Devaluation ICICI Bank Credit Cards Huge Devaluation Effective from 15th November 2024

[TechnoFinoTechnoFino is verified member.]

Now it's ICICI Bank's turn—they've joined the 2024 devaluation party. Here’s a simplified breakdown of the changes:

1. Utility & Insurance Capping:
   You will continue to earn reward points for utility and insurance spends up to Rs. 80,000 at the current earn rate on Rubyx and higher variant cards*.
   For Coral and lower variant cards**, the cap is Rs. 40,000 for both utility and insurance spends
2. Grocery Capping:
   Earn reward points for grocery and departmental store spends up to Rs. 40,000 per month on Rubyx or higher variant cards.
   The cap is Rs. 20,000 per month for Coral or lower variant cards.
3. No Reward Points on Government-Related Spends. (Fees on Emeralde private metal card - unclear)
4. Fuel Surcharge Waiver:
   Waiver applies to fuel spends up to Rs. 50,000 per month for all cards except ICICI Emeralde Private Metal.
   For the Emeralde Private Metal card, the waiver limit is Rs. 1,00,000 per month.
5. Spa Access Discontinued:
   Spa access through DreamFolks card is discontinued for all cards.
6. Exclusion of Rent, Government, and Education Payments:
   These payments are excluded from spend thresholds for annual fee reversal and milestone benefits on all cards.
7. Spend Threshold for Annual Fee Reversal Reduced to 10L:
   The threshold for annual fee reversal is reduced to Rs. 10 lakh per annum from Rs. 15 lakh for ICICI Emeralde and Emeralde Private Metal credit cards.
8. 1% Fee on Education Payments via Third Party:
   No fee for direct payments to schools or colleges, including international payments, but a 1% fee applies to education payments made through third-party apps. - applicable on all cards.
9. 1% Fee on Utility Transactions Over Rs. 50,000. - applicable on all cards.
10. 1% Fee on Fuel Transactions Over Rs. 10,000. - applicable on all cards.
11. Add-on Fee of Rs. 199:
    Supplementary cardholders will now have an annual fee of Rs. 199. - applicable on all cards.
12. INR 75K Quarterly Spend for Domestic Lounge Access:
    To enjoy complimentary airport lounge access, you need to spend Rs. 75,000 in the preceding quarter. - applicable for all cards except ICICI Emeralde and Emeralde Private Metal.

[*Coral or lower variant cards: ICICI Bank Platinum Chip Credit Card, ICICI Bank Platinum Credit Card, ICICI Bank Indiabulls Platinum Card, Instant Platinum Credit Card, ICICI Bank JPMC Platinum Visa Credit Card, ICICI Bank Indian Platinum Credit Card, ICICI Bank MasterCard Platinum chip Credit Card, ICICI Bank Unifare MasterCard Platinum Chip Transit Credit Card, ICICI Bank Instant Platinum Chip Credit Card, ICICI Bank HPCL Coral Platinum Credit Card, HPCL GOLD CARD ( SOLID GOLD ), ICICI Bank HPCL Airtel Master Gold, ICICI Bank HPCL Platinum Credit Card, HPCL GOLD ( SOLID GOLD ), ICICI Bank HPCL Titanium Credit Card, MASTER CARD HPCL SILVER ( STERLING SILVER ), ICICI Bank HPCL Platinum Chip Credit Card, ICICI Bank HPCL Coral Visa Contactless Credit Card, ICICI Bank HPCL Coral American Express Credit Card, ICICI HPCL CARD ( STERLING SILVER ), HPCL SMART GOLD ( SOLID GOLD ), ICICI Bank MasterCard Coral Credit Card, ICICI Bank Secured NRI Coral Credit Card,ICICI Bank NRI Coral Credit Card, ICICI Bank Coral RuPay Credit Card, ICICI Bank Coral Credit Card, ICICI Bank Secured Coral Credit Card, ICICI Bank MasterCard Coral Credit Card, ICICI Bank LeadtheNew Coral Credit Card, ICICI Bank Coral Contactless Credit Card, ICICI Bank Coral American Express Credit Card, Coral Unsecured Credit Card, Coral Secured Credit Card, ICICI Bank Secured Coral MasterCard Credit Card, Manchester United Platinum Credit Card by ICICI Bank, Manchester United Signature Credit Card by ICICI Bank, Chennai Super Kings ICICI Bank Credit Card, ICICI Bank Parakram Credit Card, ICICI Bank Parakram Select Credit Card, ICICI Bank Secured Expressions Credit Card, ICICI Bank Expressions Secured Credit Card, ICICI Bank Expressions Credit Card, ICICI Bank Expressions Secured Credit Card]

[**Rubyx or higher variant cards: ICICI Bank Rubyx Visa Credit Card, ICICI Bank Rubyx RuPay Credit Card, ICICI Bank Rubyx Visa Credit Card, ICICI Rubyx Master PLT Chip Card, ICICI Rubyx PLT Credit Card (AMEX), ICICI Bank LeadtheNew Rubyx Credit Card, Rubyx Credit Card, ICICI Bank Secured Rubyx MasterCard Credit Card, Rubyx VISA expense card, ICICI Bank Sapphiro Visa Credit Card, ICICI Bank NRI Sapphiro Credit Card, ICICI Bank Sapphiro RuPay Credit Card, ICICI Bank Sapphiro VISA Credit Card, ICICI Sapphiro Master PLT Chip Card, ICICI Sapphiro Card (Amex), ICICI Bank LeadtheNew Sapphiro Credit Card, ICICI Bank NRI Sapphiro Credit Card, ICICI Bank Emeralde Visa Credit Card , ICICI Bank Emeralde Credit Card, ICICI Bank Emeralde Private]

Additionally, they've updated the late payment fees, interest rate (APR), and increased the markup fee to 2% for Emeralde and Emeralde Private Metal credit cards.


This devaluation is outrageous. ICICI Bank already offers one of the lowest reward rates across all their credit cards compared to other banks in the same category. Capping reward points for utility and government spends is understandable, but charging fees for add-on cards, even for super-premium cards like Emeralde private metal, is hard to justify. Now, customers need to spend Rs. 75K in a quarter to get complimentary lounge access, which is a very high requirement.

If you closely examine point 4 and point 10, ICICI Bank's hypocrisy becomes clear. They offer fuel surcharge waivers up to Rs. 50K for Coral and lower variant cards and Rs. 100K for Rubyx and higher variant cards, yet they charge an extra 1% fee for fuel spends over Rs. 10K. It’s absurd, and they haven't clarified whether this 1% fee applies to a single transaction over Rs. 10K or cumulative transactions exceeding that amount. Same with 1% extra fees on utility transactions, their t&c is not clear as usual.

Overall, this is a brutal devaluation. I hope people switch to other banks, as ICICI doesn't offer significant rewards on card spends anyway.

 

[drsel]

Even I was mentioning that Encalm didn't accept DF cards at Delhi Airport for Spa access. Till yesterday it was not official, now it became official that's it.

But the Spa access is valid till 14 November

 

[arunkd386]

But the Spa access is valid till 14 September

14 nov .

 

[BVCBVC is verified member.]

But the Spa access is valid till 14 November

Encalm Delhi is not accepting.

 

[drsel]

Encalm Delhi is not accepting.

What about the Mumbai spa at T2 International

 

[BVCBVC is verified member.]

What about the Mumbai spa at T2 International

Yes it’s accepted as of now.

 

[hellobois]

Es thread ko padhne ke baad mujhe pata chala ki ICICI Bank ke pass kitni variety hai.
Aise aise naam sunne ko mil rhe hain bc , English improve ho gai, subeh se dictionary open kar ke baitha hun.
Agar devaluation ni hota to "my whole life was a lie" wala scene ho jata.
Mai to bas ICICI Amazon card hi janta tha.
Edhar to poora barbeque nation wala menu available hai 😉🤗😄😄

 

[kuchbhi]

Es thread ko padhne ke baad mujhe pata chala ki ICICI Bank ke pass kitni variety hai.
Aise aise naam sunne ko mil rhe hain bc , English improve ho gai, subeh se dictionary open kar ke baitha hun.
Agar devaluation ni hota to "my whole life was a lie" wala scene ho jata.
Mai to bas ICICI Amazon card hi janta tha.
Edhar to poora barbeque nation wala menu available hai 😉🤗😄😄

"Dhaba" wala menu you mean right!
no card is upto bbq nation standards 😉

 

[Bodhi]

Also, ICICI gave out Sapphiros left right and centre as LTF first under Alumni offers and then randomly for other cardholders. Corals and Rubyx were LTF for any random cardholder for a long time.

What did they (and us) expect would happen? That so many LTF cards would sustain their business model? This is only another example of the absolutely visionless, uneducated mediocrity that currently rules the top of Indian corporate. https://www.technofino.in/community...d-apex-full-details-review.32645/#post-812307

Perhaps, that was the bank's strategy. Lure people into getting their cards and then start devaluations.

Market penetration - achieved ✅

 

[EternallyHopeful]

Just yesterday got Sapphiro Dual variant (MC + Amex) and 2 add-ons on these two and yesterday the news broke about the brutal devaluation of ICICI cards. I have just received add-on cards, and will plan closing them some months down the line. Mysterious are ways life works...

 

[beast_boy]

All changes from 15th November only right , If I apply Addons before 15th November then no charges correct ?

 

[Swastik]

All changes from 15th November only right , If I apply Addons before 15th November then no charges correct ?

Add on charges on card anniversary, not now

 

[JimCarrey]

So No more 1% on advance tax using Amazon ICICI Card?
😢

 

[NamanGupta]

There are only 3 ICICI cards worth having.
1. Amazon Pay LTF
2. Platinum LTF (for those sale offers which exclude Amz Pay)
3. Rupay Coral LTF (for using on UPI) as companion linked card to Platinum

Yes Correct, I currently have these 3 cards and yes they are worth having

 

[wanderer95]

Recently, People (You might know who & who) are selling Rs.199/- course on how to get double digit Return on spending using credit cards 😆.

Mad Rush into Stock market started over the past 5 years. Credit Cards seemed to offer a guaranteed return of min 5% (reward + benefits) to max 15 -20% post tax 😁.

It reminds me of 2013- 14 years when we were given recharge money to install mobile apps, 100 % cashback on mobile recharge & other utility payments. After couple of years, Offline mode reduced to bare minimum. Small online players were either acquired or shut their shops. However, We, customers are accustomed to use the online mode of recharge & bill payments with no other easy option.

Credit Card industry is going through similar phase I guess. Unfortunately, I Joined the bandwagon only early 2024. Couldn't take advantage of many rewards & benefits.

 

[LUKA]

How to get lifetime free emerald?

If 3L per month in hand salary

 

[LUKA]

Just had a word with ICICI Bank, and they mentioned this: From the add-on card issuance date, charges will be applicable on the add-on card. If, for example, one person has more than one add-on card, for each card, ₹199 + 18% GST will be applicable.

For reference:

• 1 add-on card: ₹199 + 18% GST = ₹234.82
• 2 add-on cards: ₹199 x 2 + 18% GST = ₹469.64
• 3 add-on cards: ₹199 x 3 + 18% GST = ₹704.46

I had to wait for 30 minutes to get in contact with them. ⏳ It’s totally rubbish! 😡

To avoid charges on the add-on cards you already have, you must call ICICI Bank customer care and request cancellation. The cancellation can only be done by calling, and if the card is not canceled—even if the main card is LTF (Lifetime Free)—they will still apply charges on the add-on cards. ❌📞

I'm getting curious about how those who don't follow our admin post and Technofino will react when the charges are applied to their add-on cards. 🤔 How are they going to respond?

At this rate, ICICI will not only lose credit card customers, but people might even close their savings accounts too! 💳💸"

No one will close. Still many will apply ccs. Note this down. You won't get instant discount offers like ICICI & HDFC in other banks.

 

[LUKA]

Do you know of any RM that can get Emeralde for Salary 3L/mo.

My RM says 5Cr TRV, crazy

Write email to pno it twitter. They will easily issue

 

[cardio_guy]

Do you know of any RM that can get Emeralde for Salary 3L/mo.

My RM says 5Cr TRV, crazy

Usually all RMs will sort this. Because this is their stated policy for salary account holders. There is no specific rule for each company. I don't have any specific contact but if you call 18001080 and ask them to connect to your RM, they will help.
Or if you are wealth Customer, you can directly contact the wealth customer care +91 22 4440 0000

 

[Swastik]

No one will close. Still many will apply ccs. Note this down. You won't get instant discount offers like ICICI & HDFC in other banks.

That's true, ICICI cards were never big on rewards and lounges, but people still take it because it's easy to get, gives high limit and has instant discounts

 

[shivamk]

So No more 1% on advance tax using Amazon ICICI Card?
😢

Weren't the net returns almost zero after 1% surcharge?