ICICI Bank Platinum Chip Credit Card Review

By | April 10, 2016

ICICI bank credit cards are known for its huge promotion activities and its Payback reward system, which actually gives least rewards compared to most HDFC cards. This card was one of the first few cards i had in late 2011. I had been using it for close to 3 years and got lots of Payback reward points with which i redeemed and filled my house with lots of Payback products around.

ICICI Bank Platinum Chip Credit Card

ICICI Bank Platinum Chip Credit Card

ICICI Bank Platinum Credit Card Rewards:

  • 2 Payback points on every Rs.100 spent anywhere. Nothing Else!

That gives you Reward rate of mere 0.5% (1 Payback point = Rs.0.25). Even the lowest variant of HDFC Moneyback credit card gives you 1.5% (if spent online). While i was busy with business, i never realized that i was using the card that gives the least rewards. I happen to explore the reward system an year or so back and ended up closing the card.

However, i’ve recently signed up for this card as i was offered a very good credit line and lifetime free as my relationship with ICICI is pretty good. It comes handy if i exhaust credit limit on other cards or if there is some emergency for high value transaction. If you know it, even the ICICI coral “debit” card gives you reward rate of 0.75% which is higher than most icici “credit” cards. Bad!

As of now i’m waiting for a right time to upgrade the card to some other variant, probably Jet Airways ICICI Sapphiro Credit Card or ICICI Ferrari Credit Cards shortly.

ICICI Platinum Credit Card Features:

  • Card Expert Rating: 5/10
  • Reward Rate: 0.50% as Payback Points
  • Fuel Surcharge Waiver: 2.5% fuel surcharge waiver can be availed on fuel transactions of maximum ₹ 4,000 at HPCL pumps when the Card is swiped on ICICI Merchant Services swipe machines.
  • Renewal Fee Waiver: Spend ₹ 50,000 or more annually, for renewal fees to be waived off.
  • Complementary Airport lounge access: No.
  • Foreign Exchange Markup fee: 3.5% + Service Tax

If you’re starting off with credit cards as a beginner and looking for a card with low or nill annual fees, this is the card for you. I would suggest you to go for this card only if you are unable to get HDFC Moneyback card. That’s far better than this card in every aspect.

However one unique thing that i love with ICICI is that it lifts the limit as soon as you make the payment, in matter of minutes. Also, it allows you to spend over the limit if you pre-pay to the card in advance which is very helpful if you have low credit limit but want to spend above the limit. I’ve been using this feature quite a lot in the past.

Got something to say about this card?

8 thoughts on “ICICI Bank Platinum Chip Credit Card Review

  1. mv srinivas

    siddarth dear,already am using hdfc money back credit card.now thinking to use another bank credit card.
    which is better?axis or icici?
    n which type i have to prefer among them.pls do reply
    thanks in advance

    1. Siddharth Post author

      SBI is good.. Which card u need is highly dependent on which card you’re eligible for and what kind of value you look for in it 🙂

  2. Abhishek Sharma

    Hello sir
    I’m going to take credit card in upcoming week so could you please tell me which credit card bank suitable for me
    My main use will be shopping online, booking hotels and railway online as well as to pay my postpaid bills online
    Please suggest me because I’m totally confused between companies promotion war

    1. Siddharth Post author

      HDFC cards are good to start with.
      Check HDFC Diners cards that gives 10X rewards for shopping and travel. It will be highly useful to you.

  3. sneha bhattacharya

    Hi…i hve jst started with icici platinum credit card and my first bill is yet to come….i wanted to confirm the charges of it and particularly knw wat late payment charges are? Always they said the interest is calculated on total amount and nt the outstanding…nt good.

    1. Siddharth Post author

      To make the most out of credit card, you got to pay the full bill else the charges are insane with interest rates as high as 3% per month.
      If its getting tough, convert to EMI which usually has better interest rates.


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