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:
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.
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.
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.
