The ICICI Bank Instant Platinum Credit Card is an entry level secured credit card for students, housewives, unemployed and people with low credit scores. This card comes with a zero annual fee. Despite lacking welcome offers, the zero annual fees, higher approval rate and a decent APR make it a good choice for customers shopping for an entry level card.
The ICICI Bank Instant Platinum Card is a secured credit card, which requires users to have a deposit backing the credit card. Hence, secured for banks. To qualify for this card, you need to either have a Fixed Deposit (FD) against an ICICI savings account or open a new FD at ICICI. The Fixed Deposit amount must be a minimum of INR 20,000. The tenure of this FD should be a minimum of 180 days.
- Fintown Rating: 2.5/5
- Pros and Cons:
- Benefits/Rewards – ICICI Bank Instant Platinum Credit Card:
- How to get the most out of this Card?
- Is the rewards rate good?
- Payments and Fees:
- Is this card for you?
- Application Requirements:
- Terms & Conditions Explained:
- Other Credit Cards with similar Features:
- The Bottom Line:
Fintown Rating: 2.5/5
Rating by Category:
|Annual Fee||Reward Rate||Initial Bonus||APR|
- The Annual Fee gets full points since there is no joining or Annual fee to get this card.
- Despite a 0.5% Reward Rate, we give this card a below-average rating of 2 since it is an entry level credit card with some basic benefits.
- With zero introductory benefits and no welcome offer for the Instant Platinum Card, the Initial bonus is not worth mentioning as can be seen in the score
- The 29.88% APR is a somewhat low interest rate for cards in this segment. Therefore, we give this credit card a slightly above average rating of 3.
Pros and Cons:
|Reasons to Choose ICICI Instant Platinum Credit Card||Reasons to avoid ICICI Instant Platinum Credit Card|
|Zero Annual Fee||No initial bonus|
|Low interest rate of 2.49% per month.||No welcome offer|
|Secure chip and pin card||No premium privileges such as access to airport lounges and golf clubs.|
|Instant approval and issuance against a Fixed Deposit||Fuel Surcharge Waiver of 1% applicable only at HPCL petrol pumps.|
|Bookmyshow cash-back and 15% discounts on dining bills|
Benefits/Rewards – ICICI Bank Instant Platinum Credit Card:
Over-the-counter issuance: The ICICI Instant Platinum Credit Card is a perfect option for people who want a secured entry level credit card instantly. All you need is an ICICI Fixed deposit with a minimum amount of INR 20,000 for a tenure of 180 days or more.
Save money on Food Bills: For those of you who love to eat out, this ICICI credit card will offer you 15% savings on dining bills. Moreover, you can use it in over 2500 restaurants covered in the Culinary Treats Programme of the Bank.
Augmented Security: The ICICI Instant Platinum credit card provides additional security through its embedded micro-chip technology. It also comes with a PIN(Personal Identification Number) that you may have to enter at most POS (point of sale) terminals for added security. Nevertheless, you can use this credit card by just swiping the magnetic stripe and not providing PIN at some POS terminals.
Cash-back on BookmyShow tickets: When it comes to entertainment, this card gives a cash back of INR 100(maximum) on a purchase of up to 2 tickets every month.
How to get the most out of this Card?
For obtaining maximum benefits, you should be someone who likes to watch movies at least once a month (of course, you can take a friend along). However, please note that the maximum cashback is only 1NR 100 on BookmyShow tickets.
To enjoy the full benefits of your card, swipe your card at 2500+ restaurants in 12 cities across India and enjoy a minimum 15% discount on your order. If you love visiting cafes and dining out, these discounts will come in handy for saving money on food and drinks.
A fuel surcharge waiver of 1% can be obtained at all HPCL petrol pumps on a maximum transaction of INR 4000.
The benefits of credit cards would not be worth much if you do not pay your credit card bills before the grace period expires. When you inculcate a financial discipline to pay in time, you can build a good credit history. A good credit score would help you to get approval for better credit cards with higher reward rates and benefits. Furthermore, it would also help you in getting easy approvals and better terms for your future loans.
Is the rewards rate good?
With this card, you earn 2 payback points for every spend of INR 100. To illustrate its usage, you can buy an INR 5000 voucher from Amazon with 20,000 payback points on Amazon. Therefore, for 1 payback point, you can earn INR 0.25. For 2 payback points, you earn INR 0.5.
Therefore, the reward rate for the ICICI Instant Platinum Card is 0.5%.
Although the 0.5% reward rate might not seem appealing, it is, indeed, a reasonable rate for entry level customers.
Payments and Fees:
|Supplementary Card Fee||Nil|
|Foreign Transaction Fee||3.50%|
|Cash Withdrawal Fee||2.50% on the advanced amount, subject to a minimum of INR 300|
|Overlimit Fee||2.50% on the over-limit amount (minimum INR 500)|
|Balance Transfer Fee||NA|
|Late Payments Fee||INR 100-750|
Is this card for you?
This card could be right for you if:
- You are looking for a secured credit card: Secured credit cards are those cards that are obtained against a fixed deposit made by the FD/savings account holder. These cards can be understood as a means to get access to credit, which would otherwise be unavailable to non-salaried people or those with poor or no credit history.
- You are looking for a low interest rate: The annual interest rate is on the lower side with an APR(Annual Percentage rate) of 29.88%. The monthly rate of interest is 2.49%. However, we strongly recommend you to not carry your credit forward. Revolving credit would adversely impact your credit history and would be a financial burden to you in the long run.
- A basic credit card that gives you discounts or cashback: The ICICI Bank Instant Platinum Credit Card gives a maximum cashback of INR 100 on up to 2 movie tickets per month. Furthermore, it also gives a 15% discount on dining at over 2500 restaurants in 12 cities across India. These restaurants should be a member of the Culinary Treats Programme of ICICI, for you to avail discount.
- When your goal is to rebuild or improve credit scores: If you are a person with no credit history or poor credit history, then this card could be a good choice for you. At zero annual fees and joining fees, this card is extremely is affordable. However, you must make timely payments of your credit card bills to build or rebuild your credit score.
- To get an ICICI Bank Instant Platinum Credit Card, all you need is a valid Fixed Deposit with ICICI Bank. If you do not already have an FD at ICICI bank, then you would have to open a new FD.
- The minimum Fixed Deposit amount is INR 20,000.
- The minimum tenure of the Fixed Deposit has to be 180 days.
Please note that the individuals falling under the categories mentioned below do not qualify for the ICICI Bank Instant Platinum Card.
- If the Fixed Deposit is in the name of Third parties/Partnership firms /HUF /Society /Trust /Companies.
- Against Linked/Quantum /80C/NRE/NRO / HFC Fixed Deposits or if a lien is already marked on the Fixed Deposit.
- To minors and foreign nationals.
Terms & Conditions Explained:
- Introductory rate and Regular rate: The ICICI Bank Instant Platinum Credit Card does not offer any introductory benefits. It has a monthly rate of 2.49% which amounts to an annual rate of 29.88 %.
- Payback points: For every spending of INR 100 on this card, you earn 2 payback points. Moreover, you can redeem these points for an attractive variety of rewards.
- Grace Period: This card has a grace period of 18-48 days to repay the money that was borrowed in the previous month.
- Credit Limit: The credit limit for the ICICI Instant Platinum Credit Card is up to 85% of the fixed deposit amount.
Other Credit Cards with similar Features:
Other secured cards that you should look at:
Axis Bank Insta Easy Credit Card:
The Axis Bank Insta Easy Credit Card is almost identical to the ICICI Bank Instant Platinum Credit Card. However, unlike the Instant Platinum Credit Card, the credit limit for this secured card is up to 80% of the Fixed Deposit amount. Nonetheless, you can enjoy free credit up to 50 days, if you have paid your previous month credit card bill in full.
Unlike the ICICI card, fuel surcharge waiver works on all fuel transactions that come in the range of INR 400-4000. The Axis Bank Insta Easy Card also comes with global emergency assistance in case of loss of the card. Lastly, this card also offers conversion of a big purchase into an EMI, for which you can contact the bank directly.
Andhra Bank Visa Signature Card:
A similar card with better rewards, but a higher annual fee is the Andhra Bank Visa Signature Card.This card is not specifically designed as a secured card.. Nevertheless, this Visa Signature Card can also be issued against lien on Fixed Deposit with 25% margin without insisting for Income Proof & Scoring Model.
Despite its admission fee of INR 1000 and an annual membership fee of INR 1000, this card is an impressive option. It comes with an accidental insurance coverage of INR 30,00,000/- for the main card and INR 5,00,000/- for Add-on Card. Additionally, the foreign currency mark-up fee is 0.5% less than the ICICI Bank Instant Platinum Credit Card.
For every INR 150/- spent by you using your Andhra Bank Signature Credit Card, you would earn 5 points that can be redeemed for rewards. With this card, you also get access to Airport Lounge at 10 domestic airports. You are also entitled to Concierge services such as services for travel, hospitality and emergency cash assistance etc. When it comes to rewards, Andhra Bank Signature Visa card is a better choice, however it comes with a joining fee and an annual fee.
SBI Advantage Plus Card:
The SBI Advantage Plus Card is another secured card that you can use to build your credit score. This card can be availed at an annual fee of INR 500. Like the ICICI instant card, the final credit limit can go up to 85% of the FD.
The monthly interest rate is up to 2.25%, which is lower than that of the ICICI Instant Credit Card. The FD amount could be INR 25,000 or INR 50,000 that is fixed for the Encash Facility.
Monthly EMIs will be billed for 11 months for the following amount:
- For an Encash amount of INR 25,000 –EMI for INR 2,500 EMI
- For an Encash amount of INR 50,000 –EMI for INR 5,000 EMI
You will continue to earn interest on your FD for 555 days at the rate of 9.25% or as per the current applicable SBI FD rate of interest.
Bank of Baroda Assure Card
Bank of Baroda Assure Card is another secured card that can be availed for free with an FD of a minimum amount of INR 25,000. The annual charge for this card is INR 500. It has one of the lowest interest rates of 1.6% (APR 19.2%). This card comes with 3 complimentary add-on cards, which has global validity.
It also includes the added benefit of personal accidental death insurance:
- Air Accidental Death: INR 15, 00,000
- Other Accidental Death (other than Air Accidental Death): INR 5,00,000.
Annual fee is waived for the BOB Assure Card on spend of INR 50,000 in a year and with regular payments.
The Bottom Line:
The ICICI Bank Instant Credit Card is one of the best options for non-salaried people such as housewives, students, unemployed and people with poor/no credit history.
This secured card lets you enjoy the benefits of access to assured credit, without the need for submitting your income documents. The cashback on Bookmyshow tickets and the discounted dining experience are the additional benefits that you would gain from this card without a joining fee or annual subscription fee.
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