ICICI Bank credit cards are widely promoted and linked to the Payback rewards program, though their reward rates are modest compared with many competing cards. I first got the ICICI Bank Platinum Credit Card in late 2011 and used it for nearly three years. During that time I accumulated a fair number of Payback points and redeemed them for household items.
ICICI Bank Platinum Chip Credit Card
ICICI Bank Platinum Credit Card Rewards:
- 2 Payback points on every Rs.100 spent.
That equates to an effective reward rate of just 0.5% (1 Payback point = Rs.0.25). By comparison, some entry-level HDFC cards can deliver higher effective returns—so if rewards are your priority, this card is not the most competitive option. After comparing reward structures, I chose to close my earlier card. Recently, however, I applied again because I was offered a generous credit limit and lifetime fee waiver thanks to my relationship with the bank. The card can be handy as a backup for emergencies or when other card limits are exhausted.
Interestingly, some ICICI debit cards offer better reward rates than certain ICICI credit cards—for example, the ICICI Coral debit card has a higher reward percentage than several of the bank’s credit variants.
At the moment I’m considering an upgrade to another ICICI product that better matches my spending pattern, such as the Jet Airways ICICI Sapphiro card or other premium variants when an appropriate offer appears.
ICICI Platinum Credit Card Features:
- Card Expert Rating: 2.5/5
- Reward Rate: 0.50% as Payback points
- Fuel Surcharge Waiver: 2.5% waiver on fuel transactions up to ₹4,000 at HPCL pumps when the card is swiped on ICICI Merchant Services machines
- Renewal Fee Waiver: Annual fee waived if you spend ₹50,000 or more in a year
- Complimentary Airport Lounge Access: No
- Foreign Exchange Markup Fee: 3.5% + applicable taxes
If you are new to credit cards and want a basic card with low or no annual fee, the ICICI Platinum can be a suitable starter option. However, if you can obtain an HDFC Moneyback card or a similar rewards-focused product, those typically offer better value in terms of reward rates.
One practical advantage I appreciate with ICICI is how quickly the bank updates the available credit limit after a payment is made—often within minutes. The issuer also allows pre-payments to increase available spending power above the assigned limit, a useful feature if you need to make a larger purchase and can fund the account in advance.
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