Quick Verdict

  • The Indianoil HDFC Bank Credit Cardⓘ wins for everyday spend, especially on fuel and grocery, thanks to a 5% reward rate in these categories.
  • Neither card offers domestic or international lounge access, so neither wins for travel perks.
  • The ICICI Bank Platinum Chip Credit Cardⓘ is cheaper to hold with no joining or annual fee ever.
  • Choose the ICICI card if you want a lifetime free card with steady rewards on utilities and shopping; pick the Indianoil HDFC card if you spend heavily on fuel and groceries and can meet the Rs 50,000 annual spend to waive fees.

Side by Side

DetailICICI Bank Platinum Chip Credit CardⓘIndianoil HDFC Bank Credit Cardⓘ
Annual feeNil (lifetime free)Rs 500
Joining feeNil (lifetime free)Rs 500
Fee waiver on spendRs 50,000 annually
Reward rate0.5% base, 0.5% on utilities1% base, 5% fuel & grocery
Reward typePointsPoints
Domestic loungeNoneNone
International loungeNoneNone
Forex markup3.5%3.5%
Best suited forLifetime-free, first-card, dining, shoppingFuel, first-card, UPI-RuPay

Rewards Compared

The ICICI Bank Platinum Chip Credit Cardⓘ offers a straightforward 0.5% reward rate on all spends, resulting in Rs 50 back on Rs 10,000 spent. Its category bonus is limited to utilities, which still only returns Rs 50 per Rs 10,000 spent, matching the base rate. This makes it a modest option for users who prefer no fees and consistent rewards across general spending.

In contrast, the Indianoil HDFC Bank Credit Cardⓘ delivers a 1% base reward rate, Rs 100 on Rs 10,000 spent, doubling the ICICI card’s baseline return. More importantly, it offers an exceptional 5% reward rate on fuel and grocery spends, translating to Rs 500 back per Rs 10,000 in these categories. This makes it highly valuable for users with significant fuel or grocery expenditures, far outpacing the ICICI card’s rewards in these key areas.

Fees Compared

The ICICI Bank Platinum Chip Credit Cardⓘ has no joining fee and no annual fee, making it a truly lifetime free card with no mandatory spending to maintain it. This suits those who want a no-cost credit card with basic rewards.

The Indianoil HDFC Bank Credit Cardⓘ charges Rs 500 as a joining fee and Rs 500 annually. However, these fees are waived if you spend Rs 50,000 in the year, which breaks down to about Rs 4,167 per month. If you do not meet this threshold, the fees will apply, adding Rs 1,000 in the first year and Rs 500 annually thereafter. The card’s higher base reward rate means you need to spend about Rs 1,00,000 annually to cover the extra Rs 500 annual fee purely from rewards, making the fee reasonable for active users in fuel and grocery categories.

Which One Should You Pick

Pick the ICICI Bank Platinum Chip Credit Cardⓘ if you want a simple, no-fee card that offers consistent rewards on everyday spends like shopping and utilities. It is perfect as a first credit card or for those who dislike annual fees and want a hassle-free lifetime free option. Skip this card if you want high rewards on fuel or groceries or travel benefits.

Choose the Indianoil HDFC Bank Credit Cardⓘ if you spend heavily on fuel and groceries, can meet the Rs 50,000 annual spend to waive fees, and want to maximize rewards with a strong 5% category return. It suits those looking for a card aligned with fuel purchases and who do not mind paying a small fee if they do not meet the waiver criteria. Avoid this card if you have low spend, want no fees, or seek lounge access.

Overall, if you prioritize no fees and simplicity, the ICICI Platinum Chip wins, but if you want category-leading rewards on fuel and grocery with manageable fees, the Indianoil HDFC Bank Credit Cardⓘ is the superior choice.

What to Check Before You Apply

  • Confirm if your fuel and grocery spends are significant enough to justify the Indianoil HDFC Bank Credit Card fees.
  • Check if the reward points redemption has any caps or restrictions that might limit value.
  • Understand the fee waiver math carefully to ensure you can meet the Rs 50,000 annual spend for Indianoil HDFC.
  • Both cards charge 3.5% forex markup, which is standard but costly for international travel; consider this if you spend abroad.
  • Neither card offers lounge access; if travel perks are important, look elsewhere.

FAQ

What is the base reward rate on the ICICI Bank Platinum Chip Credit Cardⓘ?+
The ICICI Bank Platinum Chip Credit Card offers a base reward rate of 0.5%, equating to Rs 50 back on Rs 10,000 spent.
Does the Indianoil HDFC Bank Credit Cardⓘ have an annual fee waiver?+
Yes, the Rs 500 annual fee is waived if you spend Rs 50,000 annually, approximately Rs 4,167 per month.
Are there any lounge benefits with these cards?+
No, neither the ICICI Bank Platinum Chip Credit Cardⓘ nor the Indianoil HDFC Bank Credit Cardⓘ provides domestic or international lounge access.
What is the forex markup charge on these cards?+
Both cards apply a 3.5% forex markup on foreign currency transactions, which is standard for Indian credit cards.
Which card is better for fuel purchases?+
The Indianoil HDFC Bank Credit Cardⓘ is better for fuel, offering a 5% reward rate on fuel spends compared to no specific fuel benefit on the ICICI card.