Devaluation ICICI Bank Reduces iShop Limits, Majorly Impacting Emeralde Private Metal & Times Black Cards

[SubhankarSubhankar is verified member.]

We all know that when something seems "too good to be true," it usually doesn’t last long. We’ve seen this happen multiple times with other credit card-issuing banks, and now ICICI Bank has joined the list.


ICICI initially thrilled credit card enthusiasts by launching the iShop portal, offering accelerated reward points - similar to GiftEdge, TravelEdge, SmartBuy, and Rewards Multiplier from its competitors.


The key attractions?
​

• 6X reward points on flight bookings​
• 12X reward points on hotel bookings​
• 6X reward points on gift vouchers—including the highly sought-after Amazon Pay vouchers​

With a ₹1,00,000 monthly purchase limit and an impressive 15-18% return, this was a no-brainer for many. Other banks had already imposed strict limits and convenience fees on such benefits, making ICICI’s offer a dream come true for users.


This was particularly rewarding for cards like Emeralde Private Metal and Times Black. While the Emeralde Private Metal is an exclusive offering, the Times Black card was widely issued, making it accessible to many.

​

The Silent Devaluation​

However, in under two months, ICICI silently devalued the benefit, slashing the maximum purchase limit for Amazon Pay and Flipkart vouchers to just ₹12,000. This is a major letdown, especially for those who recently got the Times Black card, which comes with a hefty ₹20,000 joining and renewal fee.


While it’s understandable that the bank wanted to prevent potential catastrophic losses - something we’ve seen happen to its peers - this abrupt change has shaken customer trust in ICICI.

​

Planned Strategy or Poor Judgment?​

This move raises two possibilities:

​

1. A strategic bait-and-switch: ICICI may have planned this from the start, waiting to hit its internal targets (especially considering the poor initial response to the Times Black card). If so, it was a well-played marketing move.​
2. A miscalculated risk: If ICICI failed to anticipate the cost-to-opportunity ratio, it reflects poorly on the management’s competency—something we have questioned before with other banks.​

What do you think? Was this an intentional strategy or a miscalculation? Let us know in the comments.​

 

[bhaveshbhai]

After the recent devaluation where 12000 max vouchers per month can be purchased using emeralde private metal, is it still a better card than infinia? The reasons I am thinking -
1. 12000 limit should be separate on add on cards as well (not sure on this, but thinking just like infinia has separate limit on add on cards)
2. The other benefit of using 100% reward points on hotel and flight bookings beat infinia which allows only 70% usage.
3. Still, on hotel bookings 36% return on EMP vs, 33% on Infinia. That reward points devaluation is not there, right?

 

[Noxious]

Waiting for my points to be credited, after that I will close my card(130k worth of apay vouchers not billed) and close my relation with ICICI

Will keep holding EPM as its linked and issued to a different account than mine.

 

[bhaveshbhai]

For those who are wondering where exactly this devaluation has been announced -

1. Open iShop portal from icicibank.com/ishoplogin page and try adding more than 12000 amazon or flipkart vouchers yourself. This is a silent devaluation and no written communication here.
2. Attached is the terms and conditions of EPM reg reward points.

 

[drsel]

After the recent devaluation where 12000 max vouchers per month can be purchased using emeralde private metal, is it still a better card than infinia? The reasons I am thinking -
1. 12000 limit should be separate on add on cards as well (not sure on this, but thinking just like infinia has separate limit on add on cards)
2. The other benefit of using 100% reward points on hotel and flight bookings beat infinia which allows only 70% usage.
3. Still, on hotel bookings 36% return on EMP vs, 33% on Infinia. That reward points devaluation is not there, right?

1) I read that 12000 is the combined limit per account
2) Definitely
3) Correct, also there is no 2.95% charge for buying Flipkart/Amazon shopping vouchers,
or 3.54% charge for buying Amazon pay vouchers

 

[typhoon]

Anyone having here klook voucher?

 

[Noxious]

1) I think it is 12000 for each add on card
2) Definitely
3) Correct, also there is no 2.95% charge for buying Flipkart/Amazon shopping vouchers,
or 3.54% charge for buying Amazon pay vouchers

its 12000 max(including addon) since addon are linked to Primary Card Holder's saving account

 

[theXfactor]

its 12000 max(including addon) since addon are linked to Primary Card Holder's saving account

usually, if the add-on card# and mobile# are different than that of primary then it's 10k each in case of Infinia. Not sure how EPM works.

 

[bhaveshbhai]

its 12000 max(including addon) since addon are linked to Primary Card Holder's saving account

are you sure about this, because it will be heavy let down in that case.

 

[OGSlyercrust]

are you sure about this, because it will be heavy let down in that case.

This I can confirm as well. The limit is per account and as the addon cards show under primary card holder, its agnostic of which card you pay with. The limit is per account.

 

[avijith7]

Will ICICI launch an airmiles programme for redemption of the reward points gained through the ishop portal?

 

[Centurion_wala]

Will ICICI launch an airmiles programme for redemption of the reward points gained through the ishop portal?

Why not? They will launch a very enticing airmiles program with great conversion ratios only to be devalued the next month itself

 

[bhatt83hemang]

Anyone having here klook voucher?

Yes I have

 

[amitagl27]

Just wondering, If I Can use the same Times Black from different ICICI bank Account? Will they allow additional 12000/- Apay voucher? 🤔

 

[Credit_Cards]

Just wondering, If I Can use the same Times Black from different ICICI bank Account? Will they allow additional 12000/- Apay voucher? 🤔

Mostly no .

 

[amitagl27]

I purchased additional APay vouchers using another ICICI Bank Account (my brother's). So total purchased is 12000 (own account) + 12000 (brother's account) using same Times Black Credit Card today.
Let's see what happens.
I'll update if I get accelerated reward points.

 

[avijith7]

Does the ICICI Times Black Credit Card have renewal/annual benefits for a card with such high renewal fees? What are the renewal benefits, since it is not mentioned anywhere?

 

[drsel]

Will ICICI launch an airmiles programme for redemption of the reward points gained through the ishop portal?

How will you redeem the points for air tickets if they don't?

 

[avijith7]

How will you redeem the points for air tickets if they don't?

We can redeem the ishop reward points for vouchers also, right? I don't want to do that. I would prefer airmiles redemption. That's why asking.

 

[drsel]

I purchased additional APay vouchers using another ICICI Bank Account (my brother's). So total purchased is 12000 (own account) + 12000 (brother's account) using same Times Black Credit Card today.
Let's see what happens.
I'll update if I get accelerated reward points.

How will you recover 23600 joining fee and renewal fee every year?

 

[shu_sha]

Just wondering, If I Can use the same Times Black from different ICICI bank Account? Will they allow additional 12000/- Apay voucher? 🤔

Yeah the card should get allowed in other icici bank accounts, but no one is sure if you'll get the base + accelerated points

Remember iShop is still a soft launch ICICI may come back and disallow the RPs sighting any reason