Devaluation ICICI Bank Credit Cards: Major Devaluation Announced (Effective Jan–Feb 2026)

[TechnoFinoTechnoFino is verified member.]

Hey TFCians,
ICICI Bank has officially announced multiple changes across almost its entire credit card portfolio.
This is not a single hit - it’s a layered devaluation impacting rewards, benefits, fees, and overall usage freedom.

ICICI Bank credit cards were already weak when it came to meaningful benefits and reward earning. After these changes, the value proposition has taken an even bigger hit - for many users, it’s almost over.

I’ve broken down the impact card-wise and category-wise below.

🔴 1. Reward Points on Transportation Spends – Now CAPPED​

🟢 Premium Segment​

ICICI Bank Emeralde Metal Credit Card
• Reward points on transportation MCCs (4111, 4112, 4784, 4131)
• Capped at ₹20,000 per month
Earlier → uncapped earning
Now → monthly ceiling introduced

​

🟡 Upper Mid & Premium (Non-Metal)​

Applicable cards:

• ICICI Bank Rubyx Credit Card
• ICICI Bank Secured Rubyx Credit Card
• ICICI Bank Sapphiro Credit Card
• ICICI Bank Emeralde Credit Card
• ICICI Bank Emeralde Private Credit Card

• Transportation reward earning capped at ₹10,000 per month
• Reward points depend on MCC mapping
This directly affects:
Metro users, frequent travellers, cab-heavy users.

​

🔵 Entry & Mass Cards​

Applicable cards:

• ICICI Bank Coral (all variants incl. NRI & Secured)
• ICICI Bank Platinum / Platinum Chip / Instant Platinum
• ICICI Bank HPCL Platinum & Coral variants
• ICICI Bank Manchester United Cards
• Chennai Super Kings ICICI Bank Card
• ICICI Bank Expressions
• ICICI Bank Parakram / Parakram Select

• Transportation rewards capped at ₹10,000/month
• Lower earn rate + lower cap = double hit

​

🔴 2. Insurance Spend Reward Cap​

ICICI Bank HPCL Super Saver Credit Card
• Reward points only up to ₹40,000 insurance spend
• MCCs covered: 5960, 6300, 6381, 6399
Earlier → higher or unclear cap
Now → clearly restricted

​

🔴 3. BookMyShow Benefits – Downgraded or Removed​

❌ Benefit Discontinued Completely​

ICICI Bank HPCL Super Saver Credit Card
• Complimentary BookMyShow benefit removed
• Zero movie value going forward

⚠️ Spend-Based Unlock Introduced​

Applicable cards:

• ICICI Bank Instant Platinum / Instant Platinum Chip
• Coral, Rubyx, Sapphiro, Emeralde (most variants)
• Adani One Platinum & Signature
• MakeMyTrip ICICI Cards
• Manchester United Cards
• CSK ICICI Card

• Must spend ₹25,000 in previous quarter
• Only then BMS benefit active for next quarter
Earlier → automatic
Now → conditional

​

🔴 4. NEW Transaction Fees Introduced (Applicable on All Retail Cards- Times Black, EPM, etc.)​

This is a big behavioural change.

🎮 Gaming / Fantasy Platforms​

• 2% fee on platforms like:
Dream11, MPL, Rummy Culture, Junglee Games
• MCC: 5816 (and future similar MCCs)

💰 Wallet Loading​

• 1% fee on wallet loads ₹5,000+
• Applies to:
Amazon Pay, Paytm, MobiKwik, Freecharge, OlaMoney
• MCC: 6540
Wallet rotation strategies → effectively killed.

🚆 Transportation Overspend Fee​

• 1% fee if transportation spends exceed ₹50,000
Earlier → just reward cap
Now → actual penalty

​

🔴 5. Forex / DCC Charges Revised (Jan 15, 2026)​

Card	New DCC Fee
Times Black ICICI	1.49%
Emeralde Metal / Emeralde / Emeralde Private	2.00%
MakeMyTrip ICICI Travel	0.99%
Amazon Pay ICICI	1.99%
All Other ICICI Cards	3.50%

For most ICICI cards → foreign spends just became expensive.

​

🔴 6. Add-On Card Now Paid​

ICICI Bank Emeralde Metal Credit Card
• New add-on cards issued on or after 15 Jan 2026
• ₹3,500 one-time fee
Luxury positioning → monetised.

​

🔴 7. Cash Payment Penalty Increased​

Cash payment at ICICI branches:
₹100 → ₹150 per transaction
Another push away from offline bill payments.

​

🔴 8. EMI Foreclosure Charges Introduced​

Cancelling an EMI mid-tenure will now attract foreclosure charges
Earlier flexibility removed
Important for people who convert spends casually into EMIs.

​

My Honest Take​

This is not a single devaluation,
this is ICICI restructuring card usage behaviour.
They are clearly saying:
• Spend less on wallets & gaming
• Track category caps
• Pay for premium privileges
• Don’t treat ICICI cards as all-rounders anymore

ICICI Bank is clearly saying - we don’t want to be your primary card.
Go ahead, get yourself a new main credit card.

Anyway, let’s be honest.
ICICI credit cards were, are, and will remain among the weakest cards in terms of reward earning.
Their real use has always been limited to instant online brand discounts - nothing more.

If you’re still using an ICICI card as your primary card, this devaluation is your sign to move on.

 

[ash_m]

EPM is not mentioned in BookMyShow deval notice

https://www.icici.bank.in/content/dam/icicibank/india/managed-assets/revamp-page-images/docs/pdf/credit-card-charges-updated-notice.pdf

"Emeralde Private Card" is listed.

I thought it is EPM. But now I see "Emeralde Metal Card" mentioned against add on card fee update. What is ICICI smoking here.

 

[Aniket Sharma]

Sapphiro ka bhi devaluation kr diya. No point in having this card now.

Emeralde devalued ho gya jo priced hai to ye to ltf dete hai

 

[safetorpedo2]

Hold my axis burgundy 🍺

 

[✪ D&C Cards Connoisseur 💳]

They could have spared all Emeralde cards from devaluations atleast. The bank's activities are now turning into a circus, where they expect customer to hold cards worth INR 12000 or more with such spent based criterias.
Btw, what's the difference between Emeralde Private and Emeralde Metal?

 

[ash_m]

They could have spared all Emeralde cards from devaluations atleast. The bank's activities are now turning into a circus, where they expect customer to hold cards worth INR 12000 or more with such spent based criterias.
Btw, what's the difference between Emeralde Private and Emeralde Metal?

"Emeralde Private" exists on paper, atleast in their MITC.

"Emeralde Metal" does not exist. There is one "Emeralde" (Plastic) though, all I know is that it's one of the worst cards to ever exist.

At this point, ICICI execs are having some really strong stuff in their year end parties so probably we can cut them some slack.

 

[abhiaj_geek]

Can someone list all the devaluation for epm?

 

[Dr. Hritaban]

Wah bhai, didn’t know you could make literal poop cards even more pooper
, but here we go!

 

[Paras Jain]

It is getting really tough to know which card to use when for which benefit now. It seems just keeping one card for all the spends to meet all the spend conditions in a month or quarter is where we are going. At least for LTF cards that every bank has distributed over years.

 

[ash_m]

Can someone list all the devaluation for epm?

Check your mail.

I've received separate mails, one for each ICICI card I hold.

For EPM, the most relevant change is 3.5K one time fee for add on cards, starting mid Jan'26.

EPM appears to be safe from spend based criteria on BOGO, based on the details on mail. It didn't matter much though, I doubt anyone having EPM would not even spend 25K in one quarter when this card is majorly a gift voucher card. PDF says "Emeralde Private", not "Emeralde Metal" or "Emeralde Private Metal". Emeralde Private does exist, atleast on paper.

Other changes are mostly irrelevant. You can check that on your mail or the PDF.

 

[abhiaj_geek]

Check your mail.

I've received separate mails, one for each ICICI card I hold.

For EPM, the most relevant change is 3.5K one time fee for add on cards, starting mid Jan'26.

EPM appears to be safe from spend based criteria on BOGO, based on the details on mail. It didn't matter much though, I doubt anyone having EPM would not even spend 25K in one quarter when this card is majorly a gift voucher card. PDF says "Emeralde Private", not "Emeralde Metal" or "Emeralde Private Metal". Emeralde Private does exist, atleast on paper.

Other changes are mostly irrelevant. You can check that on your mail or the PDF.

Weirdly enough I didnt receive an email for epm yet. Have received mails for other cards.

Thanks. Will apply one more add on this month then.

 

[abhiaj_geek]

Check your mail.

I've received separate mails, one for each ICICI card I hold.

For EPM, the most relevant change is 3.5K one time fee for add on cards, starting mid Jan'26.

EPM appears to be safe from spend based criteria on BOGO, based on the details on mail. It didn't matter much though, I doubt anyone having EPM would not even spend 25K in one quarter when this card is majorly a gift voucher card. PDF says "Emeralde Private", not "Emeralde Metal" or "Emeralde Private Metal". Emeralde Private does exist, atleast on paper.

Other changes are mostly irrelevant. You can check that on your mail or the PDF.

Did the forex fee increase?

 

[kanhaiyabsy]

Waiste card become worste

 

[ash_m]

Did the forex fee increase?

Forex markup has got no changes. Same as 2%.

DCC fee goes up from 1% to 2%.

 

[abhiaj_geek]

Forex markup has got no changes. Same as 2%.

DCC fee goes up from 1% to 2%.

Whats dcc vs forex?

 

[iNokia]

 

[ash_m]

Whats dcc vs forex?

DCC fee is an additional fee applicable when you pay in INR on POS machines overseas. You might get that option at some places.

It's something people generally avoid. Might be beneficial at some places, I don't know for sure.

Anyway, I don't think EPM is the right card for foreign spends. Even if you are net positive after 2% + GST fee, the final return rate is just way too less to be anything of significance. Better to use a zero forex card and save upfront instead.

 

[theflash]

ICICI Bank Emeralde Metal Credit Card
• Reward points on transportation MCCs (4111, 4112, 4784, 4131)
• Capped at ₹20,000 per month
Earlier → uncapped earning
Now → monthly ceiling introduced

I got this for my Timesblack...

"A fee of 1% of the amount will be charged for transactions carried out through Transportation Merchant Category (MCC: 4111, 4112, 4784, 4131) exceeding ₹50,000."

 

[Mekala ManojKumar]

Hope Times black is excluded from devaluation.

 

[TechnoFinoTechnoFino is verified member.]

I got this for my Timesblack...

"A fee of 1% of the amount will be charged for transactions carried out through Transportation Merchant Category (MCC: 4111, 4112, 4784, 4131) exceeding ₹50,000."

those fees are for all retail cards

 

[athul]

Why do you have to take the ₹100 offer away??? I'm not going to spend 25k with my coral card!