ICICI Bank Coral Plus Debit Card Review

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ICICI Coral Plus Debit Card

The ICICI Bank Coral Plus Debit Card is an International premium gemstone debit card which comes loaded with exciting joining bonus, high reward rate, and lucrative on-going benefits. The ICICI Bank Coral Plus Debit card allows you to enjoy good offers and features across various segments such as entertainment, E-Commerce, travel, Dining, Healthcare and many more.

The card offers you complimentary offers and vouchers at SRL Diagnostics, Wills Lifestyle, Kaya Skin Clinic, Ola, Carnival Cinemas, MakeMyTrip, INOX theatres and BookMyShow. In addition, the card also offers good insurance policies which cover air, personal and purchase protection accidents. In addition, this is one of the few debit cards which offer Airport Lounge Access.

The card has fair transaction limits capped at Rs.1,00,000 for ATM withdrawals ( domestic) and POS and an online purchase limit of Rs.2,00,000. Furthermore, the card also offers good international transaction limit capped at Rs.1,00,000 for cash withdrawal (International) and website/POS purchases capped at Rs.1,50,000/- (International).

However, the one aspect where the card fails to shine is its high annual fee. The card’s annual fee stands at Rs.2,988 +18% GST which is very high compared to other cards offering some of the benefits. This provides you with the benefits of paying the fee either annually or through a monthly structure. A detailed analysis of the annual fee and Rewards & Benefits are given below.

FinTown Rating: 3.5/5

 

Category Rating
Annual Fee 1.5
Reward Rate 4
Joining Benefits and Insurance 4
Transaction Limit 3.5

Annual Fee:

  • The Annual Fee is one of the major drawbacks of the ICICI Bank Coral Plus Debit Card. There are multiple competitor cards offering similar benefits, with a lower annual fee. Though the benefits and reward rate offered by the ICICI Coral Plus Debit Card is much higher and diverse, its high price point puts this card at a slight disadvantage.
  • The ICICI Coral Plus debit card allows you to make the card payment in two different ways.
      • Pay an annual fee of Rs. 2988 + 18% GST
    • Pay a monthly fee of Rs. 249 + 18% GST
  • You can choose your package depending on your convenience, which acts as a small advantage to the high annual fee.

Reward Rate:

  • The ICICI Bank Coral Plus Debit Card offers good reward rate policy.  The card enables you to have the facility of earning payback reward points on purchases.
  • You can earn 6 points for every Rs.200 you spend at merchant outlets in India.
  • In addition, you can earn 10 points for every Rs.200 spent at international merchants (outside India)

**However, you cannot earn reward points on payments for Mutual funds, Education, Telecom,  Utilities, Government Payments, Insurance premium, Fuel and Post Office**

  • Let us look at reward rates in simple terms. A “Shoppers Stop” Instant Gift Voucher worth Rs. 500 is equal to 2000 points. Upon calculation, the reward rate equals 1 point = 0.25 INR.
  • In addition, the card offers excellent on-going benefits. You can avail complimentary Ola Select subscription program in which you are eligible for the best-rated drivers and can ride a prime sedan at Ola mini rates.
  • Furthermore, you can avail an exciting cash back offer of Rs.600 on Domestic Flight booking through MakeMyTrip.
  • Also, you can enjoy cashback offers and discounts on various platforms and theatres like BookMyShow, Carnival Multiplexes, and INOX movie multiplexes respectively.
  • Moreover, you can also avail discounts upto 15% in 2600+ restraunts in select cities.
  • A comprehensive and details reward/benefits analysis is given below.

How to Redeem Payback Points:

You can follow the steps mentioned below to redeem your reward points, to make purchases on online platforms or retail stores.

  • Visit payback.in. 
  • Click Redeem Points section and decide the way in which you would like to redeem your points.
    • Vouchers
    • Rewards Catalogue (or)
    • Redeem at Partners.
  • Select a method and you will have your payback rewards delivered within 2 weeks.
    You can check ICICI bank Rewards redeem for further details.

Joining Benefits and Insurance:

  • In addition to the exciting benefits, the ICICI Bank Coral Plus card also offers good joining bonus and insurance policies.
  • As a joining bonus, you get a complimentary executive health check-up discount voucher from SLR Diagnostics.
    • With this offer, you can get a health check-up worth Rs.3600 for just Rs.1300.
    • In addition, you can also avail 20% discount on other test requested along with the executive health checkup.
    • However, the offer is valid only for the first 12 months and is applicable only in India.
    • Please use this link to find SRL Labs near you.
  • In addition to the above joining bonus, you also earn a Wills Lifestyle gift Certificate worth Rs.1000. This certificate is valid in all Wills Lifestyle outlets across India. However, you should note that the gift certificate is not valid on discounted items.
  • Furthermore, you get a gift voucher worth Rs.1000 at Kaya Skin Clinic. Additionally, you can avail a supplement voucher of Rs.500 for dermatologist consultation.
    • However, the voucher is not valid for services below Rs.1000.
    • Also, the voucher is non-transferable and cannot be redeemed for cash.
    • Moreover, the voucher can only be redeemed per service per person.

Transaction Limit:

The card offers fair transaction limit capped at

ATM withdrawals/per day ( Domestic and International) Rs. 1,00,000
Domestic POS/Online transaction limit (per day) Rs. 2,00,000
International POS/Online transaction limit (per day) Rs. 1,50,000

 

This high transaction limit lets you withdraw without restricting yourself. The card coupled with its transaction limits acts as an optimum choice for people with both low and high transactional requirements.

Pros and Cons – ICICI Bank Coral Plus Debit Card:

Reasons to choose Reasons to avoid
Welcome Benefits High Annual Fee
Exciting Rewards and On-Going Benefits Policy (Discounts on Dining, Movie Ticket Offers, Travel Discounts, Ola Select subscription) Lack of fuel surcharge waiver
Attractive Insurance Covers Lack of reward points for few types of payment sectors
Wide Acceptability and International Coverage
Airport Lounge Access

When is ICICI Coral Plus Debit Card the card for you?

The ICICI Coral Plus Debit Card is a good choice for you

  • If you are a rare – moderate domestic traveller and seek good cashback and access to airport lounges.
  • In addition, if you love watching movies and try to watch at least one movie a month. Also, if you are keen on getting good offers while booking movie tickets through third-party portals or need good discounts at the theatre,
  • Furthermore, if you are keen on having a good reward policy and want to redeem points to purchase vouchers or commodities essentially for free.
  • In case you are a person who needs to transact large sums of money in a single (1 Lakh or above) day without restricting yourself.
  • Also, in case you need good joining bonus which includes medical checkup’s, branded retail stores, and offers on clinics.
  • If you are a frequent user of Ola and need premium benefits associated with the service.

When is ICICI Bank Coral Plus Debit Card not the card for you?

The ICICI Coral Plus Debit Card is not the right card for you

  • If you are a frequent domestic traveler and will need fuel surcharge waiver benefits.
  • Also, in case you use your debit card to frequently pay for either of the services mentioned. You cannot avail reward points on either Mutual funds, Education, Telecom,  Utilities, Government Payments, Insurance premium, Fuel and Post Office.

Rewards/Benefits – ICICI Bank Coral Plus Debit Card:

Exciting Rewards and On-going Benefits Policy:

The ICICI Coral Plus Debit Card offers good incentives across various sectors which include dining, travel, entertainment and many more.

Complimentary Ola Select Subscription Program:

  • You can activate your free subscription by adding your Coral Plus Debit card in the Ola App.
  • Once you link your debit card,
    • You can enjoy priority booking, where you are eligible for cab drivers with high ratings.
    • In addition, you can enjoy the luxury of riding Ola prime at mini rates.
    • Also, you are excluded from peak pricing policy. This means that you can ride without peak pricing on Prime and Mini
    • Additionally, you can ride in cabs with free Wi-Fi enhancing your overall experience.
  •  However, you can avail these benefits only for the first 40 rides taken in a year. Nonetheless, the Ola offer is renewed every year for 40 new rides.
  • This will be a huge benefit for you if you regularly commute using third-party services. It not only provides you luxury at a cheaper price but also enhances your commute with additions like free Wifi and exclusion of peak pricing.

Travel offers through MakeMyTrip:

  • You can avail Rs.600 cashback on domestic flight booking via MakeMyTrip portal. However, the offer is valid only when the flight booking amount is a minimum of Rs. 4000 transacted on your Coral Plus debit card.
  • Additionally, the minimum amount excludes convenience fee and other purchases like meals and insurance.
How to avail offer?

You must enter the E-Coupon ICDEB in the E-Coupon field to avail this offer.

  •  Moreover, the offer is valid only on 1 booking per card per calendar month when the above code is used.
  • Once the purchase is done, you will be credited with your cashback within 21 days prior to the date of booking.

Entertainment offers:

Offers on BookMyShow:
  • You can avail a free ticket on the purchase of one ticket through your Coral Plus debit card via BookMyShow portal.
  • However, the offer is restricted at a maximum of 2 tickets per card per month.
  • Moreover, the offer is only valid for purchase of movie tickets upto Rs.250. However, you must note that the free tickets are served on a first come first serve basis.
  • In addition, these tickets are very low in volume and you must be quick enough to purchase one before they expire.
Offers at Carnival Cinema and INOX Multiplexes:
  • You can avail a free ticket on the purchase of one ticket through your Coral Plus debit at carnival theatres across India. This offer can be availed either through the nearest carnival cinema outlet, or the carnival mobile app, or carnival website.
  • The same feature can be availed at Inox movie theatres as well. You can use your Coral Plus Debit Card at Inox Box office, (or) mobile app (or) inoxmovies.com
  • However, you can only get a maximum of 1 ticket per card per month and the maximum discount for the free ticket stands at Rs.250.
  • However, you must note that the free tickets are served on a first come first serve basis.
  • In addition, these tickets are very low in volume and you must be quick enough to purchase one before they expire.
Discounts on Dining:
  • With the provision of ICICI Bank Coral plus debit card, you can avail 15% discount for over 2600+ restaurants, across major cities like Mumbai, Delhi, Banglore, Chennai, and Kolkata to name a few.
  • A list of hotels offering discounts over Coral Plus debit card can be found here

Access to Airport Lounges:

  • The ICICI Bank Coral Plus Debit Cards is one of the few premium cards that offer access to airport lounges.
  • You can get entry into an airport lounge for the nominal fee of Rs.2 at the point of entry.
  • However, the maximum number of free access per the calendar year is limited to 8 which is a minor setback.
  • Here, you can find the list of airport lounges which can be accessed through this card.

Attractive Insurance Cover:

  • The ICICI Bank Coral Plus Debit Card offers decent insurance covers on-par with its competitors. Here is a list of insurance covers offered by the card.
Air Accident Insurance Rs.20 lakh
Personal Accident Insurance Rs.10 lakh
Purchase protection of Goods Rs. 2.5 lakh
  • The insurance is applicable only if a transaction/ purchase of Rs.499 or more is done on the debit card one month prior to the incident.
  • This means that you will not be able to claim any of the insurance if you have not purchased a minimum of Rs.499 using the card, one month before the accident.

How to get the most out of ICICI Coral Plus Debit Card:

  • If you are an ardent movie watcher or shopper, you can use the card to avail free tickets and cash back via a third-party portal like BookMyShow. In addition, you can use this card to avail free ticket on Inox Box Office and Carnival Theatres. However, please do note that this offer is valid only for tickets up to Rs. 250/-.
  • However, you must note that the free tickets are served on a first come first serve basis. In addition, these tickets are very low in volume and you must be quick enough to purchase one before they expire.
  • Furthermore, if you are a moderate traveller, you can make use of the travel benefits to receive cashback. In addition, you can utilize the facility of 8 complimentary access to airport lounges in a calendar year.
  • Also, if you love dining out and show interest in visiting cafes,  you can utilize the ICICI Coral Plus Debit Card to attain discounts across various hotels, travel agencies and shopping malls across major cities.
  • You can also make optimum use of this card even in regular scenarios, owing to the various card’s insurance policies covering air, and personal accidents. This would enhance your satisfaction and also safeguard your interests.
  • You can use the card’s excellent benefits in terms of Ola service, and use the card to avail various benefits associated with the apps.

Payment and Fees – ICICI Bank Coral Plus Debit Card

Annual Fee Rs. 2988 + 18% GST (can be paid annually or monthly at Rs.249 + 18% GST)
Daily Cash Withdrawal (Domestic) Rs.1,00,000
Daily purchase limit (Domestic) Rs.2,00,000
Daily Cash Withdrawal (International) Rs.1,00,000
Daily purchase limit (International) Rs. 1,50,000
Cancellation Fee Rs. 249 + 18% GST (if card is cancelled within 6 months of issuance)
Re-issuance Charges Rs.200+service taxes
Foreign Mark-Up Charge 3.5%

Customer Feedback:

Although the ICICI bank on a whole provides good reward rates and benefits,  the customer reviews for the bank are mostly negative on mouthshut.com and consumercomplaints.com. The general customer satisfaction levels have been mostly negative due to ICICI bank’s poor customer service.

On mouthshut.com, ICICI bank has received a rating of 2.3 out of 5, which is based on 2165 customer reviews. Similarly, the overall satisfaction level rating on consumercomplaints.com for ICICI Bank is 1.3 out of 5, based on 12,047 complaints.

FinTown observes a general dissatisfaction of customers with the bank’s customer service. However, these complaints are from just a fraction of customer base associated with the bank. FinTown advises you to not follow these reviews thoroughly, but just use them as a reference to make a safe decision.

Other Cards with Similar/Better features:

IndusInd Platinum Plus Debit Card:

The IndusInd Platinum Plus Debit Card is a premium card offering lucrative joining benefits and excellent reward systems. This card can be availed by students, housewives, and unemployed as long as a minimum balance is maintained in the respective bank account. Though its joining fee at Rs. 1500 + tax is higher compared to other cards, its maximum reward and decent insurance benefits make it a good choice for customers shopping for a premium level card in a considerable budget.

Also, the card offers high transaction limits capped at Rs. 2,50,000/-  per day for online/purchase at merchant establishments and Rs. 1,25,000/- for ATM cash withdrawals per day making this an optimum card for users with both low and high transaction limits. In addition, the card will be a wonderful inclusion to users who indulge in shopping regularly (both online and retail), with the reward points increasing per transaction.  Moreover, the card also offers “InstaPin” which makes it easy for users to change the Debit Card pin with ease.

For a more comprehensive and detailed analysis of the card, visit IndusInd Platinum Plus Debit Card Review.

HDFC EasyShop Platinum Debit Card:

HDFC Bank EasyShop Platinum Debit Card is a Platinum Visa card with moderate purchase benefits and reward structure. This card can be availed by students, housewives, and unemployed as long as they have an HDFC account. The card boasts of a zero annual fee. Also, the card provides moderate cash back offers of up to 1% across various departments like dining, entertainment, apparel, and grocery, to name a few.

The card also offers an attractive insurance cover which includes death by Air/Road/Rail, and International Air Coverage to name a few. In addition, the card has benign transaction limits capped at Rs. 1,00,000 for ATM withdrawal and Rs. 5,00,000 for domestic shopping per day.

Moreover, the card offers fuel surcharge waiver on fuel purchases at government petrol pumps. This card will be a good inclusion to users who indulge in shopping fairly (both online and retail stores), with good reward points backed by the transactions. This makes the card a good choice for you, if you would like to have moderate reward benefits and are keen on a good insurance policy.

For more details about the card, visit HDFC EasySohp Platinum Debit Card.

Bottom Line:

The ICICI Bank Coral Plus Debit Card is a good addition to your collection if you are someone, who is not too mindful of the annual fee but need a card with good benefits and rewards system. Moreover, this card is a decent choice for you if you commute regularly using services like Ola, owing to the cards excellent subscription benefits.  Also, if you are someone, who is a light-moderate traveller, you can use this card to avail discounts on travelling and experience the luxury of airport lounges at select terminals.

Moreover, the card offers excellent transactional limits both domestically and Internationally. You can use this card exclusively on your international travels. Furthermore, if you are keen on dining outside, you can make use of the card to avail good discounts at select restaurants. All the whole, though the card’s annual fee is high compared to competitor cards, its rewards and benefits policies outweigh the cons making this a good collection to your wallet.

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FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

 

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