This article lists down the first hand experience of obtaining ICICI Bank Coral Credit Card against a Fixed Deposit (FD) by Yokesh, an avid reader of CardInfo. He recently acquired ICICI Bank Coral Credit Card against fixed deposit and wanted to share his experience for the benefit of other readers. So let’s dive right in to know more about the process and his experience.
While ICICI is a famous brand in the banking industry, its market share of credit cards is not at par with its banking business. However they are aggressively trying to capture more share in the credit card market which is evident from the exclusive online and spend based offers. This is really good for credit card enthusiasts as they get more choices and better offers.
I recently decided to go for a Credit Card against a fixed deposit since the ones I currently hold are add on cards from my mom’s and dad’s credit cards. Given that I don’t have a credit history, obtaining a credit card on my name would help me in building one. While looking for a credit card against fixed deposit, I searched through various options and I stumbled upon CardInfo. The article on credit cards against fixed deposit was very elaborate and informative.
One thing that differentiates ICICI Bank Coral Credit Card is that it’s available as both secured and unsecured unlike BOB Prime, SBI Unnati, Axis Insta Easy, Kotak Aqua Gold etc. It means that the moment you take it out of your wallet it doesn’t immediately show that it’s a secured Credit Card and might be helpful while applying for an unsecured credit card on card-on-card basis later, however I’m not sure.
ICICI Coral Credit Card is a lifestyle credit card with multiple benefits across dining, shopping and entertainment.
- Min. Fixed Deposit Amount: Rs. 20,000
- Credit Limit: Up to 85% of FD
- Eligibility Age: Min. 19 Years
- Joining Fee: Rs. 500
- Renewal Fee: Rs. 500, waived if annual spends for last year >= Rs. 1,25,000
- 2 Payback Points per Rs. 100 spent, 0.50% reward rate
- 4 Payback Points per Rs. 100 spent on dining, groceries and at supermarkets, 1% reward rate
- 25% discount up to Rs. 100 on purchasing two movie tickets at BookMyShow, twice in a month
- 1 complimentary domestic airport lounge access per quarter
- 15% discount when dining at restaurants participating in Culinary Treats
- 1% fuel surcharge waiver
- Online offers on ICICI credit cards from time to time
This card will make you eligible for Amazon Pay ICICI Bank Credit Card which has fantastic reward rate and benefits. However, since my pin code is not serviceable, I couldn’t get it which is a bummer.
I opened a savings account with ICICI on 12th March 2020, 2 days after receiving my PAN CARD. Since mine is a semi urban branch, MAB is NIL when funded initially. I accessed the ICICI Bank iMobile app the same day in the evening using the Debit Card. After logging in, I navigated to Accounts & Deposits → Deposits → FD Xtra and was presented with following screen:
Upon tapping on “Open Now” in FD Card section, I was was asked for Fixed Deposit details as shown below:
I entered the details about fixed deposit amount, tenure etc. Note that you need to keep the auto renewal on otherwise the credit card will be deactivated once fixed deposit matures.
On scrolling down, I was presented with a choice of credit card. You can opt for either Platinum or Coral Credit card.
I opted for the Coral Credit Card and the moment I selected the same, it showed the joining fee as Rs. 500 and clauses for waiver of annual fee. You can type the name to be printed on the credit card, and the communication address is the same as the one in your savings account. I completed the simple process which didn’t take more than 2 minutes.
After submitting the application in the iMobile app, I received an SMS confirming the opening of Fixed Deposit next day morning.
Your deposit xxx for RS.50,000 has been opened on 12/03/2020.
Later in the evening same day, I received an SMS informing me the initiation of lien on my fixed deposit.
Your service Request SRXXX has been registered and will be completed in 9 Business days.
After 4 days, I received an SMS confirming the lien on my fixed deposit.
Lien of Rs.50,000/- marked against Deposit xxx on 13/03/2020.
On the same day I received an SMS stating my credit card application is approved and the same would be delivered in the next 7 working days. Later I received a message saying my card has been linked to my user id and the same can be accessed via Internet Banking or iMobile app. I checked iMobile immediately, but I couldn’t see the card. However when I tried after 2-3 hours, I was able to see the new credit card.
The credit limit provided was 90% of the fixed deposit amount which is awesome. I couldn’t use the card online on some e-commerce portal as CVV was not visible in the app. However I was able to pay using the credit card via iMobile app through Bharath QR scan to pay option.
I received the card after 3 days via BlueDart. The card looks and feels nice and was issued on Visa platform. I was a little surprised to see the PayBack number printed on the card below the cardholder name. The welcome letter contained details like credit and cash limit as usual but has no mention about the fixed deposit.
Overall the process was very smooth and hassle free. The process of opening the fixed deposit and getting a credit card against it, was seamless in iMobile App. ICICI has nailed the experience making it super delightful for end users. I feel this is a really good credit card to start building your credit history.
Have you ever tried getting a secured credit card against a fixed deposit? How has been your experience? Let me know by leaving a quick comment below.