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.

 

[jeevanreddy58]

these charges will be added to the transaction during transaction time or it wil be charged later during bil payment or few days after the transaction?

 

[Swastik]

If anyone knows any ICICI Branch employee who can get Emerald LTF for 3L/mo. or even 4L/mo. Salary, DM me

Same for Paid Emerald Private Metal as well(Preferably LTF too but i haven't seen anyone getting it LTF so far)

 

[Anupama_Jha]

these charges will be added to the transaction during transaction time or it wil be charged later during bil payment or few days after the transaction?

Few days after trxn settlement

 

[Dobbiee]

Now individual emails are being sent to card holders by ICICI.
Think it would be bad idea, to exclude any transaction from milestone criteria. Hope other banks dont follow it.

 

[rogerthat]

Now individual emails are being sent to card holders by ICICI.
Think it would be bad idea, to exclude any transaction from milestone criteria. Hope other banks dont follow it.

Axis was the one that started it.

 

[Dobbiee]

If anyone knows any ICICI Branch employee who can get Emerald LTF for 3L/mo. or even 4L/mo. Salary, DM me

Same for Paid Emerald Private Metal as well(Preferably LTF too but i haven't seen getting it LTF so far)

Drop in any big branch of ICICI Bank to open Wealth account. The branch should have dedicated Wealth Management section.
With this salary its easy to get Emeralde Private Metal. You can try negotiate for LTF. (Though taking paid is better, There is additional joining benefit of free Taj stay).

Another point to note:
BTW, I think you already have Diners Metal.
I also got Diners Metal 3-4 months ago. And since then, I use Emeralde Metal only for fuel and places where Diners doesn't work.
Reason - In one full year after spending 12 lacs on Emeralde, got a total 50k reward points (including the joining 12k points).
On Diners, had spent 4.5 lacs in the last quarter and got 46k reward points (including 10k quarterly milestone).

 

[Swastik]

Drop in any big branch of ICICI Bank to open Wealth account. The branch should have dedicated Wealth Management section.
With this salary its easy to get Emeralde Private Metal. You can try negotiate for LTF. (Though taking paid is better, There is additional joining benefit of free Taj stay).

Another point to note:
BTW, I think you already have Diners Metal.
I also got Diners Metal 3-4 months ago. And since then, I use Emeralde Metal only for fuel and places where Diners doesn't work.
Reason - In one full year after spending 12 lacs on Emeralde, got a total 50k reward points (including the joining 12k points).
On Diners, had spent 4.5 lacs in the last quarter and got 46k reward points (including 10k quarterly milestone).

I can't get Emerald LTF or Emerald Private Metal, my salary is only 1.2L/mo. Gross
It's for my dad

But yes DCB is much more rewarding then any ICICI card ever, mine not metal It's PVC but still...
And I've just recently gotten around using Smartbuy

 

[CCgeek]

So EPM mailers don't say anything about insurance and utility reward points earning caps. So I believe for EPM pre-existing caps are safe. Emeralde though has been hit by caps now.

 

[anonymuos]

"Supplementary cardholders will enjoy enhanced benefits with an annual fee of Rs.199"
Logically that should mean a person other than the original card holder.

Aaj tak kabhi kisi card ki fee "enjoy" nahin ki. ICICI is adding insult to injury 😀

 

[Prem03]

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

I have only 1 and 3 and those are enough as Rupay Coral LTF works on sale offers as well.

 

[girish3456]

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.

Given cancellation request for closing my Rubyx LTF credit card yesterday because of the above changes as I anyways have 4 other bank cards which are of LTF itself (HDFC DCB, IDFC Wealth Credit card, IndusInd Pinnacle credit card and PNB Rupay select credit card)

 

[anonymuos]

Had asked ICICI to be clear about add-on credit card charges. After a week of to and fro emails trying to get them to simply understand what I was asking them, they finally understood this incredibly difficult question harder than rocket science and replied:

As per revert from concerned team, we inform you that add-on-card charges will be applicable for existing cards and also for new add-on-cards.
Also, please note that even if the primary credit card is a life time free credit card, the add-on-card charges will be applicable.

Now my question to Mr. @TechnoFino himself is, isn't there some RBI rule that a card sourced as lifetime free cannot be made chargeable? Does that rule not apply to add-on credit cards? 😲

 

[Swastik]

Had asked ICICI to be clear about add-on credit card charges. After a week of to and fro emails trying to get them to simply understand what I was asking them, they finally understood this incredibly difficult question harder than rocket science and replied:

As per revert from concerned team, we inform you that add-on-card charges will be applicable for existing cards and also for new add-on-cards.
Also, please note that even if the primary credit card is a life time free credit card, the add-on-card charges will be applicable.

Now my question to Mr. @TechnoFino himself is, isn't there some RBI rule that a card sourced as lifetime free cannot be made chargeable? Does that rule not apply to add-on credit cards? 😲

Thread 'The End of 'Lifetime Free'? ICICI's Big Change to Credit Cards 😲'

Oct 16, 2024

The statement means:

1. Same Pricing Across Networks: Whether your card is on a Visa, MC, or other network, the pricing will be the same, unless the bank specifically mentions otherwise.
2. No Joining/Annual Benefits for LTF Cards: If your card has no joining fee or annual fee, then you won't receive any special joining or annual benefits (like welcome bonuses or rewards).
3. No Fees Charged for LTF Cards: If you were issued a lifetime free (LTF) card (no joining/annual fee), no fees will be applied during your statement...

• helloworld
• #ltf icici ltf ltf card ltf conversion ltf credit card ltf icici bank credit card
• Replies: 25
• Forum: Credit Card - General

• 
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As such banks have the right to change their terms and conditions including fees at any time, ofcourse with due notice in advance

 

[drsel]

Had asked ICICI to be clear about add-on credit card charges. After a week of to and fro emails trying to get them to simply understand what I was asking them, they finally understood this incredibly difficult question harder than rocket science and replied:

As per revert from concerned team, we inform you that add-on-card charges will be applicable for existing cards and also for new add-on-cards.
Also, please note that even if the primary credit card is a life time free credit card, the add-on-card charges will be applicable.

Now my question to Mr. @TechnoFino himself is, isn't there some RBI rule that a card sourced as lifetime free cannot be made chargeable? Does that rule not apply to add-on credit cards? 😲

Every bank has a right to charge for a card which is lifetime free and to change all the terms and conditions, reduce or stop cash back/points, etc provided they give 30 days notice.

On the other hand, the card holder has the right to close the card and not pay anything

 

[drsel]

I don't even see what's the big deal in this. nobody uses ICICI cards to earn points.
Maybe only for Lounge access and spa
I have five but I use them only for the 10% discount offer

 

[Swastik]

I don't even see what's the big deal in this. nobody uses ICICI cards to earn points.
Maybe only for Lounge access and spa
I have five but I use them only for the 10% discount offer

Spa gone and 75k spend criteria for lounges is laughable,

Only thing left is offers, BMS BOGO maybe

 

[anonymuos]

As such banks have the right to change their terms and conditions including fees at any time, ofcourse with due notice in advance

Every bank has a right to charge for a card which is lifetime free

They have a right to devalue it making it close to useless and end all rewards etc. And they have a right to change fees of paid cards. But RBI has a rule about life-time free pricing: https://www.rbi.org.in/commonman/English/Scripts/CustomerServiceGuidelines.aspx "Concessions or relief given (such as perpetual waiver of renewal fee on lifetime credit cards) will not be withdrawn during the original validity period of the concession/relief." At least for a primary lifetime free card, all banks follow this rule. Some start charging (very very rarely) when card is due for renewal, but almost unheard of, most banks have so far honored "lifetime free" for a primary card. But RBI didn't specifically mention add-on/supplementary cards in this rule so that's exactly the loophole ICICI is looking to benefit from.

Can you imagine the chaos if RBI didn't have some ground rules? Banks would use it as a "bait and switch" approach to lure and onboard customers under "Lifetime free" and then one fine day suddenly start charging.

 

[sahildca]

Spa gone and 75k spend criteria for lounges is laughable,

Only thing left is offers, BMS BOGO maybe

BOGO v kuch time me GO ho jaayega ya dicount amount kam kar denge

tab offer milega PVR me 30 mins continuously ad dekho @ ₹1 FREE

 

[khabib101]

After this will we get 1 % for government related spends on Amazon pay card ?