ICICI Bank Platinum Chip Credit Card Review: No Fee, 2 Points per ₹100
The ICICI Bank Platinum Chip Credit Card has no joining or annual fee and earns 2 reward points per ₹100, or 1 per ₹100 on utilities and insurance. It asks for a monthly income of ₹20,000, but it has no lounge, welcome gift or milestone, and ICICI does not publish what a point is worth.
Key facts
- Joining fee
- Nil
- Annual fee
- Nil
- Base reward
- 2 reward points per ₹100 on retail spend
- Best category
- No higher-reward category published
- Lounge
- Domestic: None stated International: None stated
- Forex markup
- 3.5% of the amount
- Network
- Not stated by the bank
Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.
In short
A sensible no-fee first or backup card for people earning ₹20,000 a month, as long as you treat the points as a small bonus rather than a reason to apply.
Best for
- First-time applicants who want a card with no fee to keep for years
- People who want a free second card for HPCL fuel and everyday bills
- Anyone building a credit history without paying for perks
Skip it if
- You want to know what your reward points are worth
- You want lounge access, welcome vouchers or milestones
- You spend abroad often and mind a 3.5% markup
Highlights
- No joining or annual fee
- 2 reward points per ₹100 on retail spends
- 1% fuel surcharge waiver at HPCL on ₹400 to ₹4,000
- Monthly income of ₹20,000 for salaried and self-employed
- Points valid 3 years; ₹99 plus GST per redemption
Platinum Chip in plain terms
Platinum Chip is ICICI Bank's most basic card. It cost nothing to join and nothing to keep, earns a flat 2 points per ₹100 on most purchases, and leave out the extras that make other cards expensive. The card is active and ICICI is accepting applications.
ICICI's MITC says it plainly: cards with no joining or annual fee get no joining or annual benefits. So there's no welcome voucher, no milestone points, no lounge and no insurance stated. What you gets is a free credit line, a small reward on spends and a 1% fuel surcharge waiver at HPCL pumps. One detail for old customers: cards sourced back when Platinum Chip carried a ₹99 joining and annual fee keeps paying that ₹99. New cards are free.
What we couldn't confirm
- The network. ICICI's card page don't name Visa, Mastercard or RuPay, and Platinum Chip is not on ICICI's list of RuPay cards for UPI (Sapphiro, Rubyx, Coral, HPCL Super Saver and MakeMyTrip), so don't plan on UPI with this one.
- The value of a point. ICICI's current pages give no rupee figure for its reward points.
Changes from 2024 to 2026
- 5 February 2024: rent and e-wallet loads stopped to earn points, and government payments started counting as utility.
- 15 November 2024: interest set at 3.75% a month; 1% fees on fuel above ₹10,000, utility above ₹50,000 and education through apps; new late fee slabs; a ₹199 add-on fee; per-cycle caps on utility, insurance and grocery points.
- 15 January 2026: the currency conversion fee went to 3.5% from 1%; new fees on transport, gaming and wallet loads; ₹150 for paying the bill in cash at a branch.
- 1 February 2026: transport spends counted for points capped at ₹10,000 a cycle.
- 1 March 2026: a new formula for the Minimum Amount Due.
- From 11 December 2026: card replacement goes up to ₹300 from ₹200.
Free to hold, not free to misuse
There is no joining fee and no annual fee, so there's no spend target to chase. The costs comes from extras and mistakes, and GST at 18% is added on every fee below.
- Add-on card: ₹199 a year, so ₹234.82 with GST (18% of ₹199 is ₹35.82).
- Redemption: ₹99 plus GST, which is ₹116.82 (₹99 plus ₹17.82), each time you redeem points.
- Card replacement: ₹200 now, ₹300 from 11 December 2026.
Interest and the late fee
ICICI charges 3.75% a month, 45% a year, on revolving balances and cash, though its MITC says the rate can be as low as 1.25% a month depending on profile. Clear the full bill and you get 18 to 48 days free. Leave ₹14,000 unpaid for 30 days and it cost about ₹518 in interest (₹14,000 times 45% times 30, divided by 365, is ₹517.81), before GST.
The late fee depends on what is still owed after your payments: ₹500 if that's ₹501 to ₹1,000, ₹750 for ₹5,001 to ₹10,000, ₹1,100 for ₹25,001 to ₹50,000. It is charged only when the minimum stay unpaid 3 days after the due date.
Cash, forex and special fees
- Cash advance: 2.5%, minimum ₹500, plus 3.75% a month interest from the day you withdraw. In the first 180 days, cash is limited to 10% of your limit, up to ₹20,000.
- Foreign currency: 3.5% markup, and even a refund on such purchase get charged 3.5%. Paying in rupees abroad or to a merchant registered overseas costs 3.5% too, since 15 January 2026.
- Rent: 1% of each payment. Fuel: 1% on any fuel transaction above ₹10,000. Utilities: 1% above ₹50,000. Education through third-party apps: 1%.
- Since 15 January 2026: 1% on transport above ₹50,000, 2% on skill-based gaming, and 1% on wallet loads of ₹5,000 or more.
- Paying the bill in cash at a branch: ₹150. A bounced cheque or auto-debit: 2% of the total due, minimum ₹500.
Platinum Chip: fees and charges
| Joining fee | Nil |
|---|---|
| Annual or renewal fee | Nil |
| Annual fee waiver | Not applicable: no joining or annual fee |
| Add-on card fee | ₹199 + GST |
| GST | Charged on top of the fees and charges listed |
| In the bank’s words | Joining Fee- Nil; Annual Fee- Nil. MITC: older cards sourced with a ₹99 joining/annual fee continue on that fee. |
| Interest on unpaid balances | Up to 3.75% a month (45% a year) |
| Late payment fee | ₹0 if outstanding below ₹100; ₹100 (₹100 to ₹500); ₹500 (₹501 to ₹1,000); ₹600 (₹1,001 to ₹5,000); ₹750 (₹5,001 to ₹10,000); ₹900 (₹10,001 to ₹25,000); ₹1,100 (₹25,001 to ₹50,000); ₹1,300 (above ₹50,000). Outstanding = Total Amount Due minus payments before due date; levied if MAD unpaid after due date plus 3 days. |
| Cash withdrawal | 2.5% of amount, minimum ₹500, plus interest at 3.75% per month from the transaction date |
| Over-limit fee | 2.5% of the over-limit amount, minimum ₹550 (over-limit only with explicit consent) |
| Forex markup | 3.5% of the amount |
| Other fees |
|
Earning and using Platinum Chip points
The rule is short. You get 2 reward points for every ₹100 of retail spends and 1 point per ₹100 on utility and insurance payments. No bonus categories, no partner merchants, and no welcome or milestone points is there.
Where the points stop
ICICI caps how much of certain spends counts for points in each statement cycle. Only the first ₹20,000 of grocery and department store spends earn, a ceiling of 400 points (₹20,000 divided by 100, times 2). Transport stop at ₹10,000 since 1 February 2026, so 200 points. Utility and insurance each count up to ₹40,000, which at 1 point per ₹100 is 400 points apiece.
No points at all on cash, rent, e-wallet loads, fuel, EMI transactions, or on fees and interest.
The point value gap
ICICI's current pages don't say what a point fetches in the ICICI Bank Rewards catalogue, so we can't turn points into rupees for you. What we do know is every redemption costs ₹116.82 with GST, so small and frequent redemptions eat the value. Points last 3 years from issue and lapse if you close the card, which make one large redemption every year or two the sensible way.
Three spenders
| Monthly spends | Light, ₹10,000 | Typical, ₹30,000 | Heavy, ₹70,000 |
|---|---|---|---|
| Grocery and department stores | ₹4,000: 80 | ₹8,000: 160 | ₹25,000, of which ₹20,000 counts: 400 |
| Shopping and dining | ₹3,000: 60 | ₹10,000: 200 | ₹20,000: 400 |
| Transport | None | ₹3,000: 60 | ₹12,000, of which ₹10,000 counts: 200 |
| Utilities and insurance at 1 per ₹100 | ₹2,000: 20 | ₹6,000: 60 | ₹10,000: 100 |
| Fuel at HPCL | ₹1,000: no points | ₹3,000: no points | ₹3,000: no points |
| Points a month | 160 | 480 | 1,100 |
| Points a year | 1,920 | 5,760 | 13,200 |
| Annual fee | ₹0 | ₹0 | ₹0 |
Light: 1,920 points a year (160 times 12) and no fee. One redemption costs ₹116.82, so it's worth doing only if the points is worth more than about 6 paise each (₹116.82 divided by 1,920). Waiting three years and redeeming 5,760 points at once (1,920 times 3) brings that bar down to about 2 paise.
Typical: 5,760 points a year (480 times 12). The HPCL waiver also give back the 1% fuel surcharge, up to ₹30 a month here (1% of ₹3,000), as long as each fill is between ₹400 and ₹4,000.
Heavy: the caps cost 140 points a month, ₹5,000 of groceries above the ₹20,000 limit (100 points) and ₹2,000 of transport above ₹10,000 (40 points). The year brings 13,200 points (1,100 times 12); a card without these caps would have paid 1,680 more (140 times 12). A big spender gets more from a card whose point value is published.
Platinum Chip: how rewards work
| Earned as | ICICI Bank Reward Points |
|---|---|
| Base rate | 2 reward points per ₹100 on retail spend |
| Minimum spend rules | None stated |
| No rewards on |
|
| Lower rewards on |
|
| Value of a point |
|
| Redemption fee | ₹99 + GST per redemption (MITC) |
| Expiry | 3 years from issuance |
| Welcome benefits | None published |
| Milestone benefits | None published |
| Lounge access | Domestic: None stated International: None stated |
| Fuel surcharge waiver | 1% waiver on fuel transactions of ₹400 to ₹4,000 at HPCL pumps; MITC caps waiver-eligible spends at ₹50,000 per statement cycle |
| Insurance cover | None stated |
Platinum Chip eligibility and applying
ICICI asks applicants to be Indian citizens between 21 and 65. Salaried applicants need a monthly income of ₹20,000 and self-employed ones at least ₹20,000 a month too. That comes to ₹2,40,000 a year (₹20,000 times 12), the same as the general minimum ICICI's listing page gives for self-employed people.
The documents are the standard three: proof of identity, proof of address and income proof. For KYC the RBI accepts a passport, driving licence, voter ID or proof of Aadhaar possession, and PAN or Form 60 is taken as well.
How to apply
- Online: the Apply Now button on ICICI's card page opens its application site, where you upload KYC and income papers.
- In the iMobile app: if ICICI has a pre-approved card for you, it shows under the loan and card offers.
- No salary: ICICI's listing FAQ says the bank may ask for a fixed deposit as security. Its FD-backed card is the Instant Platinum.
What ICICI looks at
RBI rules make ICICI judge your own ability to repay and count the limits you already hold. ICICI's listing page say your credit score and repayment history may be considered; on Experian's 300 to 900 scale, above 750 is generally good. Approval is the bank's call alone, and a rejection must come with reasons in writing.
After approval, activate within 30 days, or ICICI has to ask for your consent by OTP before closing the card free. Any billing dispute have to be raised within 60 days of the statement date.
Platinum Chip: eligibility and documents
| Age (salaried) | 21 to 65 years (FAQ) |
|---|---|
| Age (self-employed) | 21 to 65 years (FAQ) |
| Income (salaried) | Monthly income of ₹20,000 |
| Income (self-employed) | Monthly income of at least ₹20,000 |
| Other conditions | Indian citizen over 21 |
| Documents |
|
| How to apply | Online on the issuer website (card page 'Apply Now' leads to buy.icici.bank.in; upload KYC and income documents), or in the iMobile app under 'Pre Approved Loans/Offers' > 'Loan & Card Offers' > Cards. Co-brand cards apply through the partner (Amazon Pay on amazon.in, MakeMyTrip app/site, Adani One site, Times Black on timesblack.com). FD-backed cards through iMobile, Net Banking or a branch. Emeralde Private Metal and 1838 Reserve are invite-only. |
| Card customer care | 1800 1080 |
These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.
Who should hold Platinum Chip
This is a card for people who want credit without paying for it. A first-jobber earning ₹20,000 a month or a bit more gets a free card that builds a repayment record, earns a little on groceries and shopping, and saves the fuel surcharge at HPCL. Since it costs nothing, you can keep it since years, and a long, clean account helps your credit profile. It also work as a backup card for the day your main one is blocked, though use it now and then, as RBI rules let a bank start closing a card unused for over a year.
Who should look elsewhere? Anyone who want rewards they can value. With no published point value and ₹116.82 per redemption, 2 points per ₹100 is hard to plan around. Travellers get nothing: no lounges, and 3.5% on foreign currency and on rupee payments abroad. People paying rent, wallet loads or big fuel bills will meet fees, not points.
The honest trade-off
Zero cost against near-zero perks. If a free card is the whole goal, this is ICICI's plainest one. If value is the goal, a free card with priced points from our lifetime-free cards list, or a paid card you will use fully, does more for your money.
Pros
- No joining or annual fee for new cards
- 2 reward points per ₹100 on most retail spends
- 1% fuel surcharge waiver at HPCL on fills of ₹400 to ₹4,000
- Points stay valid for 3 years
- Income bar of ₹20,000 a month for salaried and self-employed applicants
Cons
- ICICI does not publish the rupee value of a point
- ₹99 plus GST charged on every redemption
- No welcome benefit, milestones, lounge access or stated insurance
- Per-cycle caps on grocery, transport, utility and insurance points
- 3.5% forex markup and 3.5% on rupee payments abroad
- Network not stated, and the card is not on ICICI's RuPay UPI list
Platinum Chip against three alternatives
ICICI Bank Coral
Coral earns exactly what Platinum Chip earns, 2 points per ₹100 and 1 on utilities and insurance, under the same per-cycle caps. Its ₹500 plus GST fee buys a RuPay version for UPI, one domestic airport lounge visit a quarter after ₹75,000 of spends the quarter before, 2,000 milestone points at ₹2 lakh a year plus 1,000 for each extra ₹1 lakh (10,000 at most), and movie discounts. ICICI's terms reverse that year's fee once you spend ₹1.5 lakh, while the card page words it as a waiver for the next year. The income bar is the same ₹20,000.
Amazon Pay ICICI Bank
Amazon Pay ICICI is ICICI's other card with no fee, and far more rewarding: 5% on Amazon for Prime members, 3% for others, 2% at Amazon Pay partners and 1% elsewhere, credited as Amazon Pay balance, with 1.99% forex. But it's invite only and want ₹30,000 a month. If Amazon has invited you, take it over Platinum Chip.
IDFC FIRST Classic
FIRST Classic is free for life too and has what Platinum Chip lacks, a published point value of ₹0.25. It earns 3 points per ₹200 (0.375%) and 10 per ₹200 (1.25%) on dining, travel and your birthday, has no forex markup since 9 September 2026, and gives a ₹500 voucher on ₹5,000 spent in the first 30 days. It needs ₹3 lakh a year, a bit more higher than Platinum Chip's ₹2,40,000.
Who should pick which
- Platinum Chip: you want the simplest free ICICI card and fill up at HPCL.
- Coral: you spend ₹1.5 lakh a year and want UPI on credit or a lounge visit.
- Amazon Pay ICICI: you have an invitation and shop on Amazon.
- FIRST Classic: you earn ₹3 lakh a year and want points with a rupee value.
All ICICI cards: ICICI Bank credit cards. Card help: ICICI Bank customer care, or 1800 1080. Other banks: the credit cards hub.
Platinum Chip against similar cards
| Term | ICICI Bank Platinum Chip Credit Card This card | ICICI Bank Coral Credit Card | Amazon Pay ICICI Bank Credit Card | FIRST Classic Credit Card |
|---|---|---|---|---|
| Bank | ICICI Bank | ICICI Bank | ICICI Bank | IDFC FIRST Bank |
| Joining fee | Nil | ₹500 + GST | Nil | Nil |
| Annual fee and waiver | Nil | ₹500 + GST. Spend over ₹1.5 lakh and get annual fee waived off for the next year (card page); MITC footnote *** says the fee for the year is reversed on anniversary-year completion | Nil | Nil |
| Base reward | 2 reward points per ₹100 on retail spend | 2 reward points per ₹100 on retail spend | 1% Reward Points on all purchases on non-Amazon platforms (about 1% value) | 3X Reward Points on eligible spends (about 0.375% value) |
| Best category | No higher-reward category published | No higher-reward category published | Amazon.in purchases, Amazon Prime members: about 5% value | Hotel bookings via 'FIRST Rewards Gallery' in the IDFC FIRST Bank app: about 5% value |
| Lounges | Domestic: None stated International: None stated | Domestic: 1 domestic airport lounge access per quarter (primary cardholder) on ₹75,000 spend in the preceding quarter; 4 railway lounge accesses a year (1 per quarter) International: None | Domestic: None stated on card page International: None stated on card page | Domestic: No airport lounge. 4 complimentary railway lounge visits every quarter. International: None |
| Forex markup | 3.5% of the amount | 3.5% of the amount | 1.99% of the amount | 0% (no markup) |
| Network | Not stated by the bank | RuPay | Visa | Not stated by the bank |
| Published minimum income | ₹20,000 a month | ₹20,000 a month | ₹30,000 a month | ₹25,000 a month |
| Status | Taking applications | Taking applications | Taking applications | Taking applications |
Frequently asked questions
Is the ICICI Platinum Chip Credit Card lifetime free?
What is an ICICI Platinum Chip reward point worth?
What is the eligibility for the ICICI Platinum Chip card?
Does ICICI Platinum Chip give fuel or lounge benefits?
What changed on the ICICI Platinum Chip card in 2026?
Can I use ICICI Platinum Chip on UPI?
Related
- ICICI Bank Credit Cards 2026: Spend Rules, Fees and Which Card to Pick
- ICICI Bank Coral Credit Card Review: A ₹500 First Card That Works on UPI
- Amazon Pay ICICI Bank Credit Card Review: 5% Back and No Fee, Ever
- IDFC FIRST Classic Credit Card Review: Free, With 10X on Your Birthday
- Best Lifetime Free Credit Cards in India 2026: Zero Fee in the MITC
Sources
- ICICI Bank Limited: Most Important Terms and Conditions (MITC), credit cards; Platinum Chip Credit Card; ICICI Bank Customer Care
Last verified: 5 November 2026
Written by Abhishek Kumar, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.