Choosing a credit card for yourself is a big task given the number of credit cards available. Both ICICI and IDFC have attractive offers on their credit cards.
But how do you choose which one to apply for? Let’s look at a comparison between the credit cards offered by the two banks.
Comparison between ICICI and IDFC Credit Card Benefits and Offers
Below is a comparison of the broad-level benefits offered by the ICICI and IDFC credit cards of both banks.
| ICICI Bank | Notes | IDFC Bank | Notes | ||
| Categories | |||||
| Travel | Yes | Yes | |||
| MakeMyTrip offers | Yes | No | |||
| Domestic airport lounge access | Yes | 2 per quarter | Yes | 4 per quarter | |
| International airport lounge access | Yes | 2 per quarter | Yes | 4 per quarter | |
| Railway Lounge access | No | 1 per quarter | Yes | 4 per quarter | |
| Mumbai Metro Offers | Yes | No | |||
| Delhi Metro Cards | Yes | No | |||
| Bangalore Metro Cards | Yes | 10% discount | No | ||
| Emirates Card | Yes | 15% discount | No | ||
| Air Accident cover | No | Up to Rs. 1 crore | Yes | Up to Rs. 1 crore | |
| Personal Accident Cover | Yes | Up to Rs. 3 crores | Yes | Up to Rs. 5,00,000 | |
| Roadside Assistance | No | Yes | Up to Rs. 1,399 | ||
| Travel Insurance | No | Yes | Up to Rs. 22,500 | ||
| Airport transfers, Immigration service, Concierge, Luxury hotel services | Yes | Yes | |||
| Lifestyle | Yes | Yes | |||
| Dining offers | Yes | Yes | 1500+ restaurants | ||
| BookMyShow offers | Yes | 25% discount | Yes | BOGO | |
| Complimentary golf rounds | Yes | Up to 2 per month | Yes | Up to 2 per month | |
| Health and Wellness offers | No | Yes | 3000+ outlets | ||
| Merchant Offers | Yes | Yes | 300+ merchants | ||
| Welcome vouchers | Yes | Tata Cliq, Uber, Zomato, Croma, EaseMyTrip | Yes | Worth Rs. 500 | |
| Fuel Surcharge waiver | Yes | 1% | Yes | 1% up to Rs. 400 | |
| Sports | Yes | No | |||
| Manchester United card | Yes | Branded T-shirts, fully paid trips to Trafford, and more | No | ||
| Chennai Super Kings card | Yes | No |
Comparison between ICICI and IDFC Credit Card Fees and Charges
| Type of Fees | ICICI Bank | IDFC Bank | |
| Joining Fees | NIL, not for all cards | NIL | |
| Annual Fees | NIL, not for all cards | NIL | |
| Cash Advance fee | 2.5%, minimum of Rs.300 | Rs. 199 | |
| Interest Rates | As per the bank’s discretion | 0.75% to 3.5% per month, 9% to 42% per annum | |
| Forex Markup | 3.50% | 1.5% onwards | |
| Late Payment Fee | Rs. 100 – Rs.750 | 15% of the Total Amount Due | |
| OVL Charges | 2.5% of the over-limit subject to a minimum of Rs. 550 | 2.5% of the over-limit subject to a minimum of Rs. 500 | |
| Add-on Card fee | NIL – Rs.299 | NIL | |
| Reward Redemption Fee | Rs. 99 | Rs. 99 | |
| Fee on cash payment at Branches | Rs. 100 | NIL | |
| Card Replacement fee | Rs.100 | Rs. 100 onwards | |
| Outstation cheque processing fee | 1%, minimum of Rs.100 | NIL | |
| Duplicate Statement Request | Rs.100 | NIL | |
| Cheque/Cash processing fee | NIL | NIL | |
| Interest-free Period | 48 days | 48 days |
Eligibility Criteria for Application to ICICI and IDFC Credit Card
| Eligibility Criteria for application to credit card | ||
| ICICI Bank | IDFC Bank | |
| Citizenship | Indian citizen | Indian citizen |
| Age limit | ||
| Salaried | 21 years – 58 years | 21 years and above |
| Self-employed | 21 years – 65 years | 21 years and above |
| Income | As per the credit card | Minimum Rs. 25,000 |
Application Process for ICICI Credit Cards
The application process for ICICI Credit Cards is both offline and online. The offline process is simple where you can walk into any of the ICICI Bank branches with the relevant documents.
Online Application Process for ICICI Credit Cards
- Log in to ICICI Bank’s official website.
- Go to Cards – Choose “CREDIT CARDS”
- Choose the credit card that you want to apply for
- Click on “APPLY NOW”
- Enter your mobile number linked with your Aadhaar Card
- Enter your registered email address
- Enter your PAN Number
- Enter the OTP sent on your registered mobile number
- Enter the OTP sent on your registered email ID
- Click on “SEND OTP”
- Enter the OTP sent on your registered mobile number
- Proceed with the rest of the process to complete the application
Application Process for IDFC Bank Credit Cards
The offline process is simple where you can walk into any of the IDFC Bank branches with the relevant documents.
Online Application Process for IDFC Bank Credit Cards
- Log in to IDFC Bank’s official website.
- Go to Credit Cards
- Choose the credit card that you want to apply for
- Click on “Apply Now”.
- Enter your name as per your Aadhaar card
- Enter your date of birth
- Enter your registered mobile number as per your Aadhaar card
- Click on “Get OTP”
- Enter the OTP received on your registered mobile number
- Read all the terms and conditions
- Click on “I Agree”
- Enter your “PAN card number”
- Enter your “gender”
- Enter your “current residential address”
- Enter “Pincode “
- Click on “Proceed”
- Enter “Occupation”
- Enter “Company Name”
- Enter “Net Monthly Income”
- Click on “Continue”
- Proceed to complete the rest of the application
What is the CIBIL™ Score required for a credit card?
The minimum CIBIL™ score required for getting a credit card approved is generally 750. This implies that credit card applicants may get their approvals rejected by top credit card companies if their CIBIL™ score is less than 750. Applicants having a low credit score below 700 are usually not approved for premium credit cards from the top credit card issuing companies.
However, that does not mean applicants with a low CIBIL™ score cannot get a credit card approved by banks. Banks do issue credit cards to lower CIBIL™ score applicants, which comes at some cost. Such applicants would get credit cards at a higher interest rate and a lower credit limit. This is because banks consider applicants with a low CIBIL™ score as high-risk. Banks will always conduct a thorough check on your past credit information and CIBIL™ score before granting you the credit card.
It is, therefore, considered prudent to maintain a CIBIL™ score of 750+ to get faster approval and better terms on the credit card.
Conclusion
ICICI bank has a lot of credit cards with specific benefits like Manchester United or Chennai Super kings. This is great for people who are sports enthusiasts.
which are great for people who travel by metro everyday. They come with great offers on dining, entertainment, and travel.
IDFC has 4 credit cards that offer benefits on lifestyle and travel. They have great offers on dining, health and wellness, and online merchants.
Both credit cards have a lot of benefits. Choose the credit card that suits your needs and lifestyle the best.
