ICICI Bank is not exactly known for having rewarding credit cards. The Payback reward system used by ICICI credit cards is what makes them not so attractive. But, its Amazon Pay co-branded card was a big hit for its simple rewards. ICICI Bank Mine credit card follows the same line. It is a credit card for Millennials that offers simple cashback. In this article, we review the ICICI Bank Mine credit card and see how it compares to others in the same segment.
Joining/Annual Fees
Mine is a freemium credit card. The basic variant is Lifetime Free (LTF). The other two variants have a monthly fee but we get better cashback and benefits on those.
- STARTER – Free
- PRO – Rs 49 fee/month waived on spending Rs 10000 in a month
- PREMIUM – Rs 149 fee/month waived on spending Rs 20000 in a month
Rewards
| SPEND CATEGORY | STARTER PLAN CASHBACK | PRO PLAN CASHBACK | PREMIUM PLAN CASHBACK |
|---|---|---|---|
| All retail spends | 1% | 1% | 1% |
| Zomato, Swiggy, Gaana, BookMyShow, Amazon Prime, PVR, Inox, Ola, Big Basket, Grofers | 1% | 5% | 5% |
| Amazon, Goibibo, MakeMyTrip, Fitternity, Myntra, Furlenco | 1% | 1% | 5% |
Maximum Cashback
There is a cap on the cashback and it varies as per the plan.
- STARTER – Rs 100/month
- PRO – Rs 200/month
- PREMIUM – Rs 750/month
Benefits
| BENEFIT | STARTER PLAN | PRO PLAN | PREMIUM PLAN |
|---|---|---|---|
| Fuel Surcharge Waiver on all HPCL pumps | Available | Available | Available |
| 1 Rail Lounge Access/Month | Not available | Available | Available |
| 1 Domestic Airport Lounge Access/Month | Not available | Not available |
ICICI Mine credit card vs the competition
Today we have many entry-level cards that offer excellent rewards for low or zero annual fees. For example, Axis Ace offers 2% on all spending and 5% on bill payments – no cashback cap on both. ICICI’s Amazon Pay card is LTF and offers 1% to 5% rewards without any cap. Some other better credit cards are Flipkart Axis and HDFC Millennia.
The monthly fee waiver on the Mine card is another issue. Our credit card spending spikes during the festive season. So spend waivers and cashback caps always make more sense at an annual level. Wonder what ICICI Bank was thinking here!
If ICICI Bank wants to target millennials with the Mine credit card, it needs to simplify the card.
