ICICI Bank Emeralde Private Metal Credit Card Launched

ICICI Bank has launched the Emerald Private Metal Credit Card, which offers all the benefits of the ICICI Emerald Credit Card along with a few additional benefits.

Welcome Benefits:

1. Taj Epicure membership for the first year. [You'll get one stay voucher with this]
2. Receive 12,500 bonus reward points after annual fee payment each year.
3. EazyDiner Prime membership (renewed annually).

Main Benefits:

1. Unlimited golf games/lessons for the primary cardholder.
2. Unlimited domestic airport lounge access using the Emerald Private Metal Credit Card for both the primary and add-on cardholders.
3. Unlimited international airport lounge access using Priority Pass for both the primary and add-on cardholders.
4. Buy one, get one free movie/event ticket from BookMyShow twice per month. Maximum Discount: Rs. 750 per ticket.
5. Up to Rs. 12,000 refund for a maximum of 2 transactions per year on tickets booked exclusively with the Emeralde Private Metal Credit Card.
6. Discounted markup fees: 2%.
7. 1% fuel surcharge waiver for all transactions up to Rs. 4000. Maximum surcharges waiver - Rs. 1000 per statement cycle.
8. No Extra Charges/Penalty For: Cash Withdrawal, Over limit, Late payment.
9. You can get 3 complimentary add-on cards

Reward System:
Earn 6 reward points for every Rs. 200 spent.
No reward points on Tax Payment, Rent payments, EMI and Fuel purchases.

Reward Points Value:
Flight/Hotel Booking: 1 reward point = Rs. 1
Gift Vouchers*: 1 reward point = Rs. 1
Rewards Catalogue [other products]: 1 reward point = Rs. 0.60
Statement Credit: 1 reward point = Rs. 0.40

*Brands' Gift Vouchers available under the 1:1 redemption ratio include:

• Travel Category: MakeMyTrip, EaseMyTrip, Yatra, ClearTrip, Hyaat, Marriott International, ITC Hotels, Taj Hotels.
  
  
• Electronics: Apple
• Luxury Brands: Tanishq, Mothercare [Luxe], G-Star Raw [Luxe], Giorgio Armani [Luxe], Emporio Armani [Luxe], Canali [Luxe], Coach [Luxe], Tumi [Luxe], Scotch & Soda [Luxe], Jimmy Choo [Luxe]

There are lots of other brand vouchers available, but for those, you'll get a value of 1 reward point = Rs. 0.60. I think you have a decent option available under the 1:1 redemption category. ITC, Hyatt, Marriott, Taj, and other travel-related vouchers are worth considering. So, in terms of redemption options, I must say this is a decent card. And I think this is better than HDFC SmartBuy portal flight or hotel booking redemption system. The main downside of SmartBuy portal flight or hotel booking redemption is that you can't use 100% reward points. However, in the case of ICICI Emeralde Private Metal Card, you can just get an MMT voucher or any other travel voucher and book your flights or hotels.

Reward Rate:
Flight/Hotel Booking: 3%
Gift Vouchers: 3%
Rewards Catalogue: 1.8%
Statement Credit: 1.2%

Reward Redemption:
You can redeem your ICICI Bank Reward Points across Catalogues, from movie and travel vouchers to lifestyle products, mobiles, appliances, statement credit and more.
Redemption of Reward Points against statement balance (cashback redemption) is capped at 50,000 Reward Points per Statement cycle.

Reward Capping:

• Reward Points earned on Insurance transaction will be capped at 5,000 Reward Points per statement cycle. [Spends required to reach maximum reward- Rs. 1,66,800]
• Reward Points earned on grocery transaction will be capped at 1,000 Reward Points per statement cycle. [Spends required to reach maximum reward- Rs. 33,400]
• Reward Points earned on Utilities transaction will be capped at 1,000 Reward Points per statement cycle. [Spends required to reach maximum reward- Rs. 33,400]
• Reward Points earned on Education transaction will be capped at 1,000 Reward Points per statement cycle. [Spends required to reach maximum reward- Rs. 33,400]

Milestone Benefits:
Spend Rs. 8 lakhs per year and receive 2 air travel vouchers worth Rs. 3000 each (total Rs. 6000) from EaseMyTrip. Reward Rate: 0.75%.

Spends 4 Lakhs and get first EaseMyTrip voucher worth Rs. 3000/-​

Spends 8 Lakhs and get your second EaseMyTrip voucher worth Rs. 3000/-​

Charges:
Joining Fee: Rs. 12,499 + GST.
Annual Fee: Rs. 12,499 + GST.
Annual Fee Reversal Criteria: Spend Rs. 10 lakhs in the next card membership year to have your annual fee reversed.

Card Replacement Fees: Rs. 3500/-

Opinion:
The ICICI Bank Emeralde Private Metal Credit Card is the flagship credit card of ICICI Bank. When considering the reward rate, I must say this card offers decent value back on spending. The main drawback is that ICICI Bank does not offer a reward points transfer feature like HDFC Bank or Axis Bank.
Typically, credit cards of this nature provide the option to transfer points. However, in this case, we can only redeem our reward points for brand gift vouchers. I hope ICICI Bank will address this issue and introduce some transfer partners soon. You'll receive 12,500 reward points worth Rs. 12,500 on joining, so mathematically you'll only need to pay the GST (Approx. Rs. 2250/-) each year, similar to the SC Ultimate credit card. Additionally, you'll receive Taj Epicure membership for the first year with this card, allowing you to enjoy a complimentary stay at a Taj hotel. This benefit can help offset your card's joining fees effectively.
Overall, this is a good credit card, unlike other gemstone cards, as it offers a better reward rate. If you are seeking a premium credit card but don't plan to redeem your reward points for airline miles and instead prefer gift vouchers, then this credit card is for you.

 

[RishiKiDev]

Curious: How do banks expect to make 3 lakhs per annum from credit card-only customers? Do they secretly hope that the customer will repeatedly default on their payments every month?

3 lakh is including his TRV and other assets that he has with ICICI Bank. He is not a credit card only customer.

 

[rogerthat]

3 lakh is including his TRV and other assets that he has with ICICI Bank. He is not a credit card only customer.

I thought @1RC was a credit card only customer?

 

[1RC]

I thought @1RC was a credit card only customer?

I concur. I am only CC holder. That said, I am aware multiple level of approval were taken. I am aware it went to Head - global client group and maybe beyond too.

Please do note that I have Emeralde PVC LTF is that adds any additional point.