ICICI Platinum Credit Card Review

Want to know all about ICICI Platinum credit card? Then, you have landed on the right article. In this ICICI Platinum credit card review article, we're going to explain all the aspects of it.

The ICICI Platinum credit card is an excellent opportunity for young middle class individuals to gradually build their credit intelligently. There is no possibility of fraud as there is chip protection which ensures fully secured transactions.

All online transactions are validated only on the one time password (OTP) sent to the cardholder. Also, payments at retail shops require a PIN.

Payback points, or reward points are awarded for the amount spent on shopping and insurance which can be redeemed on future expenses on the card.

There are other icici platinum credit card benefits, details of which are given below.

iCICI platinum credit card benefits, Features & Offers 

ICICI platinum card has several attractive features which are useful for the young middle class individual which are listed below.
The best thing about this card is it is totally free for lifetime without paying any annual fees or joining fees.

• A young individual, with a modest monthly salary of Rs 15,000 or a businessman with a monthly income of Rs. 50,000 can avail the credit card facility
• The credit limit depends on the income of the individual and their credit history.
• One can get a minimum credit of 15 days and about a maximum of nearly 45 days (if the transaction is done on the first day of the billing cycle).
• The billing cycle is generally of a month and the cardholder gets approximately another 15 days to pay the bill from the billing date.
• There is no interest charged if they make the payment on or before the due date, which is about 15 days from the date of the bill.
• It is a better way to build a credit score instead of taking a loan, as there is no interest charged if payment is done on or before the due date.

icici platinum credit card offers & Reward Points

• Spending benefits are given for spending on the card on shopping, dining and other specified expenses.
• Reward points, or payback points are awarded on 2 points on every Rs 100 spent on purchases of electronic and other retail purchases. For example, a purchase of Rs.7500 will give you 150 reward points.
• Payback points are lower for utility purchases and payment of insurance premiums at 1 point for every Rs 100 spent. For example, Rs 50 is the reward point for spending Rs 5000.
• Payback has partnered with many of the leading brands in India and is a multi brand referral program.

Fuel Surcharge waiver

• A 1 percent discount is given on fuel purchases made at petrol pumps of HPCL (Hindustan Petroleum Company Limited), but only at ICICI merchant swipe machines. There is a limit of Rs 4,000 on the amount fixed for the discount.

Discount on food

• A 15% discount is available on expenses on food in about 2,500 branded restaurants across the country. 

Spending Benefits

• There are other specific higher discounts, even higher on electronics, furniture and other purchases and travel expenses.
  
  
• Transactions of big purchases can be converted into EMIs (equated monthly installments) at attractive interest rates.

Eligibility required for ICICI Platinum Card

Documentation required for ICICI Platinum Credit Card

Following are the documents required for obtaining a ICICI Platinum Credit Card:

1. Proof of Identity
   • PAN CARD
   • Aadhaar Card
   • Voter’s ID
   • Passport
   • Driving License
2. Proof of Address
   • Aadhaar Card
   • Passport Bills
   • Electricity Bills (not older than 3 months

icici platinum credit card charges

The charges levied on the ICICI Bank Platinum Credit Card are basically late payment and interest charges as per the following table

How to Apply for ICICI Bank Platinum Credit Card online? 

Following is the procedure to apply for the ICICI Bank Platinum Credit Card online.

The information required has to be filled on the website which includes personal details like name, age, address and details of the company where a person is employed.

Stage 1

• One has to visit the website IciciBank.com
• It is not necessary to have an account with ICICI Bank for acquiring a credit card.
• Select credit cards from cards on the website.
• Then Platinum Chip Credit Card appears on the screen with a link to apply online.
• Then personal information has to be filled to check our eligibility for the credit card.
• The following information has to be filled:

1. First name and last name
   Your name should be as per name in your PAN card

2. Date of Birth
   A person’s age should be above 21 years and below 60.

3. Mobile Number
   All communication will be done on the number provided

4. Where do you live currently?
   The name of the city/town where you live currently has to be provided.

5. E-mail ID
   All statements and other correspondence will be sent to the email.

6. Type of employment
   An option should be selected from

A: Salaried
Your monthly take home salary should be mentioned. The salary slip of the employer is adequate support.

B: Salaried Doctor
Your monthly take home salary should be mentioned. This can be supported by the salary slip provided by your employer.

C: Self-Employed Business
Last year net total income was required. This can be supported by a copy of the Latest Income tax returns filed. 

D: Self-Employed Professional
Last year net total income was required. This can be supported by a copy of the Latest Income tax returns filed. 

7.  Company
   Employees from select companies get customized offers.

8. Your relationship with ICICI Bank

• An option from the following should be selected
• No existing relationship
• Home Loan
• Car Loan
• Personal Loan
• Credit Card
• Savings Account
• Salary Account

9. Do you have a credit card?

• “Yes” or “No” option should be selected.
• After that, you may get either of the two messages:
• “Sorry, we are unable to offer an ICICI Bank credit card.” if your application is rejected.
• Or you get the message
• “Your card is approved.”

Stage 2

Second Stage after getting initial approval

• The following message is received if the card is approved.
• Congratulations, we are pleased to offer you the below-mentioned credit card.
• In the next stage, the following steps have to be taken

Step 1

• The card applicant has to select Lifestyle cards and select the card from the various card options.

Step 2

1. Information to be provided
2. Gender
3. Mother’s maiden name
4. Marital status
5. No dependents.
6. Current address and permanent address
7. Address of the company where the applicant is employed, if he is employed, with phone number and email.
8.  Preferred mailing address has to be provided with PAN number.
9. If the current address is the same as the permanent address, the applicant has to say yes.
10. If the address is different, one has to enter the permanent address.
11. All details have to be self verified after the application is completed.
12.  The application has to be submitted now.
13.  After the application is received, the nearest branch of the Bank will ask by email copies of your PAN, bank statements, 1 copy of photo and the last 3 months bank statements.
14.  After the required supporting documents are sent, the applicant will get the credit card at his current address if the card is approved.

Conclusion

The ICICI platinum card is a boon for young middle class salaried and self-employed people. The card is free for lifetime and gives an opportunity for young people to build credit without taking any loan. 

The trick is to use the card to make purchases within your capability and accumulate reward points. The reward points, after accumulation, can be redeemed for purchases. Then care should be taken to pay the bill much before the due date and avoid interest and late payment charges.

The complete bill amount should be paid instead of paying the minimum amount paid. Otherwise, the interest will be compounded at a dangerous level, as interest charges on credit cards are very high.

So go on, apply for a ICICI Platinum card and enjoy the benefits of the card and build your credit score.