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Platinum Chip Credit Card

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

Platinum Chip Credit Card
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:

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
ICICI Platinum Chip Credit Card

The ICICI Platinum Chip Credit Card is a no-frills option suitable for individuals with moderate spending who value simplicity and avoid annual fees. It offers a basic rewards program and some essential benefits like fuel surcharge waiver and insurance coverage. However, its low reward rate, limited perks, and high late payment charges might not be appealing to those seeking higher value or more features.

Abhijeet Saxena

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

Fees & Charges
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