Platinum Chip Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
Platinum Chip Credit Card
Bank Name :
ICICI Bank
Type :
Lifestyle Credit Card
Interest Rate :
3.40% per month (40.80% annualized)
Eligibility :
Age: Between 22 and 60 years
Occupation: Salaried or self-employed
Minimum income:
Salaried: ₹48,000 per month
Self-employed: ₹60,000 per month
Credit score: Good credit score (CIBIL score of 750 or above)
Residence: Resident of India
Pros
Lifetime Free Platinum Chip Credit Card.
The ICICI Bank Platinum Chip Credit Card offers you great value as a no-frills.
Built-in contactless technology to make quick and secure payments at retail outlets.
Security of a chip card to protect you against the risk of fraud.
ICICI Bank Reward Points, redeemable for exciting gifts and vouchers.
Fuel Surcharge Wavier available.
Basic insurance cover: Get accidental death and air accident insurance cover.
Widely accepted: Visa card accepted at most merchants in India and abroad.
Cons
Low reward rate: Compared to other cards, the 2x and 1x points may not be very lucrative for high spenders.
No welcome bonus or joining gifts: Unlike some other cards, there's no initial boost to your reward points.
Limited benefits: No airport lounge access, complimentary movie tickets, or other premium features.
Renewal fee potential: If you spend less than ₹50,000 annually, you may have to pay a renewal fee.
High-interest rates: If you don't pay your dues on time, the interest rate is on the higher side.
Not ideal for travel: Limited travel benefits and foreign currency markup fee make it less suitable for frequent travelers.
Pros & Cons
Welcome Benefits
None
Rewards System
Retail purchases (except fuel): 2 PAYBACK points per Rs. 100 spent.
Insurance & utilities: 1 PAYBACK point per Rs. 100 spent.
Generally, 1 PAYBACK point translates to Rs. 0.25 to Rs. 0.40 if redeemed for vouchers, merchandise, or gift cards.
Considering the average value of 1 PAYBACK point as Rs. 0.35, the effective cashback rate for retail purchases works out to:0.7% (2 points per Rs. 100 * Rs. 0.35)
For insurance & utilities, the effective cashback rate is:0.35% (1 point per Rs. 100 * Rs. 0.35)
International Forex Markup
Up to: 3.5%
Welcome Benefits and Reward System
Special Features
None
Eligibility Criteria
Age: Between 22 and 60 years
Occupation: Salaried or self-employed
Minimum income:
Salaried: ₹48,000 per month
Self-employed: ₹60,000 per month
Credit score: Good credit score (CIBIL score of 750 or above)
Residence: Resident of India
Benefits
No joining fee, no annual fee: The card comes with no joining fee and no annual fee for the second year onwards.
Security of a chip card: The card has a chip that provides security against the risk of fraud.
PAYBACK points: You can earn PAYBACK points on your transactions, which are redeemable for exciting gifts and vouchers.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Online:
Visit the ICICI Bank website: https://www.icicibank.com/personal-banking/cards/credit-card
Select the "Credit Cards" tab.
Choose the "Platinum Chip Credit Card".
Click on "Apply Now"
Fill in the application form with your details.
Upload the required documents.
Apply.
Once you have submitted your application, it will be processed by ICICI Bank. You will be informed of the decision within 7-10 business days.
Contact Details
1800 1080
Account Opening and Procedure
Recommended Credit Cards
Pros:-
Change the text to include your own content. Adjust the font, size or scale to customize the style.
Cons:-
Lifetime Free Platinum Chip Credit Card.
The ICICI Bank Platinum Chip Credit Card offers you great value as a no-frills.
Built-in contactless technology to make quick and secure payments at retail outlets.
Security of a chip card to protect you against the risk of fraud.
ICICI Bank Reward Points, redeemable for exciting gifts and vouchers.
Fuel Surcharge Wavier available.
Basic insurance cover: Get accidental death and air accident insurance cover.
Widely accepted: Visa card accepted at most merchants in India and abroad.
Low reward rate: Compared to other cards, the 2x and 1x points may not be very lucrative for high spenders.
No welcome bonus or joining gifts: Unlike some other cards, there's no initial boost to your reward points.
Limited benefits: No airport lounge access, complimentary movie tickets, or other premium features.
Renewal fee potential: If you spend less than ₹50,000 annually, you may have to pay a renewal fee.
High-interest rates: If you don't pay your dues on time, the interest rate is on the higher side.
Not ideal for travel: Limited travel benefits and foreign currency markup fee make it less suitable for frequent travelers.
HDFC Bank Biz Power Credit Card
The card is a premium credit card with a number of value add features. This card offers cashback on even tax and GST payment. Overall it is a must have card for small business owners/ freelancers.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining Fee – NIL
Annual Fee (Second year onwards) – NIL
Supplementary Card Fee – NIL
Interest Rate – 3.40% per month (40.80% annualized).
Cash Advance Charges: 2.5% on advanced amount , subject to minimum of ₹300.
Foreign Currency Mark-up Fees: 3.5% of the transaction value.
Reward Redemption fees: INR 99/-
Fuel Surcharge
1% fuel surcharge waiver: Applicable on the first Rs. 4,000 spent at HPCL pumps per month.
Billing Cycle
30 Days