Devaluation ICICI Bank Credit Cards: Major Devaluation Announced (Effective Jan–Feb 2026)

[TechnoFinoTechnoFino is verified member.]

Hey TFCians,
ICICI Bank has officially announced multiple changes across almost its entire credit card portfolio.
This is not a single hit - it’s a layered devaluation impacting rewards, benefits, fees, and overall usage freedom.

ICICI Bank credit cards were already weak when it came to meaningful benefits and reward earning. After these changes, the value proposition has taken an even bigger hit - for many users, it’s almost over.

I’ve broken down the impact card-wise and category-wise below.

🔴 1. Reward Points on Transportation Spends – Now CAPPED​

🟢 Premium Segment​

ICICI Bank Emeralde Metal Credit Card
• Reward points on transportation MCCs (4111, 4112, 4784, 4131)
• Capped at ₹20,000 per month
Earlier → uncapped earning
Now → monthly ceiling introduced

​

🟡 Upper Mid & Premium (Non-Metal)​

Applicable cards:

• ICICI Bank Rubyx Credit Card
• ICICI Bank Secured Rubyx Credit Card
• ICICI Bank Sapphiro Credit Card
• ICICI Bank Emeralde Credit Card
• ICICI Bank Emeralde Private Credit Card

• Transportation reward earning capped at ₹10,000 per month
• Reward points depend on MCC mapping
This directly affects:
Metro users, frequent travellers, cab-heavy users.

​

🔵 Entry & Mass Cards​

Applicable cards:

• ICICI Bank Coral (all variants incl. NRI & Secured)
• ICICI Bank Platinum / Platinum Chip / Instant Platinum
• ICICI Bank HPCL Platinum & Coral variants
• ICICI Bank Manchester United Cards
• Chennai Super Kings ICICI Bank Card
• ICICI Bank Expressions
• ICICI Bank Parakram / Parakram Select

• Transportation rewards capped at ₹10,000/month
• Lower earn rate + lower cap = double hit

​

🔴 2. Insurance Spend Reward Cap​

ICICI Bank HPCL Super Saver Credit Card
• Reward points only up to ₹40,000 insurance spend
• MCCs covered: 5960, 6300, 6381, 6399
Earlier → higher or unclear cap
Now → clearly restricted

​

🔴 3. BookMyShow Benefits – Downgraded or Removed​

❌ Benefit Discontinued Completely​

ICICI Bank HPCL Super Saver Credit Card
• Complimentary BookMyShow benefit removed
• Zero movie value going forward

⚠️ Spend-Based Unlock Introduced​

Applicable cards:

• ICICI Bank Instant Platinum / Instant Platinum Chip
• Coral, Rubyx, Sapphiro, Emeralde (most variants)
• Adani One Platinum & Signature
• MakeMyTrip ICICI Cards
• Manchester United Cards
• CSK ICICI Card

• Must spend ₹25,000 in previous quarter
• Only then BMS benefit active for next quarter
Earlier → automatic
Now → conditional

​

🔴 4. NEW Transaction Fees Introduced (Applicable on All Retail Cards- Times Black, EPM, etc.)​

This is a big behavioural change.

🎮 Gaming / Fantasy Platforms​

• 2% fee on platforms like:
Dream11, MPL, Rummy Culture, Junglee Games
• MCC: 5816 (and future similar MCCs)

💰 Wallet Loading​

• 1% fee on wallet loads ₹5,000+
• Applies to:
Amazon Pay, Paytm, MobiKwik, Freecharge, OlaMoney
• MCC: 6540
Wallet rotation strategies → effectively killed.

🚆 Transportation Overspend Fee​

• 1% fee if transportation spends exceed ₹50,000
Earlier → just reward cap
Now → actual penalty

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🔴 5. Forex / DCC Charges Revised (Jan 15, 2026)​

Card	New DCC Fee
Times Black ICICI	1.49%
Emeralde Metal / Emeralde / Emeralde Private	2.00%
MakeMyTrip ICICI Travel	0.99%
Amazon Pay ICICI	1.99%
All Other ICICI Cards	3.50%

For most ICICI cards → foreign spends just became expensive.

​

🔴 6. Add-On Card Now Paid​

ICICI Bank Emeralde Metal Credit Card
• New add-on cards issued on or after 15 Jan 2026
• ₹3,500 one-time fee
Luxury positioning → monetised.

​

🔴 7. Cash Payment Penalty Increased​

Cash payment at ICICI branches:
₹100 → ₹150 per transaction
Another push away from offline bill payments.

​

🔴 8. EMI Foreclosure Charges Introduced​

Cancelling an EMI mid-tenure will now attract foreclosure charges
Earlier flexibility removed
Important for people who convert spends casually into EMIs.

​

My Honest Take​

This is not a single devaluation,
this is ICICI restructuring card usage behaviour.
They are clearly saying:
• Spend less on wallets & gaming
• Track category caps
• Pay for premium privileges
• Don’t treat ICICI cards as all-rounders anymore

ICICI Bank is clearly saying - we don’t want to be your primary card.
Go ahead, get yourself a new main credit card.

Anyway, let’s be honest.
ICICI credit cards were, are, and will remain among the weakest cards in terms of reward earning.
Their real use has always been limited to instant online brand discounts - nothing more.

If you’re still using an ICICI card as your primary card, this devaluation is your sign to move on.

 

[theXfactor]

Anyone know what this is applicable on?
> 1% fee if transportation spends exceed ₹50,000

Does this mean that hotel/flight/etc booking will have a 1% extra fee above 50k?

Look at the MCCs

 

[hellowo₹ld]

When you will enter the card details in BMS payment page, it will tell you this card is not eligible. It will fetch the data from ICICI back end.

sharing our spends without our consent to third party is problematic in future.

 

[theXfactor]

sharing our spends without our consent to third party is problematic in future.

ICICI would simply set bogo eligibility flag in their system, only eligibility status will be passed on to BMS when you request offer be applied

 

[sunit123]

ICICI would simply set bogo eligibility flag in their system, only eligibility status will be passed on to BMS when you request offer be applied

This system is big failure and to fool customer....Twice i spent more than eligibility on sapphiro for lounge access but every time i didn't get access...ICICI simply apologized that it is technical error

My learning is that it is foolish idea to spend x amount to get some benefit

Spending 25k just to get benefit of 300 or 400 is financially not wise decision...For these offers, BMS charge some 200 Rs as convenience fees. Net benefit is only 300 Rs for a 500 Rs ticket

 

[theXfactor]

This system is big failure and to fool customer....Twice i spent more than eligibility on sapphiro for lounge access but every time i didn't get access...ICICI simply apologized that it is technical error

My learning is that it is foolish idea to spend x amount to get some benefit

Spending 25k just to get benefit of 300 or 400 is financially not wise decision...For these offers, BMS charge some 200 Rs as convenience fees. Net benefit is only 300 Rs for a 500 Rs ticket

What I stated was the technical aspect. How robust is ICICI's system is anyone's guess. Also, whether or not to spend 25K for these benefits is individual's call.

Now my take - I don't think anyone would spend 25K for BOGO. If it comes naturally on regular spends of 25k, well & good, if not, spend 250 Rs for that additional ticket and be happy. ICICI cards were never great. Even today, I'd pick only 2 ICICI cards that stand out for their features and benefits they actually offer... EPM & Emeralde Emirates for the real value (not even TB for various reasons, no offence meant but that's my personal take)

 

[hellowo₹ld]

ICICI would simply set bogo eligibility flag in their system, only eligibility status will be passed on to BMS when you request offer be applied

someone has to store our entire card numbers too to verify the eligibility, which is what converns me. Its not after OTP we get confirmation or some coupon code, bms has to show instant discount as soon as I enter card number (currently its through bin number which is common for everyone and card verification happens after OTP).

 

[theXfactor]

someone has to store our entire card numbers too to verify the eligibility, which is what converns me. Its not after OTP we get confirmation or some coupon code, bms has to show instant discount as soon as I enter card number (currently its through bin number which is common for everyone and card verification happens after OTP).

Not how it works...difficult to explain the technical aspects but let me try...Firstly, OTP rules apply only to financial transactions not not for eligibility checks as in this case. Secondly, BMS would do only a backend eligibility check by sending a non-monetary API call with the card’s token to the bank. ICICI would then simply check your card's eligibility against the spends and return a response back to BMS stating whether or not you are eligible. BMS doesn't and can't store your card nos...

 

[Aniket Sharma]

Not how it works...difficult to explain the technical aspects but let me try...Firstly, OTP rules apply only to financial transactions not not for eligibility checks as in this case. Secondly, BMS would do only a backend eligibility check by sending a non-monetary API call with the card’s token to the bank. ICICI would then simply check your card's eligibility against the spends and return a response back to BMS stating whether or not you are eligible. BMS doesn't and can't store your card nos...

Yes and there will be always technical issues, so bye bye bogo

 

[Giyu-san]

Not how it works...difficult to explain the technical aspects but let me try...Firstly, OTP rules apply only to financial transactions not not for eligibility checks as in this case. Secondly, BMS would do only a backend eligibility check by sending a non-monetary API call with the card’s token to the bank. ICICI would then simply check your card's eligibility against the spends and return a response back to BMS stating whether or not you are eligible. BMS doesn't and can't store your card nos...

Getting a bit more technical in detail, ICICI will implement a datafield in their CMS that will put a YES/NO flag against it for your BOGO eligibility on your card depending on your spends. Once you try to book a ticket, BMS will hash (encrypt) your card number and call the ICICI CMS via an API. The CMS will decrypt the card number, check the datafield, and then return a YES/NO response back to BMS via the same API telling it if you are eligible or not.

ICICI tech stack isn't exactly known for its robustness. And given that this is an absolutely non-critical operation surely there won't be a lot of resources (memory etc.) reserved for this, so I'd bet that there's going to be a lot of API handshake timeouts. Anyway all this is too much for a card that gives like 0.5% return on spends.

 

[fradela]

One of the Main benefits of Sapphiro Credit Card is BMS 500 off. Now it is gone.

Another main benefit (AMEX variant), getting 150 + 150 off every month in Swiggy and Instamart.

Still the card is useful for me.

 

[theXfactor]

One of the Main benefits of Sapphiro Credit Card is BMS 500 off. Now it is gone.

Another main benefit (AMEX variant), getting 150 + 150 off every month in Swiggy and Instamart.

Still the card is useful for me.

get any cashback card if that works...several cards with 5-10% cashback...SBI CB, HDFC Swiggy, SBI Phone Pe.

 

[fradela]

get any cashback card if that works...several cards with 5-10% cashback...SBI CB, HDFC Swiggy, SBI Phone Pe.

Already have LTF HDFC Swiggy which gives only 10% cashback.

Here 150 OFF on 600 Swiggy and 150 OFF on 700 instamart.

Almost 25% instant discount.

 

[akshay2005]

Thanks for this thread, seems they have modified for all credit card types, probably time to review ICICI cards and close few of them.

 

[harsha1]

As most of banks doing devaluation of the credit cards, do we need to switch to App based credit cards like Kiwi, supermoney, Kreditpe etc ? Any suggestions

 

[Aniket Sharma]

As most of banks doing devaluation of the credit cards, do we need to switch to App based credit cards like Kiwi, supermoney, Kreditpe etc ? Any suggestions

Those are also operated by same banks and having same exclusions

 

[ash_m]

As most of banks doing devaluation of the credit cards, do we need to switch to App based credit cards like Kiwi, supermoney, Kreditpe etc ? Any suggestions

This doesn't work. Rather, these fintech/co-branded cards are even more susceptible to devaluations.

Probably, it is time to accept that rewards are not going to be as much lucrative as it used to be a while back. And the worst impact would be on LTF or mid-level to sub-premium cards - they have a much higher customer base, and it's probably easier for banks to just remove/limit benefits like B1G1, lounge access, points transfers from those cards. So, If you can get a premium card like HSBC Premier, M4B, Infinia, EPM, even non-burgundy Magnus is fine considering Atlas is no more being issued - probably keep more than one such card (for some limited period of time atleast). Of course, if you don't have such spends and your LTF card works to avail discounts/offers, then you shouldn't even bother.

I am guessing it is going to be like this for a while. But banks cannot "always" operate announcing devaluations every month. CCs are just a mechanism for them to onboard new customers, who get their other products. Eventually, the benefits will come back (at a higher fees and eligibility criteria).

 

[sunit123]

This doesn't work. Rather, these fintech/co-branded cards are even more susceptible to devaluations.

Probably, it is time to accept that rewards are not going to be as much lucrative as it used to be a while back. And the worst impact would be on LTF or mid-level to sub-premium cards - they have a much higher customer base, and it's probably easier for banks to just remove/limit benefits like B1G1, lounge access, points transfers from those cards. So, If you can get a premium card like HSBC Premier, M4B, Infinia, EPM, even non-burgundy Magnus is fine considering Atlas is no more being issued - probably keep more than one such card (for some limited period of time atleast). Of course, if you don't have such spends and your LTF card works to avail discounts/offers, then you shouldn't even bother.

I am guessing it is going to be like this for a while. But banks cannot "always" operate announcing devaluations every month. CCs are just a mechanism for them to onboard new customers, who get their other products. Eventually, the benefits will come back (at a higher fees and eligibility criteria).

I agree but to add that the super premium card are only beneficial if you travel a lot....If someone is not traveling much then they are not of much value

Personally i shifted to GV game which is best alternative to super premium cards for LTF card holders.

 

[harsha1]

I agree but to add that the super premium card are only beneficial if you travel a lot....If someone is not traveling much then they are not of much value

Personally i shifted to GV game which is best alternative to super premium cards for LTF card holders.

Can you please guide how GV used with CC , I mostly use APay cc and Rubyx for rupay payments. I don't travel much

 

[Aniket Sharma]

Can you please guide how GV used with CC , I mostly use APay cc and Rubyx for rupay payments. I don't travel much

Buy apay vouchers through apay cc

 

[ash_m]

I agree but to add that the super premium card are only beneficial if you travel a lot....If someone is not traveling much then they are not of much value

Personally i shifted to GV game which is best alternative to super premium cards for LTF card holders.

There are some super premium cards which are optimized for travel, while there are some which are your general purpose cards.

Infinia, EPM are general purpose premium cards. These are essentially GV cards, and also offer some travel benefits (which are not bad either).
M4B, Magnus, Premier (& TravelOne) are your travel optimized cards. The great benefits you see here are "always" in terms of some miles or hotel points.

So, honestly there is no such alternative. If you can get one, have such spends and that fees doesn't bother you, you should probably get one and buy GVs using them. Because it is going to become tougher to get a new super premium card, atleast for an year or two.