ICICI Bank offers Instant Platinum credit card against a minimum Fixed Deposit of Rs 20,000 with credit limit of up to 90% of the FD amount. It’s a basic secured card offering targeting people looking to build their credit score all the while earning interest on their Fixed Deposit (FD) and enjoying the perks and benefits the card offers.
The benefits and perks are few but let’s explore them in this ICICI Instant Platinum credit card review.
ICICI Bank Instant Platinum Credit Card Overview
|– Earn 2 reward points on every Rs 100 spent in select categories
– 2.5% fuel surcharge waiver on HPCL fuel pumps
More Details From ICICI Bank
- The ICICI Bank Instant Platinum Credit Card is a good choice for you if you need an instant and free Credit Card. Build or repair your Credit Score with our assured credit card against fixed deposits.
- Lifetime free, no joining and annual fees.
- With 90% of your FD amount as limit on your Credit Card, enjoy liquidity on the go for your requirements.
- Built-in contactless technology to make quick and secure payments at retail outlets.
- Earn Reward points and redeem against multiple categories like Fashion and Lifestyle, Electronics, Travel & Luggage, Health & Beauty, e-Vouchers and Home & Kitchen.
- Avail of 25% discount up to INR 100 on purchase of minimum two tickets up to two times in a month through www.bookmyshow.com.
- Low interest rate – Earn interest on your Fixed Deposit and use the Instant Card to manage your day to day liquidity – the Card is available at a low interest rate of just 2.49% per month.
- Apply online through ICICI Bank website or Mobile app, or visit your nearest branch to get the card instantly, over-the-counter.
- Terms and conditions apply.
Fees and Charges
2.49% per month (29.88 annually)
Foreign Transaction Fee
3.5% of the transaction amount.
Cash Advance fee
2.49% or maximum Rs 500 (whichever is higher) of the transaction amount.
Interest on Cash Advances
2.49% per month (29.88% annually)
Card Replacement Fee
Add-on card fee
See fees and charges on ICICI website.
Pros & Cons
|Easy to get if you meet eligibility criteria which is pretty straightforward.
|High FD amount requirement for a basic-level card
|Fuel surcharge waiver better than other cards in this category
|Foreign transaction fee, no interest free cash withdrawal
|BookMyShow & Dining offer along with rewards on spend
|Low reward rate
ICICI Bank Instant Platinum Credit Card: Detailed Review
The card comes with all the necessary features a secured (FD-backed) card offers but doesn’t offer much in terms of benefits and rewards. The 2.5% fuel surcharge waiver is a winning point as other secured cards offer around 1% waiver. The reward rate however is too low and discourages spending. And there are no additional privileges and perks.
But if all you need is a credit card that helps build your credit score and meets your spending requirements with occasional rewards, you can consider it. The people looking for a card with more rewards, benefits, and flexible use should look for other options.
ICICI Bank Instant Platinum Credit Card: Benefits & Perks
Lifetime free: There are no joining or renewal fees on this card.
Fuel surcharge waiver: The cardholders get a 2.5% surcharge waiver on fuel transactions of up to Rs 4,000 at HPCL petrol pumps when the card is swiped on the ICICI Merchant Services swipe machines.
High credit Limit: You can get a credit limit of a maximum of up to 90% of your FD value.
ICICI Bank Instant Platinum Credit Card: Rewards
You earn 2 ICICI reward points on every Rs 100 spent except fuel purchases. The reward points can be redeemed against purchases through ICICI rewards catalogue across multiple categories like Fashion and Lifestyle, Electronics, Travel & Luggage, Health & Beauty, e-vouchers, and Home & Kitchen.
ICICI Bank Instant Platinum Credit Card: Offers
BookMyShow: The cardholders can avail a 25% discount up to Rs 100 per month on the purchase of a minimum of 2 tickets through bookmyshow.com. This offer can be availed only twice a month.
Dining: Avail dining offers from time to time with partner restaurants such as Cafe Coffee Day, Pizza Hut, Vaango, TGI Fridays and Mainland China etc. Check ICICI Bank’s Culinary Treats program for dining offers.
Drawbacks & Considerations
To start with, the card has comparatively high eligibility with minimum FD amount of Rs 20,000 and then to take it further, it offers no interest-free cash advances like Kotak 811 #DreamDifferent or free foreign transactions like IDFC First WOW. Few other secured cards in the market offer better flexibility for the usage.
Other FD-based cards offer more rewards and benefits
With ICICI Instant Platinum, you don’t get any additional benefits or perks other than fuel surcharge waiver, rewards, BookMyShow and dining offers. While on the other hand, some of the best cards in the Indian market like IDFC First WOW and Kotak 811 #DreamDifferent offer more perks such as a good sign-up bonus, insurance cover and milestone benefits on top of the reward points and surcharge waiver.
Eligibility To Get ICICI Bank Instant Platinum Credit Card
- FD amount should be Rs 20,000 or more for a minimum tenure of six months and should be in auto renewal mode. Tax saving and HUF FD is not eligible for the ICICI Bank Instant Platinum card.
- The applicant should not be a minor and/or a foreign national.
How to Apply?
If you fulfil the eligibility criteria and open a FD account with the Bank, you can apply online through the ICICI Bank’s official website or Mobile application. You can also visit your nearest ICICI Bank branch to get the card instantly.