ICICI Platinum Chip Credit Card

About ICICI Platinum Chip Credit Card

Are you looking for a credit card that costs you nothing but still gives you rewards on every purchase? The ICICI Platinum Chip Credit Card is designed for people who want a simple, no-nonsense financial tool without the burden of annual charges.

This card is a "Lifetime Free" offering, meaning you pay ₹0 joining fees and ₹0 annual fees. For a professional starting their career with a monthly salary of ₹20,000, this card acts as the perfect entry point into the world of credit. You can build your credit history while enjoying savings of over ₹2,600 annually through various spend-based rewards and dining discounts.

Built for first-time earners and budget-conscious shoppers who spend around ₹10,000 to ₹15,000 monthly, the ICICI Platinum Chip Credit Card focuses on essential benefits rather than complex luxury perks. It is a straightforward tool for those who want to move away from debit cards and start earning back on their regular expenses.

What sets it apart:

• Truly Lifetime Free: Unlike many cards that waive fees only if you spend a certain amount, this card has a permanent ₹0 annual fee structure.
• Low Entry Barrier: You can qualify with a monthly income of just ₹20,000, making it one of the most accessible cards in India.
• Dining Savings: Get up to 15% off at over 2,500 restaurants, which is higher than what many entry-level cards offer for foodies.

Quick check: To qualify, you will need a minimum monthly income of ₹20,000 (₹2.4 LPA) and a credit score of 700 or above.

Let's break down why this card might be the right fit for your wallet:

Key Benefits and Features of the ICICI Platinum Chip Credit Card

The ICICI Platinum Chip Credit Card is built on the philosophy of simplicity. Here is a detailed look at the features that help you save money on your daily transactions.

Lifetime Free Benefit

The most significant feature of this card is its cost-to-value ratio. You pay a joining fee of ₹0 and an annual fee of ₹0. There are no hidden conditions or spend-based targets to keep the card free for life. This makes it an ideal "emergency" card or a "starter" card because it does not eat into your savings if you choose not to use it for a month or two.

ICICI Culinary Treats Program

If you enjoy eating out, this card offers substantial value. Through the ICICI Bank Culinary Treats program, you can get a minimum of 15% savings on your dining bills. This benefit is applicable at over 2,500 partner restaurants across major cities in India. For someone who spends ₹4,000 a month on dining, this feature alone can save you ₹600 monthly, which adds up to ₹7,200 in a year.

Reward Point System

Every time you use your card for shopping or paying bills, you earn reward points. Each reward point you earn has a value of ₹0.25. While these points accumulate with every swipe, it is important to note that certain categories do not earn rewards. To maximize your earnings, use the card for retail shopping, electronics, and grocery purchases.

Pro Tip: To keep your rewards active, ensure you make a transaction of at least ₹100 within the first 30 days of receiving your card. This is a mandatory requirement for reward eligibility.

Easy Reward Redemption

The process to redeem rewards is straightforward and digital. You do not need to call a helpline or fill out forms. Simply log in to your ICICI Bank internet banking portal with your credentials and browse the redemption catalogue at the official ICICI Bank website to use your points for various products or vouchers.

Enhanced Security with Chip Technology

As the name suggests, the card comes with an embedded microchip that provides an extra layer of security against skimming and duplication. For every offline transaction at a merchant outlet, you will need to enter your PIN, ensuring that your card cannot be used easily if lost or stolen.

Eligibility and Income Requirements

The eligibility criteria for this card are quite inclusive. Whether you are a salaried professional or a self-employed individual, the age requirement is between 21 and 60 years. The bank looks for a minimum monthly income of ₹20,000 (or an annual income of ₹2.4 Lakhs). A credit score (CRIF) of 700 is generally expected to get a quick approval.

How to Apply for the ICICI Platinum Chip Credit Card

The application process is designed to be smooth and can be completed in a few steps:

1. Visit the ICICI Bank official website or the BankKaro platform to find the application link.
2. Fill in your basic details, including your full name, mobile number, and city of residence.
3. Enter your employment details. Step 2: Ensure you meet the minimum income of ₹20,000 per month if salaried, or ₹2.4 LPA if self-employed.
4. Verify your identity using the OTP sent to your registered mobile number.
5. Check if you meet the credit score requirement of 700+.
6. Submit the digital application. A bank representative will contact you to collect documents or schedule a Video KYC.
7. Once the verification is successful, the card is usually dispatched within 7-10 working days.

Note: Card processing typically takes 7 to 10 working days, subject to your location and successful document verification.

Credit Limit: What to Expect

Credit limits are assigned based on your income, credit score, and existing banking relationship. Initial credit limits typically range from ₹30,000 to ₹1,50,000 based on your eligibility profile. Since the card has a ₹20,000 monthly income requirement, the starting limit is modest, but ICICI Bank offers periodic limit increases if you pay your bills on time and use the card responsibly for at least 6-12 months.

Comparison: ICICI Platinum Chip vs. Competitors

To understand where this card stands, let's compare it with other entry-level credit cards in the Indian market.

While the Amazon Pay ICICI card offers better rewards for shopping, it is usually offered to existing Amazon customers or invited users. The ICICI Platinum Chip remains the easiest "open-market" card to get if you have a basic salary and want a card from a top-tier private bank with zero maintenance costs.

Documents Required for ICICI Platinum Chip Credit Card Application

You'll need to submit the following documents when applying:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), Rent Agreement, or Property Tax Receipt
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements
• Employment Proof: Office ID card or employment letter

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, Voter ID, or Driving License
• Address Proof: Aadhaar Card, Passport, Utility Bills (not older than 2 months), or Property Documents
• Income Proof: Latest 2 years' ITR with computation of income, 6 months' bank statements, and CA-certified financials
• Business Proof: Business registration certificate, GST registration (if applicable), or Shop Act License

Note: All documents must be self-attested. The bank may request additional documents during verification.

Who Should Get This Card?

Should you get this card? Here is who benefits most from the ICICI Platinum Chip:

The First-Time Cardholder: If you just landed your first job with a salary of ₹25,000 and have never had a credit card, this is perfect. It helps you build a CIBIL score without the stress of paying an annual fee. If you spend ₹5,000 a month on miscellaneous retail, you'll earn points steadily while paying nothing for the privilege of owning the card.

The Occasional Diner: If you eat out at local restaurants 2-3 times a month and your bill is usually around ₹2,000, you can save ₹300 per visit. Over a year, that is ₹3,600 saved just on food, which is a great return for a free card.

The Safety-First User: If you only want a credit card for emergency use or to use on "risky" websites where you don't want to use your primary bank account's debit card, this card fits perfectly. Since there is no annual fee, you can keep it in your drawer and only use it when needed.

You might want to skip this card if:

• You spend heavily on rent, insurance, or school fees, as these categories are excluded from rewards.
• You are a frequent traveler looking for lounge access or air miles; this card provides neither.

BankKaro Expert Review

Based on the card's features, this card excels at being a low-maintenance, high-accessibility product. In a market where most "good" cards are locked behind high income brackets or steep fees, ICICI has kept the Platinum Chip accessible to the common man.

The biggest limitation is the reward structure. A value of ₹0.25 per point is relatively low compared to premium cards, and the list of exclusions (Rent, Insurance, GST, etc.) is quite long. You won't get rich off the rewards here. However, the 15% dining discount is a genuine "top-tier" benefit on a "bottom-tier" fee structure.

Our verdict: Choose this card if you want a reliable secondary card or your very first credit card to start your financial journey. It is a "safe" card that won't surprise you with fees. If you already have a high income and spend over ₹5 Lakhs annually, look for more rewarding options like the ICICI Sapphiro or Rubyx.

Terms and Conditions

Before applying, keep these specific terms in mind to ensure you get the most out of the card:

• A minimum transaction of ₹100 within 30 days of card issuance is required to activate the card. If you fail to do this, you will not be eligible for any reward points.
• The bank may offer a different card variant based on your specific eligibility and internal credit checks. Always review the features of the card actually offered before signing the final agreement.
• Reward points are not earned on Rent Payments, Insurance premiums, Cash Withdrawals, School & Educational Services, GST Charges, and Tolls.
• Interest rates typically range between 3.40% and 3.60% per month (approx. 40.8% - 43.2% per annum), with late payment charges applicable based on your total outstanding amount.