ICICI Platinum Chip Credit Card: Benefits, Features & Charges

The ICICI Platinum Chip Credit Card launched as a versatile financial tool, stands out for its blend of convenience and value. Designed to cater to a broad spectrum of financial needs, this credit card eliminates annual fees, making it an attractive option for cost-conscious consumers. 

With a reward structure that earns cardholders up to 2 Reward Points for every ₹100 spent on retail purchases and 1 Reward Point on utilities and insurance, the card offers a straightforward way to accumulate and redeem rewards. The reward points can be converted into cashback or various gifts, enhancing its appeal to a diverse clientele.

Since its introduction, the ICICI Bank Platinum Chip Credit Card has been recognised for its practical benefits beyond its cost-free annual fee. Cardholders enjoy up to 15% discounts at over 2,500 restaurants through the Culinary Treats Programme and a 1% waiver on fuel surcharges at HPCL pumps, which can add significant savings. 

Additionally, the card’s chip technology ensures secure transactions, making it a reliable choice for both domestic and international use. The card’s straightforward fee structure, combined with these practical benefits, positions it as a strong contender in the competitive credit card market.

Feed and Charges

Feature	Details
Joining Fee	NIL
Renewal Fee	NIL
Interest Rate	3.4% per month (40.8% per annum) on overdue amounts
Forex Fee	3.5% on international transactions
Cash Advance Fee	2.5% of the withdrawn amount (minimum ₹300)
Reward Redemption Fee	₹99 per request

Reward and Benefits

Category	Details
Retail Purchases	2 Reward Points per ₹100 spent
Utilities & Insurance	1 Reward Point per ₹100 spent
Redemption Rate	1 Reward Point = ₹0.25
Dining Discounts	Up to 15% off at 2500+ restaurants through the ICICI Bank Culinary Treats Programme
Fuel Surcharge Waiver	1% waiver on fuel transactions at HPCL pumps (up to ₹4,000 per transaction)
Domestic Lounge Access	N/A
International Lounge Access	N/A

Product Details

• Earn 2 Reward Points per ₹100 on retail purchases and 1 Reward Point per ₹100 on utilities and insurance.
• 1 Reward Point equals ₹0.25; redemption fee of ₹99 per request.
• Up to 15% off at 2500+ restaurants through the ICICI Bank Culinary Treats Programme.
• 1% waiver on fuel transactions at HPCL pumps (up to ₹4,000 per transaction).
• Interest Rate of 3.4% per month (40.8% per annum) on overdue amounts.
• 3.5% forex fee on international transactions and 2.5% cash advance fee (minimum ₹300).

Advantages and Disadvantages ICICI Bank Platinum Chip Credit Card

Advantages:

1. Extended Warranty Protection: Purchase protection may extend the manufacturer’s warranty on eligible items.
2. Exclusive Offers: Access to various promotions and discounts that are not widely advertised, enhancing overall value.
3. Personalised Assistance: Potential for tailored offers and perks based on spending habits and preferences.
4. Concierge Services: Provides access to personal concierge services for lifestyle needs like travel bookings or dining reservations.

Disadvantages:

1. Limited Reward Categories: Rewards are not as high for categories beyond retail and utilities, potentially reducing overall earnings.
2. Restricted Dining Benefits: Discounts are confined to specific restaurants, which may not always align with your preferred dining options.
3. No Premium Travel Perks: The absence of travel-related benefits like lounge access or travel insurance could be a drawback for frequent travellers.

ICICI Bank Platinum Chip Credit Card Benefits and Features

1. Dining Discounts:
   • Discount: Up to 15% off at over 2500 restaurants through the ICICI Bank Culinary Treats Programme.
2. Fuel Surcharge Waiver:
   • Waiver Rate: 1% on fuel transactions at HPCL pumps.
   • Transaction Limit: This applies to transactions up to ₹4,000.
3. Enhanced Security:
   • Chip Technology: Embedded microchip for secure transactions.
   • PIN Protection: Required for in-store purchases.
4. Cost Savings:
   • No Annual Charges: Eliminates yearly costs associated with card ownership.
   • Fuel Savings: Reduces fuel costs through a 1% surcharge waiver.
5. Convenience:
   • Contactless Payments: Enables fast, tap-and-pay transactions for quick purchases.
   • Online Management: Access account details, make payments, and track spending through ICICI Bank’s online portal.
6. Exclusive Offers:
   • Dining Benefits: Significant savings at a wide range of dining establishments.
   • Promotions: Access to special offers and discounts through ICICI Bank’s partnerships.

ICICI Bank Platinum Chip Credit Card Reward Offers

1. Retail Purchases:
   • Earning Rate: 2 Reward Points per ₹100 spent.
   • Application: Earn points on various retail transactions, including shopping, dining, and entertainment.
2. Utilities & Insurance:
   • Earning Rate: 1 Reward Point per ₹100 spent.
   • Application: Earn points on utility bills and insurance payments.

Reward Redemption

1. Value:
   • Conversion Rate: 1 Reward Point = ₹0.25.
   • Redemption Methods: Points can be redeemed for cashback or gifts.
2. Redemption Fee:
   • Cost: ₹99 per redemption request.

Fees and Charges Of ICICI Bank Platinum Chip Credit Card

1. Joining & Renewal Fees
   • Joining Fee: NIL – No cost to acquire the card.
   • Annual Renewal Fee: NIL – No fee for keeping the card active each year.
2. Interest Rates
   • Monthly Interest Rate: 3.4% – Applied to outstanding balances not paid by the due date.
   • Annual Percentage Rate (APR): 40.8% – Effective yearly rate on overdue amounts, compounded monthly.
3. Transaction Fees
   • Foreign Transaction Fee: 3.5% – Charged on the total amount of international transactions, including any foreign currency conversion.
   • Cash Advance Fee: 2.5% – Applied to the amount withdrawn from ATMs or through cash advances, with a minimum fee of ₹300 per transaction.
4. Reward Redemption Fees
   • Redemption Fee: ₹99 – Charged per redemption request when exchanging Reward Points for cashback or gifts.
5. Overlimit Fee:
   • Amount: ₹500 or as per card terms. Charged if you exceed the credit limit of the card.
6. Duplicate Statement Fee:
   • Amount: ₹100. Charged for requesting duplicate statements.

Why Choose the ICICI Bank Platinum Chip Credit Card?

• Exclusive Partner Offers:
  • Access to unique promotions and discounts from select partners beyond the standard reward programs.
• Enhanced Purchase Protection:
  • Potential extended warranty on eligible purchases, adding extra value to your transactions.
• Flexible Reward Redemption:
  • Ability to redeem rewards for a variety of gifts and cashback options, offering flexibility based on your preferences.
• Personalised Rewards:
  • Tailored offers and benefits based on your spending habits can lead to more relevant and valuable rewards.
• Concierge Services:
  • Access to concierge assistance for arranging dining reservations, travel bookings, or special events, adding convenience to your lifestyle.
• Convenient Management:
  • Advanced online and mobile banking features allow easy tracking of expenses, reward points, and account management.
• Additional Savings Opportunities:
  • Potential for exclusive deals and discounts that might not be widely advertised, maximising savings on everyday expenses.
• Travel Perks:
  • Although there is no lounge access, the card’s broad acceptance internationally and lack of foreign transaction fees make it suitable for travel needs.

ICICI Bank Platinum Chip Credit Card: Terms and Conditions

• Usage & Billing:
  • Credit Limit: Determined by ICICI Bank based on creditworthiness and income.
  • Billing Cycle: Typically 30 days; payment due dates are specified on monthly statements.
  • Minimum Payment: A minimum percentage of the outstanding balance must be paid by the due date.
• Interest Rates:
  • APR: 40.8% per annum on overdue amounts.
  • Cash Advance Interest Rate: Same as the standard APR of 40.8%.
• Rewards Program:
  • Earning Rate: 2 Reward Points per ₹100 on retail purchases and 1 Reward Point per ₹100 on utilities and insurance.
  • Redemption Rate: 1 Reward Point = ₹0.25.
  • Redemption Fee: ₹99 per request.
• Late Payment & Overlimit Charges:
  • Late Payment Fee: Varies based on overdue amount; typically starts from ₹100 to ₹750.
  • Overlimit Fee: Around ₹500 if spending exceeds the credit limit.
• Rewards & Benefits:
  • Dining Discounts: Up to 15% off at participating restaurants through the Culinary Treats Programme.
  • Fuel Surcharge Waiver: 1% waiver on fuel transactions at HPCL pumps (up to ₹4,000).
• Card Security:
  • Chip Technology: Enhanced security with embedded microchip.
  • PIN Requirement: Required for in-store transactions.
• Account Management:
  • Online Services: Access to account management and tracking via ICICI Bank’s online and mobile banking platforms.
• Modification & Termination:
  • Changes to Terms: ICICI Bank reserves the right to modify terms and conditions with prior notice.
  • Card Cancellation: Cardholders may cancel the card by contacting ICICI Bank; outstanding dues must be settled.
• Dispute Resolution:
  • Procedure: Disputes regarding transactions should be reported to ICICI Bank within a specified period for resolution.

Who Can Apply for the ICICI Bank Platinum Chip Credit Card?

1. Age Requirements:
   • Primary Applicant: Must be at least 21 years old.
   • Add-on Cardholders: Must be at least 18 years old.
2. Income Requirements:
   • Applicants should have a stable source of income. This can include salaried or self-employed individuals, with income details required for the application process.
   • The specific income requirement may vary based on the applicant’s location, occupation, and other factors.
3. Credit Score:
   • A good credit score is essential. Typically, a credit score of 750 or above is preferred, although exact requirements may vary.
   • ICICI Bank will assess the credit score based on the applicant’s credit history and current financial status.
4. Residency Status:
   • The applicant must be a resident of India.
   • Proof of residence in India, such as utility bills or rental agreements, may be required during the application process.
5. Employment Status:
   • Salaried Individuals: Should be employed with a stable job in a reputable organisation.
   • Self-Employed Individuals: Should have a consistent and verifiable income source, such as business ownership or freelance work.
6. Other Factors:
   • Applicants should not have any major derogatory marks on their credit report, such as defaults or bankruptcy.
   • ICICI Bank may also consider the applicant’s existing credit card utilisation and loan obligations.

Documentation Needed for ICICI Bank Platinum Chip Credit Card

#1. Identity Proof:

• Required Documents:
  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Driving License
  • Purpose: To verify the applicant’s identity.

#2. Address Proof:

• Required Documents:
  • Utility Bill (electricity, water, gas)
  • Aadhaar Card
  • Passport
  • Rental Agreement
  • Bank Statement
  • Purpose: To confirm the applicant’s residential address.

#3. Income Proof:

• For Salaried Individuals:
  • Recent Salary Slips (last 3 months)
  • Bank Statements (last 6 months)
• For Self-Employed Individuals:
  • Latest Audited Income Tax Return (ITR)
  • Bank Statements (last 6 months)
  • Business Proof (e.g., registration documents)
  • Purpose: To verify the applicant’s income and financial stability.

#4. Additional Documents (if applicable):

• For Existing ICICI Bank Customers:
  • Account Statements (if requested by the bank)
• For Foreign Nationals or NRIs:
  • Additional documents, such as visa copies or overseas address proof may be required.

Application Process for ICICI Bank Platinum Chip Credit Card

1. Click on ‘Apply Now’:
   • Navigate to the ICICI Bank website and click on the “Apply Now” button.
2. Locate the Card:
   • Find the ICICI Bank Platinum Chip Credit Card listed at the top of the screen.
3. Select ‘Get the Card Online’:
   • Click on the ‘Get the Card Online’ option to begin your application.
4. Complete the Online Form:
   • Fill in the required details on the online application form.
5. Submit the Application:
   • Review the information and submit your application through the website.
6. Wait for Processing:
   • ICICI Bank will process your application and notify you of the approval status.

FAQs