheque, online, branch banking. ICICI has the largest branch network second only to SBI. So you are never too far from an ICICI branch.
- Sufficient credit balance: They periodically upgrade your credit line based on your payment and usage pattern. My credit line once stood at 8 times what it was at the beginning; although I voluntarily requested them to reduce it to a bare minimum that I felt was necessary.
Most people who get into problems with credit cards are those who overspend, do not pay in full or keep raking up penalties. A credit card is a highly unsecured lending for a bank; most credit cards have a credit period of about 45 days. Now if you can not repay in 45 days, you should not be spending that kind of money in the first place!! A bank has reasonable right to levy 30-35% p.a. interest on such an unsecured lending.
Overall, I will say that this is the best no frills card that is fantastic on most aspects; and you should not have any problems if you spend wisely and pay on time.
