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ICICI Bank Times Black Credit Card Launched - Full Details & Review

ICICI Bank is soon launching its top-tier super-premium credit card: the ICICI Bank Times Black Credit Card.
Expected launch time: Mid December 2024

Fees:
  • Joining Fee: Rs. 20,000 + GST
  • Annual Fee: Rs. 20,000 + GST
Interestingly, ICICI mentions a "1st-year fee" of Rs. 20,000 + GST, similar to the Amex Centurion card's structure. It looks like the bank will charge both the joining fee and 1st-year fee at issuance, with the annual fee billed at the end of the card’s anniversary year.

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However, ICICI is known for some tricky wording around card fees and waiver conditions in their MITC. For instance, I was charged an annual fee on my Emeralde Credit Card a few years back, and my consumer court case on this is still pending. (More details on that here: https://www.technofino.in/community...d-even-after-meeting-reversal-criteria.11061/)

Related Update (20th Dec, 2024):
ICICI Bank updated their MITC once again on 16th December 2024. As per the latest MITC, the first-year fee (Rs. 20,000 + GST) for the Times Black Credit Card has been removed. Customers now only need to pay Rs. 20,000 + GST at the time of joining.

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MITC Link: https://www.icicibank.com/managed-assets/docs/personal/cards/mitc_cc.pdf

This new ICICI Bank Times Black Credit Card will reportedly have a sleek design, exclusive to a select group of customers. According to some sources, it’s expected to offer lifestyle perks unavailable on any other credit card in India so far.

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ICICI Bank Unveils Its New Card Benefits: Here's the Breakdown

Welcome Benefits:

  • ₹10,000 EaseMyTrip Hotel Voucher
  • ₹10,000 Onevasco & More Visa Services Premium Lounge Voucher
  • ₹1,000 Interflora Floral Gift Voucher
  • ₹3,000 Toni & Guy Voucher
  • Annual Complimentary Zomato Gold Membership
Charges:
  • Joining Fee (Introductory Offer): ₹20,000 + GST
  • Annual Fee: ₹20,000 + GST
  • Foreign Currency Markup Fee: 1.49% + GST
  • DCC Fee: If a transaction (in-store or online) is conducted in Indian currency at an international location or with a merchant registered overseas but located in India, a dynamic and static conversion markup fee of 1.49% will be charged.

Annual Fee Reversal Criteria:
  • The annual fee will be charged at the beginning of your card anniversary year.
  • If you spend ₹25L or more within the anniversary year, the fee will be reversed.

Main Benefits:
  • Unlimited Complimentary Access: International and Domestic Airport Lounges
  • Art Gallery Access: Unlimited access to partner art galleries
  • Fuel Surcharge Waiver: Up to ₹1,000 per statement cycle
  • Exclusive Invitations: To premium events
  • Discounts on:
    • The Quorum Club
    • District150
    • Apple
    • Tumi Travel Accessories
    • Interflora
    • Kaya Skin Clinic
    • Ixigo
    • Avis Chauffeur Drive Luxury Cars
  • Exclusive Swipe Offers: Special deals at premium retailers, luxury brands, and fine dining outlets, both online and offline.
  • Comprehensive Insurance Coverage:
    • Personal Accident Insurance
    • Purchase Protection for damaged or stolen items
    • Credit Shield in unforeseen circumstances
    • Loss of Checked Baggage
    • Card Liability Cover for unauthorized transactions
    • Loss of Passport & Travel Documents
    • Flight Delay and Missed Connections Coverage
Reward System:
  • Earn Points:
    • 2 Reward Points per ₹100 spent in India (Reward Rate: 2%)
    • 2.5 Reward Points per ₹100 spent outside India (Reward Rate: 2.5%)
    • 6 Reward Points per ₹100 spent on Flights & Hotels (Reward Rate: 6%)
  • iShop Portal:
    ICICI Bank has launched its accelerated rewards portal, iShop. You can book flights, hotels, or purchase gift vouchers on the iShop portal and get up to 24% value back.
    Read more about the iShop Portal here: https://www.technofino.in/community...ts-portal-launched-upto-36-reward-rate.37913/

    Flights: Earn 6X Reward Points – that’s 12 Reward Points for every ₹100 spent on flight bookings. (Reward Rate: 12%)
    Gift Vouchers: Earn 6X Reward Points – that’s 12 Reward Points for every ₹100 spent on gift voucher purchases. (Reward Rate: 12%)
    Hotels: Earn 12X Reward Points – that’s 24 Reward Points for every ₹100 spent on hotel bookings. (Reward Rate: 24%)

  • Exclusions:
    • No points on fuel and rent payments.
    • No points on educational fee payments via third-party platforms like Mobikwik or CRED. However, payments made directly through school/college websites or POS machines qualify for points.
    • Maximum of 5,000 Reward Points can be earned per month on Utility, Insurance, Education, and Government Payments.
    • For rent payments via third-party merchants, a 1% fee is charged from the second rental transaction each month.
    • Reward Points earned on iShop Portal transaction will be capped at 15,000 Bonus Reward Points per statement cycle.
  • Reward Points Expiry: Points never expire, but if the card remains inactive for 365+ days, all points will be forfeited.
Redemption Options:
  • Redeem points for:
    • Statement credit
    • Against Transactions
    • Gift vouchers
    • Travel bookings
    • iShop Portal
      You can redeem your ICICI Bank Reward Points on the iShop portal for booking flights, hotels, and gift vouchers. For flight bookings, you can use 100% reward points of the order value. For hotel bookings, you can use 90% reward points of the order, and for gift vouchers, you can use 50% reward points.
    • Air miles (partners not disclosed yet)
  • Conversion Rates:
    • 1 Reward Point = ₹1 for most redemptions, including iShop portal.
    • 1 Reward Point = ₹0.40 for statement credit
Milestone Benefits:
  • Spend ₹2,00,000: Get ₹10,000 Klook Voucher
  • Spend ₹5,00,000: Get ₹10,000 worth of airport transfers in a luxury sedan (₹5,000 x 2) or helicopter service (₹10,000 x 1) by BLADE/AVIS (available only from Bangalore Airport to select destinations).
  • Spend ₹10,00,000: Get ₹10,000 Tata Cliq Luxury Voucher
  • Spend ₹20,00,000: Get ₹20,000 complimentary stay voucher at Avanta Resorts
Reward Rate Analysis:
For domestic spends of ₹20L per annum, the total reward rate, including milestone benefits worth ₹50,000 and a 2% base reward point rate, comes to 4.5%.

My Opinion:
When ICICI Bank first announced the Times Black Credit Card, it was positioned as a competitor to premium cards like the Axis Primus and even the Amex Centurion. According to some ICICI Bank and Times Internet Group officials, this card was intended to challenge the dominance of the Amex Centurion in its category in India.

However, after reviewing the benefits, it is clear that this card falls short. While it does offer a few exclusive perks, such as airport transfers via helicopter, this benefit is limited to Bengaluru, making it impractical for most users. Similarly, the doorstep visa service is restricted to select locations, which diminishes its overall appeal.

As consumers, we must evaluate the real-world usability of a product's benefits. Most of the features offered by this card are inaccessible to people living outside metropolitan cities.

In terms of rewards, the card is average, offering just 2% rewards with a cap of 5,000 reward points per month on categories like utility, insurance, education, and government payments—this is a major drawback. Additionally, it does not provide rewards on fuel or rent payments, and the 1% fee on rent transactions (with only the first rent payment of the month being fee-free) further reduces its value.

But... ICICI Bank iShop Portal makes all the difference. Using this card, you can earn up to 24% rewards on iShop for flight & hotel bookings and gift voucher purchases, which significantly enhances this card’s value.

When compared to the Emeralde Private Metal Credit Card, which is available at a far lower price point, the Times Black Credit Card is noticeably inferior. It is unclear why ICICI Bank launched a product like the Times Black and placed it above Emeralde Private Metal in its lineup.

The card’s markup fee is another downside—at 1.49% + GST, it is higher than other cards in the same category, making it less competitive for international transactions.
Premium cardholders often expect a comprehensive concierge service, but ICICI Bank has imposed limits on the number of concierge services one can avail.

Despite being marketed as one of the most exclusive credit cards in India, the reality is far different. Almost everyone who already has a credit card with ICICI Bank seems to be getting approved for this card on a shared limit basis, which diminishes its exclusivity.

Overall, the Times Black Credit Card fails to deliver on the hype created by ICICI Bank and the Times Internet Group. It lacks exclusivity and practical benefits, which are expected from a premium credit card.
If you are purely looking at iShop portal spends, then you can earn significant value back using this credit card. Otherwise, this card is not at all lucrative.
You must keep in mind that you can only book flights, hotels, and buy some gift vouchers from iShop, so evaluate how much you'll spend on that before deciding whether this card makes sense for you or not.
And one major downside of ICICI Bank Credit Cards is that they don't offer airline miles transfer partners. With a few airline miles transfer partners, this card would look much better.
 
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Mee too. Seems it's the norm now.. Why they have upgraded it in the first place and then downgrading it now.

Thats a big question on ICICI, and its an easy way to spoil relationship with customers.

Now I am bothering, after loading credit cards by giving hope of iShop, would they devalue or change soon.

Can ICICI bank be trusted if they change their policies so fast.
 
I remember when iShop hype went through the roofs, people who didn't activate their timesblack and got private banking were almost mocked. I said so that time ICICI might devalue.

Forget devalue, they removed everyone from private banking 🤣🤣
This was expected from the beginning since Private Banking doesn't offer any add-on features for the Times Black account. However, ICICI first upgraded my account and then downgraded it after about two months, which makes no sense. If they didn’t intend to keep the account upgraded, why did they upgrade it in the first place, even if only for a short period?

In my case, my account was previously upgraded to Wealth Banking from the backend, and now they have directly downgraded it to a six-month-old Privilege Banking account. Due to this upgrade, my debit card has also changed, and it might incur charges starting next year. Additionally, I have lost my previous relationship manager because of this situation.

My complaint is still open, so let’s see what happens. I’m even considering escalating this matter to the RBI Ombudsman because what ICICI Bank is doing doesn’t seem right or legal to me.
 
I have received the card. But I am in two minds whether to activate it or not. I already have DCB Metal for which I pay 11.8k fees. It does not give back any substantial benefits for that fees. Now Times Black has 23.8k fees which is double. It also has no substantial benefit for the fees. @Dr.Anand456 , did you find the EMT voucher and other joining benefits beneficial? On top of that, there is constant fear that ICICI may devalue the card anytime.
 
I have received the card. But I am in two minds whether to activate it or not. I already have DCB Metal for which I pay 11.8k fees. It does not give back any substantial benefits for that fees. Now Times Black has 23.8k fees which is double. It also has no substantial benefit for the fees. @Dr.Anand456 , did you find the EMT voucher and other joining benefits beneficial? On top of that, there is constant fear that ICICI may devalue the card anytime.
How many days it took after approval to recieve physical delivery of this card ?
 
If i don't activate this card, i will not be charged the 23k joining fee right? Got this card in FOMO, don't plan on using this as INFINIA covers my voucher spends
 
I have received the card. But I am in two minds whether to activate it or not. I already have DCB Metal for which I pay 11.8k fees. It does not give back any substantial benefits for that fees. Now Times Black has 23.8k fees which is double. It also has no substantial benefit for the fees. @Dr.Anand456 , did you find the EMT voucher and other joining benefits beneficial? On top of that, there is constant fear that ICICI may devalue the card anytime.
Bro if you're not spending 8L in a year on DCB then you're not the target audience
 
If i don't activate this card, i will not be charged the 23k joining fee right? Got this card in FOMO, don't plan on using this as INFINIA covers my voucher spends
Yes. Even if they do, ask them to reverse the fees and cancel the card. Of course, this is only when you have not activated the card.
 
Bro if you're not spending 8L in a year on DCB then you're not the target audience
Oh I agree. However, my travel and voucher spends are high enough to get much more RPs than fees even though I don't reach 8L spends and many times I reach 10k RP limit a month when I travel. Hence I am attracted to Times Black / EPM (which I won't get) as it is really beneficial for travel. However, recovering 24k as a side card is an uphill task. I also hold Atlas. Hence the dilemma.
 
I have received the card. But I am in two minds whether to activate it or not. I already have DCB Metal for which I pay 11.8k fees. It does not give back any substantial benefits for that fees. Now Times Black has 23.8k fees which is double. It also has no substantial benefit for the fees. @Dr.Anand456 , did you find the EMT voucher and other joining benefits beneficial? On top of that, there is constant fear that ICICI may devalue the card anytime.
First of all, congratulations on your super-premium card! The EMT vouchers are quite useful, and you can redeem them anytime at your convenience. However, the other joining benefits may not be very valuable—it all depends on your lifestyle. For some people, these benefits might be useful, while for others, they could be irrelevant.

This card offers great returns only if you spend at least ₹13 lakh per year. If your annual spending is lower than that, the benefits may not outweigh the costs, potentially making the card less rewarding for you.

If you travel frequently, this card can be particularly beneficial. Additionally, if your monthly utility bill payments are high, you can save up to 12% by purchasing Amazon gift cards through this card—something that isn't possible with most other credit cards.

For government payments and rent payments, the card also offers decent savings, though there is a ₹5,000 monthly capping. Ultimately, the value you get from this card depends on your spending pattern. If you spend significantly in these categories, this card can be very useful for you.

As for concerns about devaluation, at least for the next year, it is unlikely that this card will be devalued. Since it is a newly launched card with a lot of hype, ICICI Bank is unlikely to reduce its benefits anytime soon.

That being said, whether to keep the card or not is your personal choice. In my case, this card has proven to be very useful, and I hope it turns out to be beneficial for you as well.
 
If you travel frequently, this card can be particularly beneficial. Additionally, if your monthly utility bill payments are high, you can save up to 12% by purchasing Amazon gift cards through this card—something that isn't possible with most other credit cards.
If utility payments are high, which I am considering more than 15k, Amazon Pay Wallet isn't accepted and need to use UPI, and amazon dont allow more than 50k electricity invoice to be paid via amazon at all.
 
If utility payments are high, which I am considering more than 15k, Amazon Pay Wallet isn't accepted and need to use UPI, and amazon dont allow more than 50k electricity invoice to be paid via amazon at all.
For a regular family, the electricity bill is usually around ₹10,000. However, if someone uses electricity for business purposes, the bill will naturally be higher.

Also, I wasn’t just talking about electricity bills. Nowadays, almost all utility bills can be paid via Amazon, including gas bills, mobile bills, postpaid bills, broadband bills, etc.

Now, think about this—where most payment platforms charge you an extra convenience fee instead of offering cashback, this card allows you to save up to 12% on these payments. Isn’t that a great deal?

In my opinion, the Times Black Credit Card is one of the best premium credit cards in 2025. If used correctly, a person can easily save at least ₹1 lakh per year with this card. And that’s not even counting the non-spend benefits it offers!

Ultimately, everything depends on your spending pattern and how well you leverage the card’s features.
 
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