Quick Verdict

  • The HSBC Visa Platinum Credit Cardⓘ wins for everyday spend with a higher base reward rate of 0.67% compared to 0.5% on the ICICI card.
  • Neither card offers domestic or international lounge access, so neither wins for travel or lounges.
  • Both cards are free for life with no joining or annual fees, making them equally cheap to hold.
  • Choose HSBC if you want better rewards on dining and shopping as a first card. Pick ICICI if you prefer a straightforward card with a consistent reward on utilities and a larger user base.

Side by Side

DetailHSBC Visa Platinum Credit CardⓘICICI Bank Platinum Chip Credit Cardⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Fee waiver on spend
Reward rate0.67% base, 2% on dining0.5% base, 0.5% on utilities
Reward typePointsPoints
Domestic loungeNoneNone
International loungeNoneNone
Forex markup3.5%3.5%
Best suited forLifetime-free, first-card, dining, shoppingLifetime-free, first-card, dining, shopping

Rewards Compared

The HSBC Visa Platinum Credit Cardⓘ offers Rs 67 back on Rs 10,000 spent, based on its 0.67% base reward rate. It notably delivers 2% rewards on dining spends, translating to Rs 200 for every Rs 10,000 spent in that category, making it very attractive for food lovers and casual dining. This card’s reward structure clearly favors those who spend more on dining and shopping, enhancing its everyday value.

On the other hand, the ICICI Bank Platinum Chip Credit Cardⓘ provides Rs 50 back on the same Rs 10,000 spend at its 0.5% base rate. Its category bonus is modest at 0.5% on utilities, which means Rs 50 on Rs 10,000 spent there, no uplift compared to the base rate. This card suits users who want a simple, consistent earning rate across all spends, especially if they prioritize utilities payments but do not require higher rewards on dining or shopping.

Fees Compared

Both cards are lifetime free with no joining or annual fees to worry about. This means no fee waiver thresholds or minimum spends apply. There is no break-even point for fees since both cost nothing to hold annually. This makes them ideal first cards for new credit users or those unwilling to commit to fee-based premium cards.

Which One Should You Pick

Pick the HSBC Visa Platinum Credit Cardⓘ if you want better rewards on dining and shopping without paying any fees. It suits first-time cardholders or anyone looking for a lifetime free card with decent cashback potential on popular everyday categories. However, if you do not spend much on dining or want a card with a straightforward reward system that provides some returns on utility payments, the ICICI Bank Platinum Chip Credit Cardⓘ fits this need well.

Overall, the HSBC card is the better everyday rewards card, especially for dining, but skip it if you rarely eat out or shop. The ICICI card is less rewarding but simpler and may appeal to those wanting just a no-fee card with a base return on utilities. Those who want travel perks or lounge access should look elsewhere as neither card offers these benefits.

What to Check Before You Apply

  • Confirm if any category reward caps or exclusions apply to dining or utilities spending.
  • Check the actual redemption value of the points to ensure you get value close to the stated reward rates.
  • Understand the waiver math for annual fees if you consider upgrading to other cards later.
  • Be aware of the 3.5% forex markup if you plan to use the card abroad.
  • Note that neither card offers lounge access, domestic or international, so travel benefits are minimal.

FAQ

Are there any joining or annual fees for these cards?+
Both the HSBC Visa Platinum Credit Card and the ICICI Bank Platinum Chip Credit Card have no joining or annual fees, making them lifetime free cards.
What rewards do these cards offer on regular spending?+
The HSBC card offers 0.67% base rewards and 2% on dining, while the ICICI card offers 0.5% base rewards and 0.5% on utilities.
Do these cards provide lounge access or travel benefits?+
No, neither card includes domestic or international lounge access or any specific travel perks.
What is the forex markup charge on these cards?+
Both cards charge a 3.5% forex markup on foreign currency transactions.
Who should avoid these cards?+
If you want premium travel perks or higher rewards on categories beyond dining or utilities, you should look for other credit cards as these focus on basic, fee-free rewards without added benefits.