Quick Verdict

  • For everyday spend, both the ICICI Bank Platinum Chip Credit Card ⓘ and the LIC Classic Credit Card ⓘ offer the same base reward rate of 0.5%, making them equally rewarding for routine purchases.
  • For travel and lounge access, the LIC Classic Credit Card ⓘ takes the lead with two complimentary domestic lounge visits per year, while the ICICI Bank Platinum Chip Credit Card ⓘ does not offer any lounge benefits.
  • Both cards are lifetime free with no joining or annual fees, making them equally cheap to hold.
  • Choose the ICICI Bank Platinum Chip Credit Card ⓘ if you want a simple, no-frills card focused on lifetime free usage and decent rewards on dining and shopping. Opt for the LIC Classic Credit Card ⓘ if you value domestic lounge access and prefer a first card with lounge privileges.

Side by Side

DetailICICI Bank Platinum Chip Credit Card ⓘLIC Classic Credit Card ⓘ
Annual feeNil (lifetime free)Nil (lifetime free)
Joining feeNil (lifetime free)Nil (lifetime free)
Fee waiver on spend,,
Reward rate0.5%0.5%
Reward typepointspoints
Domestic loungeNone2 per year (Rs 20,000 monthly spend gate)
International loungeNoneNone
Forex markup3.5%3.5%
Best suited forlifetime-free, first-card, dining, shoppinglifetime-free, first-card, lounge

Rewards Compared

Both the ICICI Bank Platinum Chip Credit Card ⓘ and the LIC Classic Credit Card ⓘ yield a base reward rate of 0.5%, meaning Rs 50 is earned on every Rs 10,000 spent. The ICICI Bank Platinum Chip Credit Card ⓘ also offers a category-specific reward rate of 0.5% on utilities, effectively matching its base rate without any uplift. The LIC Classic Credit Card ⓘ does not specify any category multipliers, maintaining a uniform reward rate across spends.

Therefore, in terms of pure cashback or points earnings on general spending, both cards are on par, each returning Rs 50 per Rs 10,000 spent. Neither card provides enhanced rewards for categories like dining or travel that would differentiate their earning potential significantly.

Fees Compared

Both credit cards are lifetime free with no joining or annual fees, which is a strong point for cost-conscious users. There are no fee waiver thresholds to meet since the fees are nil by default. Hence, there is no break-even calculation required to avoid fees on either card.

Regarding foreign exchange markup, both cards levy a 3.5% forex markup on international spends, which translates to Rs 3,500 on Rs 1,00,000 abroad. This is standard and somewhat high, so neither card offers a cost advantage for frequent international travelers seeking cheaper forex transactions.

Which One Should You Pick

The ICICI Bank Platinum Chip Credit Card ⓘ is an excellent choice for someone looking for a straightforward, lifetime free credit card with modest rewards on everyday spends like dining and shopping. It is also suitable for first-time cardholders who want a simple product without any confusing benefits or fees.

The LIC Classic Credit Card ⓘ is better suited for those who value domestic lounge access and can meet the monthly Rs 20,000 spend gate to avail two lounge visits per year. If you want a first card with lounge privileges and no fees, this card delivers that benefit effectively.

In conclusion, pick the ICICI Bank Platinum Chip Credit Card ⓘ for a no-nonsense, no-fee rewards card focused on everyday spends, and choose the LIC Classic Credit Card ⓘ if you prioritize free domestic lounge access and can meet the spending conditions. Those who do not travel domestically or do not value lounges can safely skip the LIC Classic Credit Card ⓘ, while those who want lounge access or a simple rewards structure can bypass the ICICI Bank Platinum Chip Credit Card ⓘ.

What to Check Before You Apply

  • Check if the Rs 20,000 monthly spend gate for domestic lounges on the LIC Classic Credit Card ⓘ fits your spending pattern to avoid missing out on lounge access.
  • Confirm the redemption value of points for both cards to ensure you are getting the best return on your rewards.
  • Understand that both cards have no joining or annual fees, but forex markup of 3.5% can add significant costs on international spends.
  • Verify the specific domestic lounge locations and entry rules for the LIC Classic Credit Card ⓘ to ensure convenience during travel.

FAQ

Are there any joining or annual fees for these cards?+
Both the ICICI Bank Platinum Chip Credit Card ⓘ and the LIC Classic Credit Card ⓘ have no joining or annual fees, making them lifetime free credit cards.
Do these cards offer any welcome benefits?+
Neither card offers a welcome benefit as both are lifetime free cards with straightforward rewards structures.
What is the forex markup on foreign currency transactions?+
Both cards charge a 3.5% forex markup on international spends, which is standard but can be costly for frequent travelers.
How many domestic lounge visits do these cards provide?+
Only the LIC Classic Credit Card ⓘ offers two complimentary domestic lounge visits per year, subject to a monthly Rs 20,000 spend gate. The ICICI Bank Platinum Chip Credit Card ⓘ does not offer any lounge access.
Which card is better for reward points earnings?+
Both cards offer the same base reward rate of 0.5%, providing Rs 50 back on Rs 10,000 spent, with no significant category multipliers to differentiate them.