Devaluation ICICI Bank iShop Portal Devalued Further – 2.5% Processing Fee Introduced

[TechnoFinoTechnoFino is verified member.]

ICICI Bank has once again devalued its iShop portal—this time by introducing a 2.5% processing fee on the purchase of Amazon Pay vouchers and a few other gift cards.



This marks the second devaluation in just two months, and unfortunately, it reflects the growing reputation of ICICI Bank for rapid and frequent devaluations. We've already seen similar actions with products like the Emeralde PRIVATE Metal Credit Card.

Such marketing gimmicks should ideally be monitored by regulatory authorities like the RBI.

Here's the timeline:

• Initially, ICICI Bank allowed unlimited gift voucher purchases on the iShop portal.
• Then, they introduced monthly purchase caps.
• And now, they’ve added processing fees on selected vouchers.

Let’s be honest—iShop was launched to push the sales of one of their underwhelming credit cards, the ICICI Times Black. It was marketed as an ultra-premium product (Rarest & most exclusive credit card of india), but eventually, it was handed out so widely that every Tom, Dick, and Harry seems to have one now.

Many customers opted for this ₹23K annual fee card purely to maximize the iShop portal benefits—and are now left regretting their decision.

It’s high time the RBI comes up with clear guidelines to prevent mid-term devaluation of products or associated benefits. Protecting customer interests should be a top priority.

 

[da3m0n]

Seems like iSHop is following HDFC suite and now have introduced processing fee on Amzon, Flipkart & Swiggy. They might add more vouchers to this category.

 

[EverybodyEverybody is verified member.]

Ye toh shuru hote h khatam hogaya.

The time has finally come to close emeralde PVC.

 

[abhiaj_geek]

L O L

 

[kuchbhikuchbhi is verified member.]

Thats why we love ICICI so much 😋

 

[Gkcards]

such blatant copy of smartbuy 🙂

 

[pranjal1984]

It is back to square one for ICICI Bank. SBI Cashback with Park+ and Magicpin will be my go to card for now.

 

[_deb_]

Where is the end is near meme?

 

[RDR]

Where is the end is near meme?

More like - the end is here.

 

[PANK]

No use now

 

[PANK]

It is back to square one for ICICI Bank. SBI Cashback with Park+ and Magicpin will be my go to card for now.

Swiggy bhi park+ and Magicpin per cb deta ha kya

 

[BVCBVC is verified member.]

Time to Time ICICI is been on news for Devaluation rather than revaluation or new product launches.

Smart Buy didn't charge taxes for atleast 3-4 years AFAIK, but ICICI introduced many Changes / devaluations with in 2-3 months.

 

[shu_sha_]

Where is the end is near meme?

 

[VGisHere]

It’s high time the RBI comes up with clear guidelines to prevent mid-term devaluation of products or associated benefits. Protecting customer interests should be a top priority.

Have other such devaluations been reported this earlier to RBI?
If so, Is there a template to be followed for maximizing impact ?

As this makes absolute no sense, banks promise one thing and deliver the other.
While banks are within their complete legal rights to do such devaluations, but this is potentially losing customer trust and given one has paid Annual fees based on such promises. If devaluation is brought up, I believe, annual fees must be adjusted accordingly as previously suggested by @TechnoFino in of their previous post.

It's time we start reporting such actions and demand for corrective measures. Also, for any devaluations, a prior 30 day notice is must have.
Not sure if iShop would come under this purview as this is portal based devaluation and not card based.
But still this is breach of customer trust.

All in all, what action can be taken and how (if at all)?
People get cards to avail benefits and pay upfront fees, only to be striked by devaluations later on.

 

[pranjal1984]

If Banks have rights to devalue the benefits anytime, Customer should also be able to close the card at any time and claim proportional refund of annual fees if levied.

 

[kuchbhikuchbhi is verified member.]

Time to Time ICICI is been on news for Devaluation rather than revaluation or new product launches.

Smart Buy didn't charge taxes for atleast 3-4 years AFAIK, but ICICI introduced many Changes / devaluations with in 2-3 months.

For ICICI
times black card ❌❌


Made Time --> BLACK 😉

 

[subham23]

THAT'S WHY..ONE & ONLY "HDFC INFINIA" SINCE 2011...No Major Devaluation..

 

[theXfactor]

Unfortunately, ICICI never advertised iShop accelerated rewards as their cards' feature - neither on their portal nor in the MITC nor welcome Kit. Infact, they have never launched iShop officially or given a direct link from their netbanking portal. iShop is nowhere mentioned on ICICI portal. It's a separate URL to a beta product. It's we who started jumping off the chair and started grabbing TB sort of cards for accelerated rewards as if it was an exclusive offering. It's ICICI that played the game but can't be held accountable unfortunately.

 

[Bodhi]

Unfortunately, ICICI never advertised iShop accelerated rewards as their cards' feature - neither on their portal nor in the MITC nor welcome Kit. Infact, they have never launched iShop officially or given a direct link from their netbanking portal. iShop is nowhere mentioned on ICICI portal. It's a separate URL to a beta product. It's we who started jumping off the chair and started grabbing TB sort of cards for accelerated rewards as if it was an exclusive offering. It's ICICI that played the game but can't be held accountable unfortunately.

""BETA"* being the key word.

 

[abhiaj_geek]

Unfortunately, ICICI never advertised iShop accelerated rewards as their cards' feature - neither on their portal nor in the MITC nor welcome Kit. Infact, they have never launched iShop officially or given a direct link from their netbanking portal. iShop is nowhere mentioned on ICICI portal. It's a separate URL to a beta product. It's we who started jumping off the chair and started grabbing TB sort of cards for accelerated rewards as if it was an exclusive offering. It's ICICI that played the game but can't be held accountable unfortunately.

If icici doesnt sort the 45 day delay, infinia would still be better overall