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.

 

[djsingh313]

Times black has become a dud now

 

[Arpan12111987]

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.

View attachment 89539

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.

Actually icici has not formally released ishop . So before release, I feel they can make n numbers of changes in quick succession.

 

[maheshspanicker]

Not at all unexpected from ICICI. Managed to redeem my ICICI platinum reward points in the mean time. Not going to bother with the portal for another 3 years now!...

 

[Bodhi]

Not at all unexpected from ICICI. Managed to redeem my ICICI platinum reward points in the mean time. Not going to bother with the portal for another 3 years now!...

Was there any redemption rate difference between previous imobile app and ishop?

 

[CheckMater]

They should add Amazon shopping voucher at least without the charge.

 

[rogerthat]

Don't want to be that guy who says "I told you so", but I told you so.

R

Post in thread 'Worst Credit Card Of The Year 2024 Award Goes To...'

Mar 12, 2025

I don't see how Times Black is better than DCBM even with that though.. EPM vs Infinia seems like a close fight

Forget DCBM, Times Black is more in the range of Regalia Gold. Limited use with iShop should not blind anyone from the fact that Times Black is an utterly mediocre card in terms of base rewards that is just 2% with an unjustifiably huge annual fee. All its "benefits" are useless for a vast majority. And now it has a monthly overall cap on iShop too.

• rogerthat

• 

 

[theXfactor]

Don't want to be that guy who says "I told you so", but I told you so.

R

Post in thread 'Worst Credit Card Of The Year 2024 Award Goes To...'

Mar 12, 2025

I don't see how Times Black is better than DCBM even with that though.. EPM vs Infinia seems like a close fight

Forget DCBM, Times Black is more in the range of Regalia Gold. Limited use with iShop should not blind anyone from the fact that Times Black is an utterly mediocre card in terms of base rewards that is just 2% with an unjustifiably huge annual fee. All its "benefits" are useless for a vast majority. And now it has a monthly overall cap on iShop too.

• rogerthat

• 

I agree. If the bank tightens screws further which is bound to happen, it will be difficult for TB holders to recover the first year fee itself except for the people who genuinely need this sort of card and kind of milestone benefits being offered. Some people got fascinated with helicopter ride, I want to know how many folks have availed that. Want to know their experience.
I'm wondering, even if TB is offered to people LTF, majority of premium card holders will certainly keep it as a souvenir but still wouldn't know where to use given the kind of reward rate and milestone benefits.

 

[Krishna Kumar]

Thank God!!! I saved myself from TIMES BLACK 😈

 

[pythonlover]

Thank God!!! I saved myself from TIMES BLACK 😈

Man I didn't activate the card for 25 days after getting it. Then activated it thinking that well I can maximise using vouchers. Now I am regretting my decision even within a month. Will close it in next Feb. No use of having a card worse than DCBM (which I have) with double the fees.

 

[VGisHere]

Can someone help and share clarification on what is the difference between RP and iCash here?
It mentions 6x RP / x% iCash, what does this exactly mean? Does that mean that x% iCash is equivalent of the 6x RP? Or is it like we 6x RP + x %iCash?

For example, take Amazon Prime Shopping as shown in pic below, mentions 6x RP / 18% iCash. Does that mean if I buy 1000 Rs worth of prime shopping, I would get 180 iCash and on top of it, 3*6 = 18% = 180 RP, so total of 180 iCash and 180 RP? RP can be redeemed for 1 Re on flights/hotel, and other conversions, how about iCash? How much is that equivalent of?

Where do I find all the related info?
Thanks.

 

[Sid1094]

Can someone help and share clarification on what is the difference between RP and iCash here?
It mentions 6x RP / x% iCash, what does this exactly mean? Does that mean that x% iCash is equivalent of the 6x RP? Or is it like we 6x RP + x %iCash?

For example, take Amazon Prime Shopping as shown in pic below, mentions 6x RP / 18% iCash. Does that mean if I buy 1000 Rs worth of prime shopping, I would get 180 iCash and on top of it, 3*6 = 18% = 180 RP, so total of 180 iCash and 180 RP? RP can be redeemed for 1 Re on flights/hotel, and other conversions, how about iCash? How much is that equivalent of?

Where do I find all the related info?
Thanks.

View attachment 92086

My best guess is that if one uses a credit card/debit card for purchase then they get 6* rewards. If one uses netbanking then they will get icash mentioned under the corresponding voucher. Although one can’t use net banking to buy vouchers for now

 

[theXfactor]

Can someone help and share clarification on what is the difference between RP and iCash here?
It mentions 6x RP / x% iCash, what does this exactly mean? Does that mean that x% iCash is equivalent of the 6x RP? Or is it like we 6x RP + x %iCash?

For example, take Amazon Prime Shopping as shown in pic below, mentions 6x RP / 18% iCash. Does that mean if I buy 1000 Rs worth of prime shopping, I would get 180 iCash and on top of it, 3*6 = 18% = 180 RP, so total of 180 iCash and 180 RP? RP can be redeemed for 1 Re on flights/hotel, and other conversions, how about iCash? How much is that equivalent of?

Where do I find all the related info?
Thanks.

Read iShop FAQs:

iCash is a reward currency that you earn when you make purchases on the iShop platform using ICICI Bank Net Banking as the payment mode. The earned iCash can be redeemed on future purchases made on iShop.

 

[GG21]

Ishop removed 2.5% charges on Swiggy voucher applied earlier

 

[thanix]

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.

Yes, agreed but only if customer has amended the T&C to add this clause and got it signed by the other party.

 

[pranjal1984]

Yes, agreed but only if customer has amended the T&C to add this clause and got it signed by the other party.

Card issuers should be asked to incorporate the same clause in the T&C by regulator