ICICI Instant Platinum Credit Card

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Updated: 23-01-2020 10:00:56 AM

ICICI Bank Instant Platinum Credit Card is a special credit card that is issued instantly – for free. There is no long drawn-out procedure involved. It is given to the customer over-the-counter at an ICICI Bank branch. The only requirement that an applicant has to fulfil is to have a fixed deposit with ICICI Bank. Getting this credit card is as easy as walking into an ICICI Bank branch and walking out with the ICICI Bank Instant Platinum Credit Card.

Another unique feature of this instant credit card is that it helps in building and improving the cardholder’s credit score. A good credit rating allows easier access to loans.

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ICICI Bank Instant Platinum Credit Card – Application Procedure, Requirements and Eligibility Criteria
ICICI Bank Instant Platinum Credit Card – Application Procedure, Requirements and Eligibility Criteria

Applicants can avail the ICICI Bank Instant Platinum Credit Card against a valid ICICI Bank fixed deposit account by visiting the nearest ICICI Bank branch. Alternatively, existing ICICI Bank internet banking users can apply for the card through an online website.

In case, the applicant does not have an existing fixed deposit with ICICI Bank, he/she can get one then and there. Main requirements for a fixed deposit are given below:

  • The minimum amount for a fixed deposit with ICICI Bank is Rs 20,000
  • The minimum tenure of the fixed deposit is 180 days

ICICI Bank Instant Platinum Credit Card is not issued (in other words negative criteria):

  • In case, the ICICI Bank fixed deposit is in the name of a Third Party/Partnership Firm/Hindu Undivided Family/Society/Trust/Company
  • Against Linked/Quantum/80C/NRE/NRO/HFC Fixed Deposits or if there’s a claim on the fixed deposit
  • To minors as well as foreign nationals
ICICI Bank Instant Platinum Credit Card – Features and Benefits
ICICI Bank Instant Platinum Credit Card – Features and Benefits
  • Immediate Issuance

As the name suggests, the ICICI Bank Instant Platinum Credit Card is issued instantly. It is available at more than 2,000 ICICI Bank branches and issued against a specific type of fixed deposits schemes. In case, the applicant does not have any existing fixed deposit with the bank, he/she can get one and receive the card immediately.

  • Free of Cost

This credit card is issued at zero cost as long as one has a fixed deposit with ICICI Bank. There is no joining and annual fee. Also, there is no need to show income documents to avail the card.

  • PAYBACK Reward Programme

ICICI Bank Instant Platinum Credit Card members are automatically enrolled in PAYBACK’s multi-brand loyalty programme.

  • The credit cardholder earns 2 PAYBACK reward points for every Rs. 100 spent on all kinds of purchases other than fuel
  • These reward points can be redeemed for further shopping and exciting gifts
  • International Validity

The ICICI Bank Instant Platinum Credit Card is recognised internationally. Cardholders also receive global emergency assistance and card replacement service.

  • Nominal Rate of Interest

The interest rate charged on the ICICI Bank Instant Platinum Credit Card is quite low – it is just 2.49% per month. Interest is levied only if the customer makes part payment or zero payment. If the customer pays the outstanding amount in full, ICICI Bank does not charge any interest on the credit card.

  • Security Features

ICICI Bank Instant Platinum Credit Cards have extra security features that prevent misuse, counterfeiting and duplication of the card. The bank provides microchip-embedded credit cards to ensure additional security to cardholders.

  • New ICICI Bank Instant Platinum Credit Cards that have a microchip installed have extra security through Personal Identification Number (PIN). The cardholder has to enter this unique PIN in the card swipe machine every time the cardholder has to make a payment at a merchant outlet.
  • However, the PIN is not required for online transactions. Instead, the cardholder has to register his/her credit card for a special 3D Secure service (that is verified by Visa) on ICICI Bank’s website for online transactions – this adds an additional layer of security and allows the cardholder to shop securely.
  • Discount on Movie Tickets

ICICI Bank Instant Platinum Credit Card members receive attractive discounts on purchase of movie tickets.

  • When movie tickets are booked through the BookMyShow website, card members receive a discount of Rs. 100. This rebate is available twice a month and translated into savings of Rs 2,400 per year.
  • It is important to note that limited number of tickets as available under this promotional scheme daily and that booking is done on a first come first serve basis
  • Savings on Eating Out

ICICI Bank Instant Platinum Credit Card customers receive a minimum discount (savings) of 15% on dining at over 800 restaurants in 10 cities in India. This scheme is offered to customers in partnership with Culinary Treats.

  • Savings on Purchase of Fuel

ICICI Bank Instant Platinum Credit Card members can benefit from the waiving off of the 1% fuel surcharge on fuel transactions that do not exceed Rs 4,000. This scheme is valid only for fuel purchased at HPCL pumps when the ICICI Bank Instant Platinum Credit Card is used at ICICI Bank merchant swipe machines.

  • Visa Offers

Visa provides attractive bargains on dining in restaurants, stay in luxury hotels, purchase of goods at lifestyle stores, wellness treatments in spas, etc. in India and abroad.

ICICI Bank Instant Platinum Credit Card – Fees and Charges
ICICI Bank Instant Platinum Credit Card – Fees and Charges
Fee/ChargeAmount
Joining FeeNil
Annual FeeNil
Supplementary Credit Card FeeNil
Overdue Interest on Extended Credit and Cash Advances2.49% per month (29.88% annualised)
ICICI Bank Credit Builder Programme
  • ICICI Bank Instant Platinum Credit Card members can join the free ICICI Bank Credit Builder Programme which helps achieve a good credit score.
  • Membership of ICICI Bank Credit Builder Programme is complimentary for ICICI Bank Instant Platinum Credit Card customers. ICICI Bank gives information on ways to build a good credit score.
  • ICICI Bank communicates good credit behaviour of ICICI Bank Instant Platinum Credit Card members to credit information companies like CIBIL, Equifax, etc. in order to generate a positive credit score for the members.
ICICI Bank suggests some good practices build a better credit score:
  • It asks cardholders to use the credit card frequently to make purchases because the credit score is generated only when the card is used for spending.
  • ICICI Bank advises customers to use their credit cards within the prescribed credit limit so that they don’t default in paying the credit card bill.
  • The bank recommends that customers pay the monthly credit card bill on time because late payments and defaults affect the credit score negatively. It encourages members to actively take care of the credit score by managing purchases and payments.
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