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ICICI Bank launches new platinum card: Rubyx

Written by Blake Teen on January 4, 2012.

ICICI Bank has recently announced the launch of its new platinum credit card targeted at affluent customers. ICICI Bank – Rubyx, the card entitles cardholders to two cards – one serviced by American Express and the other by MasterCard, which is a chip card. However, both the cards are linked to a single card account and the card spends are chronicled in the same statement. Also, they will not attract separate fees.

Reward points

The reward points programme is being projected as the scheme’s unique selling point. The scheme offers you three such programmes to choose from – shopping, travel and essentials. The scheme promises reward points of up to 6 on every 100 spent. In the case of the American Express card, for spends in your chosen category, you will acquire 6 points; while for other purchases, it will be 3. This will be 4 and 2, respectively, in case of the MasterCard credit card.

Perhaps the most interesting part of this programme is that the reward points can be redeemed for cash (1 point is equivalent to 0.25), with the amount being credited to your account. In effect, your spends can also take care of a part of your repayment, even if the amount is small.

Fee structure

If you wish to avail of the credit card, you will have to shell out a joining fee of 5,000. Upon signing up for the card, you will be entitled to five free Jet Airways tickets to travel any place in India. Second year onwards, you will be charged 2,000 annually. However, this renewal fee is waived off if you happen to spend more than 2,50,000 using the cards in the previous year. This apart, like in case of other cards, the other charges include overdue interest, late payment fee, cash transaction fee and so on. The overdue interest amounts to 3.40% per month, which works out to 40.80% on an annual basis.

Upside

Apart from host of reward programmes, the option to redeem the points accumulated for cash is a key benefit, as not many card issuers extend this facility to their customers.

Downside

Go for it only if you are confident of actively monitoring the points accumulated and spending time analysing the best redemption options. Else, paying 5,000 as a one-time fee and 2,000 annually may not seem worthwhile. Besides, the Jet Airways tickets are free to the extent of base fare only and taxes, surcharges and other levies will have to be borne by the cardholders.

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