ICICI Bank Platinum Chip Credit Card Full Review
ICICI Bank Platinum Chip Credit Card is a no-frills, entry-level credit card ideal for individuals starting their credit journey. With no joining or annual fee, it offers basic rewards, dining discounts and fuel surcharge waivers, making it a practical choice for budget-conscious users.
Major Features
- Lifetime Free: No joining or annual fee
- Chip & PIN Security: Enhanced protection against fraud
- PAYBACK Rewards: Earn points on every spend
- Dining Discounts: Up to 15% off at partner restaurants
- Fuel Surcharge Waiver: 1% waiver at HPCL pumps
Privileges & Benefits
- Culinary Treats Programme: Up to 15% off at 2,500+ restaurants
- Fuel Surcharge Waiver: 1% waiver on transactions up to Rs.4,000 at HPCL outlets
- Secure Transactions: EMV chip technology for fraud protection
- Special Offers: Periodic discounts on brands like Flipkart, Croma, EaseMyTrip
Welcome Benefit
No welcome bonus is offered with this card.
Other Benefits
- Purchase Protection and Extended Warranty on select transactions
- Fraud Liability Cover for unauthorized usage
- Zero Lost Card Liability post reporting
Reward Rate
| Spend Category | Reward Points Earned |
|---|---|
| Retail (except fuel) | 2 points per Rs.100 |
| Utilities & Insurance | 1 point per Rs.100 |
| Fuel | No reward points |
How to Redeem Reward Points of ICICI Bank Platinum Chip Credit Card?
- Redemption Value: 1 point = Rs.0.25
- Options: Redeem for gift vouchers, travel bookings, merchandise, or cashback
- Platform: PAYBACK portal or ICICI customer care
- Redemption Fee: Rs.99 per request
Target Customers
Here are some points that make you more likely to benefit with this card. This card is ideal for:
- First-time credit card users
- Salaried professionals with moderate spending
- Individuals seeking a lifetime-free card
- Users who want basic rewards and dining perks
USPs of ICICI Bank Platinum Chip Credit Card
- Zero Annual Fee: Truly lifetime free
- Dining Discounts: Up to 15% off at 2,500+ restaurants
- Fuel Surcharge Waiver: 1% waiver at HPCL pumps
- Secure Chip Technology: EMV chip for fraud protection
- Milestone Rewards: 5,000 bonus points on Rs.1 lakh annual spend
Why Should You Consider It?
If you are looking for a no-cost credit card with decent rewards and lifestyle benefits then the ICICI Platinum Chip Credit Card delivers solid value. It is particularly useful for building credit history while enjoying perks like dining discounts and fuel savings.
Pros of ICICI Bank Platinum Chip Credit Card
- Lifetime free card
- Simple rewards structure
- Dining and fuel benefits
- Secure chip-based transactions
Cons of ICICI Bank Platinum Chip Credit Card
- No airport lounge access
- No welcome bonus
- Low reward rate (max Rs.0.50 per Rs.100)
- Rs.99 redemption fee per request
Fees & Charges
| Fee Type | Amount |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Finance Charges | 3.75% per month (45% p.a.) |
| Foreign Exchange Markup | 3.5% + GST |
| Cash Withdrawal Fee | 2.5% (min Rs.500) |
| Reward Redemption Fee | Rs.99 per request |
Late Payment Charges
| Outstanding Amount | Late Fee |
|---|---|
| Below Rs.100 | Nil |
| Rs.100 to Rs.500 | 100 |
| Rs.501 to Rs.1,000 | 500 |
| Rs.1,001 to Rs.5,000 | 600 |
| Rs.5,001 to Rs.10,000 | 750 |
| Rs.10,001 to Rs.25,000 | 900 |
| Rs.25,001 to Rs.50,000 | 1,100 |
| Above Rs.50,000 | 1,300 |
Value Chart: Estimated Annual Benefits
| Benefit Type | Estimated Value (Rs.) |
|---|---|
| Dining Discounts | Rs.1,500 (approx. 15% savings) |
| Fuel Surcharge Waiver | 300 |
| Milestone Rewards | Rs.1,250 (5,000 points) |
| PAYBACK Rewards | Rs.1,000 (on Rs.1.5 lakh spend) |
| Total Estimated Value | 4050 |
Platinum Chip ICICI Bank Credit Card is a smart pick for beginners and budget-conscious users. With no annual fee, basic rewards and lifestyle perks, it is a great way to start your credit journey without financial pressure. While it lacks premium features, it makes up for it with simplicity and value.
FAQs
1. Is this card truly free for life?
Yes. There is no joining or annual fee—it’s a lifetime-free credit card with no hidden charges for holding it.
2. Do I earn rewards on all purchases?
Mostly yes. You earn:
- 2 points per Rs.100 on retail purchases
- 1 point per Rs.100 on utilities & insurance
- No points on fuel transactions
3. What is the value of 1 PAYBACK point?
Each PAYBACK point is worth Rs.0.25 when redeemed. For example, 1,000 points = Rs.250.
4. Are there any travel or lounge benefits?
No, this card does not offer airport or railway lounge access. It focuses on lifestyle savings and basic rewards.
5. How can I redeem my reward points?
You can redeem via:
- PAYBACK website
- ICICI Bank mobile app or customer care Note: A Rs.99 redemption fee applies per request.
Disclaimer: Please refer to the official website of the card issuer for any updates and exact details regarding the card.
Upcoming Bank Holidays
- 📅 2025 September 29 is a bank holiday in Andaman And Nicobar Island due to Durga Puja/Dussehra (Maha Saptami).
- 📅 2025 September 30 is a bank holiday in Sikkim due to Durga Puja (Dasain).
- 📅 2025 September 30 is a bank holiday in Andaman And Nicobar Island due to Dusshera (Mahashtami/Mahanavami)/Ayudha Pooja/Durga Puja (Dasain)/Durga Ashtami.
- 📅 2025 October 01 is a bank holiday in Andaman And Nicobar Island due to Dasara/Dussehra (Mahanavami/Vijayadashmi)/Durga Puja (Dasain).
- 📅 2025 October 02 is a bank holiday in Andaman And Nicobar Island due to Mahatma Gandhi Jayanti/Mahalaya Amavasye.
- 📅 2025 October 06 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja.
- 📅 2025 October 07 is a bank holiday in Arunachal Pradesh due to Maharshi Valmiki Jayanti/Kati Bihu.
