Quick Verdict

  • For everyday spend, both HDFC Bank MoneyBack Plus Credit Cardⓘ and ICICI Bank Platinum Chip Credit Cardⓘ offer the same base reward rate of 0.5%, equating to Rs 50 back on Rs 10,000 spent.
  • When it comes to category-specific rewards, the HDFC MoneyBack Plus card wins for online shopping with a superior 3.33% return, while the ICICI Platinum Chip card provides a 0.5% return on utilities spend.
  • The ICICI Platinum Chip card is cheaper to hold as it has no joining or annual fees, whereas the HDFC MoneyBack Plus card charges Rs 500 for both, which can be waived with Rs 50,000 annual spend.
  • Choose the HDFC MoneyBack Plus card if you prioritize online shopping rewards and don’t mind paying a fee that can be waived with moderate spending. Opt for the ICICI Platinum Chip card if you want a no-fee, simple, lifetime free card suitable for first-time users and general shopping or dining.

Side by Side

DetailHDFC Bank MoneyBack Plus Credit CardⓘICICI Bank Platinum Chip Credit Cardⓘ
Annual feeRs 500Nil (lifetime free)
Joining feeRs 500Nil (lifetime free)
Fee waiver on spendRs 50,000None
Reward rate0.5% base, 3.33% on online spend0.5% base, 0.5% on utilities
Reward typepointspoints
Domestic loungeNoneNone
International loungeNoneNone
Forex markup3.5%3.5%
Best suited forfirst-card, cashback, shoppinglifetime-free, first-card, dining, shopping

Rewards Compared

The HDFC Bank MoneyBack Plus Credit Cardⓘ provides a base reward rate of 0.5%, meaning a straightforward Rs 50 back on every Rs 10,000 spent anywhere. However, it significantly boosts returns for online spend to 3.33%, yielding Rs 333 back per Rs 10,000 spent in this category. This makes it an excellent choice for frequent online shoppers who want to maximize cashback on digital purchases.

The ICICI Bank Platinum Chip Credit Cardⓘ, in contrast, offers a flat base reward rate of 0.5% across the board, equaling Rs 50 back on Rs 10,000 spend, similar to HDFC’s base rate. Its category-specific rate is also 0.5% but applies to utilities spend only, which is not as generous as HDFC’s online shopping benefit. This card suits users who prefer a simple, no-frills reward system without the need to track categories aggressively.

Fees Compared

The HDFC MoneyBack Plus card carries a Rs 500 joining fee and a Rs 500 annual fee. Both fees can be waived if you spend Rs 50,000 annually, which breaks down to about Rs 4,167 per month. For users spending less than Rs 1,00,000 annually, the fees may outweigh the rewards, as the base reward rate would only cover the fee cost at that spend level. The welcome benefit of 500 CashPoints adds some initial value but is modest.

The ICICI Platinum Chip card is lifetime free, with no joining or annual fees, making it the cost-effective option for those who either spend less or prefer not to worry about fee waivers. There is no minimum spend required to avoid fees, so it is a straightforward choice for low to moderate spenders.

Which One Should You Pick

The HDFC Bank MoneyBack Plus Credit Cardⓘ is ideal for first-time cardholders who shop online frequently and can comfortably meet the Rs 50,000 annual spend threshold to waive fees. If you are looking for a cashback card with category bonuses and are okay paying fees that can be waived, this card offers better online rewards.

The ICICI Bank Platinum Chip Credit Cardⓘ is best suited for users seeking a no-fee, lifetime free credit card with straightforward rewards. It appeals to first-card users, shoppers, and diners who want to avoid fees altogether and prefer a simple reward structure without category tracking.

In conclusion, if you want better rewards on online spend and are confident in meeting the fee waiver limit, pick the HDFC MoneyBack Plus card. If you want a hassle-free, fee-free experience with decent base rewards, the ICICI Platinum Chip card is the clear winner. Skip the HDFC card if you spend less than Rs 50,000 annually or dislike annual fees. Avoid the ICICI card if you want category-specific higher returns like online shopping rewards.

What to Check Before You Apply

  • Verify the Rs 50,000 annual spend required to waive the HDFC MoneyBack Plus card’s fees and calculate if your spending justifies the fee.
  • Consider that both cards use points as rewards; check redemption options and values carefully to ensure you get good value.
  • Remember that both cards charge a 3.5% forex markup on international transactions, so these are not ideal for frequent foreign travel or overseas spending.
  • Neither card offers domestic or international lounge access, so look elsewhere if lounge benefits are a priority.

FAQ

What are the joining and annual fees for these cards?+
The HDFC MoneyBack Plus card has a Rs 500 joining fee and a Rs 500 annual fee, both of which can be waived with Rs 50,000 annual spend. The ICICI Platinum Chip card has no joining or annual fees and is lifetime free.
How do the rewards differ for category spends?+
HDFC MoneyBack Plus offers 3.33% rewards on online spending, significantly higher than its base 0.5%. The ICICI Platinum Chip card offers 0.5% rewards on utilities spend, matching its base rate, with no enhanced category rewards for shopping or dining.
Are these cards suitable for international travel?+
Both cards charge a 3.5% forex markup on foreign currency transactions, which is standard but relatively high. Neither card offers international lounge access, so they are not ideal for frequent international travelers seeking travel perks.
Can the annual fees on the HDFC MoneyBack Plus card be waived automatically?+
No, the annual fee waiver requires spending Rs 50,000 annually. If you do not meet this threshold, you will be charged the Rs 500 fee annually.
Which card is better for a first-time credit card user?+
Both cards are suitable for first-time users. If you want a fee-free, simple card, the ICICI Platinum Chip card is preferable. If you want better online shopping rewards and can meet the fee waiver, the HDFC MoneyBack Plus card is a better choice.