ICICI Bank Carbon Visa Infinite

At present, this card is on offer only for existing ICICI Bank credit card customers

WHAT IS IT: It is a credit card under Visa's Codesure facility offered to banks to issue matrix display cards incorporating a 12-button keypad and an LCD panel. ICICI Bank is the first bank in India to issue a Visa Codesure credit card. It has been launched by ICICI Bank under a pilot project between September 2013 and February 2014 with the decision to extend or revoke being at the bank's sole discretion.

WHAT IT OFFERS: It claims to offer better fraud-proof technology for online transactions to the users through the ability to generate a one-time password for every transaction through the card's inbuilt, battery-operated keypad and LCD-lit screen. This level of security aims to match that in the physical world where latest chipset technology in some credit cards provides for a PINbased authentication for physical transactions at merchant shops.

FOR WHOM: At present, it is on offer only for existing ICICI Bank credit card customers.
FEES & CHARGES: A one-time fee of Rs 1,000 is est payable. Annualised inter charge on overdue credit is 40.80 per cent and cash withdrawals at ATMs attract a charge of 2.50 per cent of transaction amount, or Rs 300, whichever is more. whichever is more.

HOW IT WORKS: At merchant shops and ATMs it works like any other credit card. For internet-based transactions, a cardholder needs to first register online for Visa CodeSure and create her unique four-digit CodeSure PIN. This CodeSure PIN is needed to be entered on the keypad to generate dynamic one-time passcodes with the passcode being displayed on the LCD screen. This passcode is then entered in the website where the online transaction is being carried out at the Verified by Visa (VbV) authentication page that comes up after committing to a transaction.

Surely, the ICICI Bank Carbon Visa Infinite credit card is the first of its kind. But it is so only so far as the physical feature is concerned in the form of a battery-operated keypad and LCD display screen.

Fraud-proof technology for online transactions, this card's unique selling point, is already available for existing credit cards using Visa's VbV system, where a cardholder enters a password, known only to her, and which she had generated online on Visa's site, to authenticate a transaction. There does not appear to be a difference between this security and what the carbon card is offering. Further, the card's battery has a maximum lifespan of three years and you might have to pay another Rs 1,000 one-time fee, and also suffer an inconvenience, to get a new Carbon card if the battery dies down.

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