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

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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.

 

[NamanGupta]

Icici has made sapphiro completely useless now.

Majority of Icici Cards will be useless

 

[cardio_guy]

In short, what we understand from happening in CC industry in India is, banks/RBI want most people to close their CC and want payments to be made on due dates only not in advance. Conservative Indian mindset and then they think they can become economic superpowers like West. Fake reports of people getting under debt trap are circulated so that they get a chance to keep people away from access to money. Same is with SEBI, who to keep retails participation from FnO market is increasing margin per lot size to 20 Lakh capping so that only big hands which includes SEBI chief to access markets while rest other are restricted. Indians don't even understand the word Free Market and Open Access to all.

Very true. Regulations kill a free economy. Bus sadly India acts like a capitalist country but really we are socialist to the core.

 

[cardio_guy]

Sapphiro and above still worth it (if LTF) just for the BMS offer

True. Only for BMS, nothing else. Sad state of affairs.

 

[Rkumar83]

Now next who is going to devalue after ICICI such major devaluation

 

[Abhishek012]

Rs. 199+GST = 234.82 for Add on card.

It didn't explained whether add-on card for other member or add-on self card also as I have RuPay coral card which is add-on to ICICI Sapphiro Amex. If they charge it, I will call to close it. It is already useless for me. Will clear that out with Customer NoCare tomorrow.

Bro, clearly likha hua hai - "Supplementary card holders will enjoy enhanced benefits with an annual fee of Rs.199, which will be levied in the card anniversary month statement."

Itna confuse maat ho. Bolo RuPay hai toh jindegi hai. 😜😜

A supplementary credit card, also known as an additional or authorised user card, is an extension of a primary credit card account. It allows another person, typically a family member, to access the credit limit and benefits of the primary card holder's account.

Yaha kuch logo ne Coral Visa k behalf pe Coral RuPay lekar uske 3 aur Add-on Coral RuPay lekar rakha hai. 🤣🤣 Ab woh extra 3 Add-on k charges lagne wale hai but hai main Coral RuPay CC k koi charges nahi lagega, LTF hai woh enjoy karo.

@helloworld
@qf037x42v
@Bodhi
@panchabhut

 

[Dobbiee]

True. Only for BMS, nothing else. Sad state of affairs.

Thankfully BMS offer has not got devalued. Otherwise for sure, this would have made ICICI card worthless.

 

[cardio_guy]

Sapphiro rupay is mentioned 12 times in the pdf. But bank says they have not launched sapphiro rupay variant. Just again called and confirmed with the customer care.

 

[Swastik]

Now next who is going to devalue after ICICI such major devaluation

It's on everyone's mind, but no one wants to say it out loud

 

[Abhishek012]

Sapphiro rupay is mentioned 12 times in the pdf. But bank says they have not launched sapphiro rupay variant. Just again called and confirmed with the customer care.

Ask RuPay support team on twitter - https://x.com/RuPay_npci also tag ICICI bank. Share the PDF file link - https://www.icicibank.com/content/d...naged-assets/docs/pdf/revision-of-charges.pdf

 

[npraghatate]

If our Primary card is LTF, still they will charge annual fee of 199 on add-on card ?

 

[alwayswin69]

If our Primary card is LTF, still they will charge annual fee of 199 on add-on card ?

yes. . .

 

[rogerthat]

In short, what we understand from happening in CC industry in India is, banks/RBI want most people to close their CC and want payments to be made on due dates only not in advance. Conservative Indian mindset and then they think they can become economic superpowers like West. Fake reports of people getting under debt trap are circulated so that they get a chance to keep people away from access to money. Same is with SEBI, who to keep retails participation from FnO market is increasing margin per lot size to 20 Lakh capping so that only big hands which includes SEBI chief to access markets while rest other are restricted. Indians don't even understand the word Free Market and Open Access to all.

You get it. The issue is that Indian mentality is by default wired to be exclusionary. You do not want others to have access to what you do. There are many reasons for this, main one being historically high populations and hence resource scarcity, in addition to stratified society, etc. In such a scenario, seeing "everyone accessing lounges", "everyone making money off the stock market" and generally prospering makes some people at the top of the chain (the big hands you mentioned) insecure. They wouldn't want "people" to have access to money and getting better lives, lest should their "importance" reduce. All that we are seeing is the result of this.

Some of our people think that big roads with exclusive gated communities and lit up malls and brew pubs on one end and swanky airports and gleaming tech parks on other end connected by big roads full of SUVs makes a "developed country". A country prospers only when ALL of its people prosper, and not a narrow slice of its elite. For that, access to wealth should be made easier, not restrictive. Yeah, no superpower with this attitude.

 

[whywhy]

"everyone making money off the stock market"

while I'll mostly agree with the rest of your statement, everyone is not making money off the stock market, especially in FnO. Retail traders are losing money hand over fist in FnO. IIRC only 1% of traders made a profit above Rs. 1 Lakh in the last 3 years

 

[purushotham]

10% instant discount available ✅

Is the only use of icici bank credit card

 

[sharad131]

You will not earn RPs on government transactions only on emeralde private metal or all other cards as well????

 

[a_tease]

SPA discontinued for CCs and much more...
Attached the pdf.

After this, what is the difference between Rubyx and Sapphiro. They are exactly the same now, aren't they?

 

[bornmonkey]

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

Can't we use Rupay Coral for sale offers?

 

[Vineet Kumar]

All add-on Credit Cards of ICICI except EMERALDE will now attact annual fee.

I just double checked. Emeralde Metal has it but vanila doesn't attact fee. I saved 1000/- Annually.

 

[panchabhut]

Can't we use Rupay Coral for sale offers?

Coral Rupay has worked for me during two sales where Amz Pay was excluded but failed in two others.

 

[drsel]

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 already have these three plus I have the MakeMyTrip card