Devaluation ICICI Bank Reduces iShop Limits, Majorly Impacting Emeralde Private Metal & Times Black Cards

[SubhankarSubhankar is verified member.]

We all know that when something seems "too good to be true," it usually doesn’t last long. We’ve seen this happen multiple times with other credit card-issuing banks, and now ICICI Bank has joined the list.


ICICI initially thrilled credit card enthusiasts by launching the iShop portal, offering accelerated reward points - similar to GiftEdge, TravelEdge, SmartBuy, and Rewards Multiplier from its competitors.


The key attractions?
​

• 6X reward points on flight bookings​
• 12X reward points on hotel bookings​
• 6X reward points on gift vouchers—including the highly sought-after Amazon Pay vouchers​

With a ₹1,00,000 monthly purchase limit and an impressive 15-18% return, this was a no-brainer for many. Other banks had already imposed strict limits and convenience fees on such benefits, making ICICI’s offer a dream come true for users.


This was particularly rewarding for cards like Emeralde Private Metal and Times Black. While the Emeralde Private Metal is an exclusive offering, the Times Black card was widely issued, making it accessible to many.

​

The Silent Devaluation​

However, in under two months, ICICI silently devalued the benefit, slashing the maximum purchase limit for Amazon Pay and Flipkart vouchers to just ₹12,000. This is a major letdown, especially for those who recently got the Times Black card, which comes with a hefty ₹20,000 joining and renewal fee.


While it’s understandable that the bank wanted to prevent potential catastrophic losses - something we’ve seen happen to its peers - this abrupt change has shaken customer trust in ICICI.

​

Planned Strategy or Poor Judgment?​

This move raises two possibilities:

​

1. A strategic bait-and-switch: ICICI may have planned this from the start, waiting to hit its internal targets (especially considering the poor initial response to the Times Black card). If so, it was a well-played marketing move.​
2. A miscalculated risk: If ICICI failed to anticipate the cost-to-opportunity ratio, it reflects poorly on the management’s competency—something we have questioned before with other banks.​

What do you think? Was this an intentional strategy or a miscalculation? Let us know in the comments.​

 

[sidpsidp is verified member.]

Just like last time. Epm rp to cb conversion

 

[ccdc]

it's intentional...bait & switch....gajar dikhao fir danda maro....

 

[deals4u]

Where its written ?

 

[Ekavya]

Just like last time. Epm rp to cb conversion

View attachment 85875

I was going to post this

 

[ANNIYANN]

I don't think it's a devaluation, every bank keeps restriction on vouchers. Infinia also has it. 10k per month on Amazon.

 

[ANNIYANN]

They intentionally would have kept higher than infinia both in 6x and limits 12k. However infinia has fees for Amazon vouchers and limit is 10k amzn vouchers + 5x

 

[OGSlyercrust]

IMO, Again I get a lot of heat from people when I say this but the whole portal is in Beta state and its expected for it to change. I wouldnt call it a bait because its not necessarily called out by ICICI to be a publicaly live portal. We all just found the link to it and got onboarded by ourselves.
Even with the change, they are keeping all limits just a tad higher than Infinia to make it more lucrative and rebalancing the vouchers and everything else about that portal.
Cmon everyone knew they could not have kept this infinite amazon pay voucher hack for long. I literally bought more than 70k in amazon vouchers to pay insurance, groceries, utility and what not and thought ICICI must be really mad to allow all this.

 

[Dr.Anand456Dr.Anand456 is verified member.]

Ab EMP na milne ka jyada gam nahi hoga logo ko😅

 

[viruss]

Kabhi Khushi, Kabhi gam...

 

[shu_sha]

Ab EMP na milne ka jyada gam nahi hoga logo ko😅

Ab to aur aasani se mil jayega EPM 🤣

 

[TechnoFinoTechnoFino is verified member.]

In India, no bank operates ethically, and ICICI Bank is a prime example.

First, they launched the Emeralde Private Metal Credit Card with a reward points redemption option as cash conversion at a rate of 1 reward point = ₹1. But within just a month, they reduced the rate.

Similarly, they launched the iShop portal, initially allowing unlimited purchases of Amazon and other vouchers. However, within a month, they imposed a purchase limit.

Clearly, they intentionally offered higher reward redemption options and higher voucher purchase limits just to sell more credit cards. And once they reached their target, they devalued the benefits.

Customers who paid annual card fees just a few days ago are now at a loss.

Is this ethical behavior from ICICI Bank from any perspective?

Those who speak about ethics when customers exploit loopholes should speak up now. File complaints against ICICI Bank so that RBI takes note and imposes guidelines against mid-term product devaluation.

 

[quino]

Those who speak about ethics when customers exploit loopholes should speak up now. File complaints against ICICI Bank so that RBI takes note and imposes guidelines against mid-term product devaluation.

those ppl will just say that we've agreed to TnC saying bank can change the limits/rules as & when they can without offering any explanation. always the prime capitalists.

 

[bran_the_shipwright]

Did anyone receive cashback for apay voucher purchase via Amazon icici card?

 

[msankadi]

However, in under two months, ICICI silently devalued the benefit, slashing the maximum purchase limit for Amazon Pay and Flipkart vouchers to just ₹12,000. This is a major letdown, especially for those who recently got the Times Black card, which comes with a hefty ₹20,000 joining and renewal fee.


​

Planned Strategy or Poor Judgment?​

This move raises two possibilities:

​

1. A strategic bait-and-switch: ICICI may have planned this from the start, waiting to hit its internal targets (especially considering the poor initial response to the Times Black card). If so, it was a well-played marketing move.​
2. ​

Haha some banks make axis feel like a saint...and hdfc like a god

now I will never give gaali to my infinia ...kudos to hdfc to maintain it to a respectable level for so many years...shame on icici for being a fraud and looting people's joining fees

 

[master99]

if they have acquired 10000 customers for times black then 10000*23400 = 23,40,00,000 profit for ICICI. These all users should report at a time in RBI Ombudsman so that ICICI can learn for future fraud like this.

 

[TJ90]

Looks like poor judgement from ICICI.

 

[theXfactor]

I feel, that even now it's not a sustainable cost-benefit ratio for the bank and these cards could be well on their way to get devalued further specially TB. EPM is still better controlled by the bank and isn't issued to everyone while that's not the case with TB. TB is issued to thousands of folks around with not a single rejection I have seen to date. TB is being compared to DCBM by many but you need to have the right eligibility to get the latter, DCBM criteria is still relatively quite stringent.

Imagine if everyone holding TB starts minting points and availing benefits to the max specially via vouchers, banks will need to start cutting/controlling their losses soon and that will lead to further devaluations. The only reason why banks offer their top cards to HNI/UHNIs or wealthy customers is because they expect business out of them and that's why you see salary, spend & limit criteria for such cards to establish their spend potential. It should be a mutually rewarding preposition for banks and customers else things become lopsided.

Many of us have got the TB, before iShop came into being, for the want to having a super premium card in wallets despite knowing it offers no real value. It makes sense for those people who either really need such a card or can extract the full value out of it. People will simply use this card to buy vouchers for 12% value back and it will be interesting to see how it goes here on.

 

[theXfactor]

if they have acquired 10000 customers for times black then 10000*23400 = 23,40,00,000 profit for ICICI. These all users should report at a time in RBI Ombudsman so that ICICI can learn for future fraud like this.

Yes, we can but they never said they wouldn't devalue cards. This is what's been happening in this industry for ages but one can still give it a try.

 

[drsel]

if they have acquired 10000 customers for times black then 10000*23400 = 23,40,00,000 profit for ICICI. These all users should report at a time in RBI Ombudsman so that ICICI can learn for future fraud like this.

Times black card is certainly not worth it, only Emerald private is worth applying for even now.