Getting approval for the first credit card is not hard even if you are a student, housewife or having a low salary.
I recommend you to apply for two credit cards if you are applying for the first time – Standard Chartered Platinum Rewards and ICICI Platinum credit card. I have compared both the cards later in the post. Let’s first do the detailed review of ICICI platinum credit card.
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.
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 expenses||Rs. 40,000||Rs. 1 Lakh|
|100% on all kinds of retail purchases, except for fuel||40,000||100,000|
|Payback Points on spends||800||2000|
|Payback point value in rupees (1RP = Re 0.25)||200||500|
|Joining Fees (suppose applied online)||—||—|
|Annual Fees charged||Rs. -99||Waived off|
|Total Savings||Rs. 101||Rs. 500|
|Savings % age (Total Savings/ Total Spends)||0.25%||0.5%|
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 Card||ICICI Platinum||SC Platinum|
|Reward Points -1||2 RP per Rs 100 spent||5X RP per Rs 150 spent on Fuel & Dining|
|Reward Points – 2||1 RP on utility and insurance bills||1 reward point on other spends|
|Reward Value / 100 Rs.||Rs 0.50||Rs 0.83|
|Joining Fee*||Rs. 199||Rs. 250|
|Annual Fee||Rs. 99||Rs. 250|
|Waiver||On spending 50K||On spending 30K|
|Best For||Against FD||Salaried 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.