ICICI Platinum Credit Card Review 2020

ICICI Platinum was the first credit card that I got just after getting my first job in 2006.

ICICI Platinum credit card is a beginner level card designed only for first-time credit card applicants.

ICICI bank offers instant Platinum credit card against the fixed deposit. If you have a saving account with ICICI bank, you can simply log on to ICICI online banking and apply for the card.

ICICI Platinum Credit Card Fee

  • Joining Fee – Rs. 199 (waived off on spending Rs. 2000 within 60 days of approval)
  • Annual Fee – Rs. 99 ( Spend 50,000 in a year and get next year waiver)

Benefits on ICICI Platinum Credit Card

  • 2 Payback points on every Rs 100 spent.
  • 1 Payback point on utility bills and insurance payments.
  • There is a 1% fuel surcharge waiver at HPCL pumps swiped at ICICI swipe machines.
  • 15% savings on dining bill at over 800 participating restaurants.

Reward Ratio

Value of 1 payback point is approximate to Re 0.25 which you can save up to 0.50% on your shopping with ICICI Instant Platinum credit card.

My Personal View

Payback is the worst rewarding system for credit cards. ICICI should have created their own reward portals like Standard Chartered, American Express and HDFC.

The Process to Redeem Reward

You can redeem the accumulated payback points on Payback’s multi-partner coalition loyalty program. Where you can redeem reward points for instant vouchers, product catalogue and 100+ online & offline partners.

Annual Savings Calculation

For the calculation, I have taken the best option which is using the card to spend where you get 2 payback points on every Rs. 100 spent.

Estimated expensesRs. 40,000Rs. 1 Lakh
100% on all kinds of retail purchases, except for fuel40,000100,000
Payback Points on spends8002000
Payback point value in rupees (1RP = Re 0.25)200500
Joining Fees (suppose applied online)
Annual Fees chargedRs. -99Waived off
Total Savings Rs. 101Rs. 500
Savings % age (Total Savings/ Total Spends)0.25%0.5%

My observations

What I Liked

  • Easy application procedure
  • Can be applied against FD
  • Lifetime free credit card (on spending 50K every year)

What I Didn’t Like

  • No welcome benefits or milestone benefits
  • Very low save percentage in comparison to other cards

Who Should Apply

ICICI credit card is a good option for students, housewives, and non-salary people if they want to apply for credit card against a Fixed Deposit.

Salaried people must apply for Standard Chartered Platinum Rewards Card which has a better reward structure.

ICICI vs Standard Chartered Platinum Credit Card

Credit CardICICI PlatinumSC Platinum
Reward Points -12 RP per Rs 100 spent5X RP per Rs 150 spent on Fuel & Dining
Reward Points – 21 RP on utility and insurance bills1 reward point on other spends
Welcome GiftNoNo
Milestone BonusNoNo
Reward Value / 100 Rs.Rs 0.50Rs 0.83
Joining Fee*Rs. 199Rs. 250
Annual FeeRs. 99Rs. 250
WaiverOn spending 50KOn spending 30K
Best ForAgainst FDSalaried person & fuel benefit

*Joining fee gets waived off on the first transaction for both the credit card.

Note: Standard Chartered bank gives many limited time offers from time to time.

I suggest you apply for Standard Chartered Platinum because you would save more money. You will also get easy approval if you are a salaried employee having a minimum salary of Rs 25,000.

Apply for ICICI Platinum credit card in case you get denied for Standard Chartered Platinum.

Application Process for ICICI Credit Card

You can apply for ICICI Platinum credit card easily through ICICI portal.

The other way is to make a fixed deposit for more than Rs. 20,000 before applying for the card. Based on the existing FD, you are sure to get the approval fast.

ICICI bank will offer you a credit limit of approximately 80% of the fixed deposit amount. You will earn regular interest on your fixed deposit. You can also apply for the platinum credit card against the existing fixed deposit if any.

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