I’m considering getting the ICICI Coral Credit Card, but I want to make sure the annual fee is reasonable and ideally avoid paying it altogether. What is the annual and joining fee for this card? Does ICICI Bank offer any way to waive the annual fee, like spending a certain amount in a year? If so, what’s the spending threshold, and does it reset every year? Also, are there any hidden charges, like renewal fees or additional costs for add-on cards, that I should be aware of?
The ICICI Coral Credit Card comes with an annual fee of ₹500 + GST, which brings the total cost to ₹590 per year. When I first got the card, I was hoping there would be a way to waive this fee, and thankfully, there is—if you spend ₹1,50,000 or more in a year, the annual fee is waived for the following year. However, this waiver is only applicable from the second year onwards, meaning you’ll have to pay the joining fee of ₹500 + GST upfront when you first get the card.
One thing to keep in mind is that the spending threshold resets every year, so if you don’t hit ₹1.5 lakh in eligible transactions within a 12-month period, you’ll be charged the fee again. I’ve also noticed that certain transactions like wallet loads, fuel spends, and EMI payments may not count towards this spending requirement, so it’s important to check your statements carefully.
As for hidden charges, there aren’t many surprises. Add-on cards are free for life, which is a nice perk if you want to give a card to a family member. However, there is a late payment fee ranging from ₹100 to ₹1,200, depending on your outstanding balance, so it’s best to always pay your dues on time to avoid extra costs.
Overall, if you’re someone who can spend ₹1.5 lakh a year, you can easily get the annual fee waived, making the card essentially free. But if your spending is lower, the ₹590 yearly fee is something to factor in—especially when there are other cards like the Amazon Pay ICICI Card, which offer rewards with no annual fees at all.