ICICI Bank Emeralde Private Metal Credit Card Devaluation - No more 1:1 Redemption

[TechnoFinoTechnoFino is verified member.]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.


It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

 

[Shubham Yadav]

1 month bhi jhel nhi paya bank

 

[sauravkumar]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.
View attachment 34645

It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

Dada make one video also and expose them!!😤😤

 

[NOOBY]

Now a days, banks just pre-release their docs and wait for everyone to react. T&Cs are then changed according to reviews of cc experts 😛

The document was made available around 2nd week of October, which gave everyone enough time to analyze... as soon as people started mentioning 3% return as stmt credit, they changed it before anyone could even use it (thanks to X and YT)

I have said it before as well, they are not wrong as they can change MITC whenever they want as they are giving their product to us for using (and is mentioned in T&C as well)

 

[SSV]

Now a days, banks just pre-release their docs and wait for everyone to react. T&Cs are then changed according to reviews of cc experts 😛

The document was made available around 2nd week of October, which gave everyone enough time to analyze... as soon as people started mentioning 3% return as stmt credit, they changed it before anyone could even use it (thanks to X and YT)

Also, they are not wrong as they can change MITC whenever they want as they are giving their product to us for using

So practically they are doing UAT on the mass public and fine tuning the product to their advantage instead of customer...

 

[NOOBY]

So practically they are doing reverse UAT on the mass public and fine tuning the product to their advantage instead of customer...

Exactly 😀

same thing happened with Axis.... Magnus and Reserve updated T&C were **leaked** somehow... people started analyzing and according to all the info present on various platforms.. Axis came us with the brilliant idea of making people keep 10L in their accounts for keeping 5:4 conversion (milestone was removed anyway)

 

[hritiksakshi]

Emeralde customers be like

 

[1RC]

I think ICICI is suffering from PE. 🤣

Could not handle the heat.

 

[ALOAK]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.
View attachment 34645

It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

Expose icici bank policy

 

[aceventura]

So practically they are doing UAT on the mass public and fine tuning the product to their advantage instead of customer...

ICICI team be our core cards are generally crap, why are people suddenly asking about this card, too many applications incoming, something wrong, mission abort... mission abort.

 

[cardio_guy]

Icici be like:
launch a card
Ah it is 2 days
Let's devalue some things in it 😀

 

[aceventura]

Infinia's poor cousin, ICICI team be if you cant get Infinia, apply to us.

Also, I read somewhere in reddit that RM was asking for 30L ITR for approving this card.

 

[Ankur dhanda]

HSBC Premier CC is recently giving 3 points/100 INR spends. Fuel only exemption category when surcharge waiver applies.

 

[Aarav0909]

I have got icici emralde private metal credit card few days ago

 

[imdjay]

I have got icici emralde private metal credit card few days ago

Can you share the tnc papers which you received with the card?

 

[anirao07]

ICICI team be our core cards are generally crap, why are people suddenly asking about this card, too many applications incoming, something wrong, mission abort... mission abort.

Yes, Excatly.
The BM told that anyone who knows anything about Credit Cards wants one and those who dont, dont even take the Invite for it.
But because of it being Invite Only many were left disappointed.
In my city only 7 were eligible and yet no one took it.
Starting to think that basically anyone who uses ICICI CC uses it because of their Offers and Tie Ups with E Comm Website and also the general public dont even care about Reward Points.
Again, ICICI Reward Points are still one of the least used one because people have no clue what to do with them....

 

[aayusharyan]

Yes, Excatly.
The BM told that anyone who knows anything about Credit Cards wants one and those who dont, dont even take the Invite for it.
But because of it being Invite Only many were left disappointed.
In my city only 7 were eligible and yet no one took it.
Starting to think that basically anyone who uses ICICI CC uses it because of their Offers and Tie Ups with E Comm Website and also the general public dont even care about Reward Points.
Again, ICICI Reward Points are still one of the least used one because people have no clue what to do with them....

Your BM can see how many people were invited across your city? How. At best he should be able to see his own branch. 🤔
Ohhh, does your city has only 1 ICICI branch? 🙈

 

[cardio_guy]

Your BM can see how many people were invited across your city? How. At best he should be able to see his own branch. 🤔
Ohhh, does your city has only 1 ICICI branch? 🙈

Maybe he is the BM 😛

 

[anirao07]

Yes, Excatly.
The BM told that anyone who knows anything about Credit Cards wants one and those who dont, dont even take the Invite for it.
But because of it being Invite Only many were left disappointed.
In my city only 7 were eligible and yet no one took it.
Starting to think that basically anyone who uses ICICI CC uses it because of their Offers and Tie Ups with E Comm Website and also the general public dont even care about Reward Points.
Again, ICICI Reward Points are still one of the least used one because people have no clue what to do with them....

Correction on my words,
Those who have accounts in that Branch were visible to the BM as they had access to their Financials and Spends.
My Bad.

 

[PrinceHeart]

*For entertainment purpose only*

I am making this list as a normal almost-middle aged person with a life, job and family. This list is definately not for singles who got enuff time on their hand to eat anything and everything, travels the world and play golf every weekend haha. Phir to unke balle balle.

1. For starters, you get 12500 welcome bonus points = Rs. 12500 (so technically its a free cc minus the gst ofcourse). This applies for yrly renewal also.

2. 1 yr taj epicure membership, which is worth atleast 29k for the "preferred" membership. Plus "1 time use vouchers", lets say around 5k min.

3. 1 yr easydiner prime member worth 2.8k. Gauranted atleast 25% discount on top restaurants in india and dubai, lets say around 5k min. Free cake on special occasions, lets say around 5k min. 2000 easy points as joining benefit, worth Rs 200. Total around 13k min. This applies for yrly renewal also.

4. Reward points - Lets say someone use this card for 1L in a year only. Will get 6 points per 200 = 3000 points = Rs 3000.

5. Lounges - 5 domestic in a year, 2k each = 10k min. 2 internationals in a year, 2.8k each = 5.6k min. Bhai apna thailand jayega to return bhi to aana parega, thats why i counted 2 international lounge access atleast. Total 15.6k min.

6. BookMyShow - 750 off 2 times a month. Lets say someone went to pvr only 5 times in a year only. Kab tak ghar baithe free ka amazon prime dekhoge. Thats 3.7k min savings.

7. Unlimited golf. Lets say anyone can go and try once or twice in their life. Thats around 4k per session worth. Total saving 8k min. Plus hiring of golf clubs and buggy fees etc which is extra. Which can be around 5k easy per session. Thats why maine personally abhi tak try nahi kiya.

8. Comprehensive insurance cover, worth around 10k easy.

1st scenario;
So, after paying the fees of 12500 + gst, which is around 14.7k, the 1st year joining benefits you will get is approx. 100k min worth in return.

2nd yr onwards, after paying the fees of 12500 + gst, which is around 14.7k, the ongoing benefits you will get is approx. 66k min.

2nd scenario;
For people who will not use this card for any purchase, deduct the 3k reward points value. Which will turn out to be 97k worth of benefits for 1st year, and 63k worth of benefits from 2nd year onwards.

Agar koi iss card ko credit card jaise use bhi na kare, aur bas khana khaye, movies dekhe, golf khele etc, phir bhi to ye 63k worth ka profit hi huya na ? 😎

For lounges, need to have valid flight tickets, so for those who will not fly at all, less 15.6k more, still 47k worth ka profit hoga. 😇

Yes, for insurance purposes, have to use this card once every 2 months, 50 ka ek plate momos kha sakte hai every 2 months 🤪

Now, kindly correct me if im wrong. Maybe i did some mistake in calculating or something. 🧐🤷‍♂️

P.S. This is NOT a sponsored post. 😇

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