ICICI Bank Platinum Chip Credit Card – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Platinum Chip Credit Card, issued by ICICI Bank, is positioned as an entry-level, zero annual fee credit card designed for everyday savings. It offers cardholders the opportunity to earn reward points on various purchases, including retail, utilities, and insurance. Key differentiating benefits include attractive dining discounts through the ICICI Bank Culinary Treats Programme and a 1% fuel surcharge waiver at HPCL pumps, making it a popular choice for individuals seeking an affordable card with practical advantages.

Fees

• Joining Fee: Nil / Lifetime Free
• Annual Fee: Nil / Lifetime Free
• Spend-Based Waiver: Not applicable as the card is Lifetime Free.
• Rewards Redemption Fee: ₹99 + GST per redemption request.
• Foreign Currency Markup: 3.5% on all international transactions.
• Interest Rates: 3.75% per month (45% per annum) on overdue amounts, ATM withdrawals, and if only the minimum due is paid.
• Fuel Surcharge: 1% fuel surcharge waiver on transactions done at HPCL fuel stations. This waiver applies to fuel transactions worth ₹400 to ₹4,000.
• Cash Advance Charges: Higher of ₹500 or 2.5% of the amount withdrawn.
• Late Bill Payment: Ranging from ₹100 to ₹1300.

Rewards

• Rewards Rate:
  • Earn 2 Reward Points for every ₹100 spent on retail transactions.
  • Earn 1 Reward Point for every ₹100 spent on utilities and insurance.
• Dining Benefits: Avail a discount of up to 15% at over 2500+ restaurants in India through the ICICI Bank Culinary Treats Programme.
• Fuel Surcharge Waiver: Get a 1% fuel surcharge waiver at all HPCL petrol pumps for transactions between ₹400 and ₹4,000.
• Easy EMI Conversion: Shop now and pay later with easy EMI conversion options.

Rewards Redemption Guide

• Redemption Value: 1 Reward Point = ₹0.25.
• Redemption Options:
  • Redeem earned Reward Points against cashback.
  • Redeem earned Reward Points against gifts.
  • Redeem earned Reward Points against statement credit.
  • Redeem Reward Points across multiple categories including Health & Beauty, Travel & Luggage, Shopping Vouchers, Home Appliances, Electronics, and Fashion & Lifestyle.
• How to Redeem:
  • For cashback redemption, call 080-40146444.
  • For gift redemption, call 1860-258-5000.
• Redemption Fee: A Reward redemption fee of ₹99 is charged per redemption request.

Card Eligibility Criteria

• Eligibility Rules:
  • The primary applicant should be an Indian citizen between 21 and 65 years of age.
  • The age of the add-on applicant should be above 18 years.
  • The applicant should have a stable source of income.
  • Salaried individuals should have a monthly income of at least ₹20,000.
  • Self-employed individuals should have a monthly income of at least ₹20,000.
  • The applicant should have a decent credit score.
• Documents Required:
  • Identity Proof: Aadhar Card, Voter’s Id, PAN Card, Driving License.
  • Address Proof: Aadhar Card, utility bills, Voter’s Id, Passport, Driving License.
  • Income Proof: Latest salary slips/bank statements, or latest audited ITR.
  • No physical documents are required for online applications.

Card Review

The ICICI Bank Platinum Chip Credit Card is an excellent choice for individuals seeking an affordable, entry-level credit card with significant saving opportunities. Its zero joining and annual fees make it highly accessible. The card offers a solid rewards program on everyday spends, attractive dining discounts, and a valuable fuel surcharge waiver, making it a practical option for daily use.

• Pros:
  • Lifetime free with no joining or annual fees.
  • Earns reward points on retail, utility, and insurance spends.
  • Up to 15% discount on dining through the Culinary Treats Programme.
  • 1% fuel surcharge waiver at HPCL pumps for transactions between ₹400 and ₹4,000.
  • Offers easy EMI conversion for purchases.
  • Enhanced security features with an embedded microchip and PIN for in-person transactions.
• Cons:
  • A fee is charged for reward point redemption.
  • High foreign currency markup fee of 3.5%.
  • High interest rates (3.75% per month) on overdue amounts and cash advances.
  • Cash advance fees apply.

Important Product Details

• Zero Fees: Lifetime free with no joining or annual charges.
• Reward Points: Earn 2 Reward Points per ₹100 on retail spends and 1 Reward Point per ₹100 on utility and insurance spends.
• Dining Discounts: Up to 15% off at 2500+ restaurants via the ICICI Bank Culinary Treats Programme.
• Fuel Savings: 1% fuel surcharge waiver at HPCL pumps for transactions between ₹400 and ₹4,000.
• Rewards Redemption Fee: A fee of ₹99 + GST is applicable for each redemption request.
• Foreign Transaction Fee: 3.5% foreign currency markup.
• High Interest Rate: 3.75% per month (45% per annum) on outstanding balances.
• Cash Advance Fee: Minimum ₹500 or 2.5% of the withdrawn amount, whichever is higher.
• Security: Features an embedded microchip for enhanced security against counterfeiting and duplication, requiring a PIN for transactions at merchant outlets.
• Easy EMI: Option to convert purchases into easy EMIs.

Other Details

• How to Apply:
  • Online: Click on 'Apply Now', select the Platinum Chip Credit Card, click 'Get the card online', and fill out the online application form.
  • Offline: Visit the nearest ICICI Bank branch with necessary documents and fill out a physical application form.
• Application Status:
  • Visit the ICICI Bank’s online application tracking page.
  • Contact ICICI Bank credit card customer care.
  • Visit your nearest ICICI branch.
• CVV (Card Verification Value): The three-digit security code located next to the signature panel on the back of the card. It can also be checked via iMobile app or Net Banking.
• Payment Due Date: Can be found through the monthly statement, iMobile app, Net Banking, or by calling Customer Care on 1800 1080.
• Chip and PIN Security: The card has an embedded microchip for enhanced security. A Personal Identification Number (PIN) is required for transactions at merchant outlets (POS terminals) but not for online transactions.
• Supplementary Cards: Benefits can be extended to loved ones through ICICI Bank Plus Cards (supplementary cards), including the fuel surcharge waiver.
• Terms & Conditions: Refer to the Most Important Terms & Conditions (MITC) and applicable Terms & Conditions (T&Cs) for other charges and detailed rules.