ICICI Emeralde Private Metal - Application Process

[callsignmaverick]

I recently posted about My ICICI Emeralde Private Metal card. You can read it here - https://www.technofino.in/community...ome-emeralde-metal-private.25095/#post-594287.

And as I promised there, I am posting about my application process here.

The application process:

• The relationship - I am an ICICI Wealth account holder courtesy my old salary account and the fact that all my home, car loans have been through ICICI Bank only. My AQB for ICICI is less than 10k since couple of years now. But I still have a home loan with them with a relatively low outstanding amount.
• The invite - I had no upgrade/invite offer for the card. I had gone to my local branch for some home loan regarding query when I met the branch manager. We were having a chat about finance in general when I casually slipped in the thought that how ICICI is so far behind in the credit card game and how HDFC & Axis both have them beat. So then he asked me about the cards I hold from both banks (INFINIA & Magnus Burgundy) with their limits. He also mentioned about this new card called Emeralde Private Metal thats actually more exclusive than INFINIA and how it's only offered to a few wealth customers. He asked me if I would be interested in the card and obviously I said Yes.
• The catch - He said since the card is invite only and I haven't received an upgrade/invite directly he would need to take approvals (4 in total) even before my application was processed and this might take around a month or so. He also clearly mentioned that even though he would put a good word there are no guarantees that the card would be issued. I gave him a thumbs up to proceed.
• Application Process
  • He asked one of the guys in the cc team to get the following details from me (soft copies)
    • Salary slip last 3 months
    • INFINIA statement (since it had the highest credit limit)
    • 6 months bank statement (salary account)
    • ITR (3 years - optional)
    • I was also asked to drop an email stating that I want this card and would be willing to pay the annual fees for the same [Little weird, but I know how banks work so I quickly dashed off an email from my personal id]
  • Once all documents were provided begin a ~1 month approval process
    • After around 1-2 weeks, I got a call that 2 approval were received and 2 were pending.
    • I don't exactly know who were these 4 approvers but I remember correctly he mentioned 2 approvals need to come from ICICI CC Mumbai Head and then ICICI CC Division India head. [I don't fully remember but I think these were the designations]
    • Again got a call after another week that one last approval is pending.
    • Then just 3-4 days back I got a call saying all approvals were received and he would proceed with the application now.
  • As a part of the official application process, I had to do the following:
    • Provide my Adhaar and do a home biometric KYC.
    • Drop a message "ACT YES" from my official mobile to some ICICI number.
    • Verify my official email id [by providing the OTP received on the email]
    • Within a day of doing this, I could see the application on IMobile [Services -> Credit Cards -> Track my application]
  • Within next 2 days
    • First the card was generated and visible on IMobile
    • Next day got an email saying the card was dispatched via courier and received it the day after.
• Rewards and benefits:
  • There is already an official review for this, so I'll just talk about benefits that I'll probably use.
  • Taj Epicure with 1N stay - My epicure membership expires this month so definitely saves me ~30k
  • 12500 Rewards points to offset the fees.
  • Unlimited domestic and international lounge access - For primary as well as supplementary card holders. My parents don't have CC's so will see if I can get the supplementary cards for them.
  • Rewards on insurance transaction - With Axis devaluation, this would help as I'll move my insurance spends here.
  • Flat reward structure like INFINIA - 3%
  • It comes with free cancellation up to 12k worth of flights/hotels. Might be useful for domestic tickets when travel plans are dicey.
  • No cash withdrawal fee, over limit or late payment charges.
  • The Metal card feels better to touch than INFINIA - ICICI & Emeralde Private engraving is classy. Feels really premium in the hand. Only thing I could nitpick was the card holder name engraving isn't the same quality as ICICI & Emeralde private engraving.

Footnotes:

• Throughout the month long application process, I never tried to contact the branch for a status. Since I was told it would take around a month, I was patient with it.
• Even though I badly wanted the card, had the application been rejected for any reason, my relationship with the bank would have still remained the same. Would have just asked the reason for rejection and accepted it. Even though it's a rare card, at the end of the day it's JUST A CARD.
• I don't do banking relationships based on give/take or fear. Never threatened a bank or RM that I'll shift my business elsewhere if they don't do something for me. As a result, I have excellent relationships with 3 major banks - ICICI, HDFC & Axis. My personal experience - people generally do more for you out of love than fear.
• Never bothered to ask about the criteria for FYF or LTF since the card benefits are worth the fees.
• For anyone wishing to apply, I think the best bet is to visit your local branch and get in touch with the branch manager or CC team there.

 

[theXfactor]

Btw “its not worth crores of ITR” doesnt hold water. Did you mistake it for trv?

Nop, I understand what ITR & TRV mean. The statement simply meant that you wouldn't need crores ITR just to get EPM, you would get it even with ~36/50L...
By the way, do you hold EPM?

 

[Dobbiee]

His case is a clear exception imo. I mean if someone gets infinia without meeting 9L spends in last 6 months, or 5L salary criteria then thats a clear exception.

Dont think there is any exception in this. His case is simple and straight based on spends and thereby getting pre-approved upgrade offer (system generated). A lot of people like me had got the card basis spends.

The problem is BM/RM are not willing to take the pain of multiple level approvals to get the card issued. And ICICI on the other hand is not willing to let it go loose like Infinia.

 

[theXfactor]

Dont think there is any exception in this. His case is simple and straight based on spends and thereby getting pre-approved upgrade offer (system generated). A lot of people like me had got the card basis spends.

The problem is BM/RM are not willing to take the pain of multiple level approvals to get the card issued. And ICICI on the other hand is not willing to let it go loose like Infinia.

I see, bank still tightly controls Infinia's approvals.

 

[abhiaj98]

Nop, I understand what ITR & TRV mean. The statement simply meant that you wouldn't need crores ITR just to get EPM, you would get it even with ~36/50L...
By the way, do you hold EPM?

Nope. But my itr is > 1cr and net salary pm > 3L and I have tried 3 branches, 2 corporate RMs and one internal connection, all in vain. Trying with my hometown branch as of now.

Hence saying it is very individual experience

 

[Dobbiee]

I see, bank still tightly controls Infinia's approvals.

Thats happening now. Had heard that Infinia was distributed LTF during covid times.

 

[abhiaj98]

Thats happening now. Had heard that Infinia was distributed LTF during covid times.

Hm its always the case. BMs can get approvals if they really want but there is a “standard” criteria set for the card which varies time to time.

Even at any point of time, BMs can play fast and loose with the criteria.

Right now, I feel the “standard” criteria for EPM is 3Lpm net salary and ppop > 50kpm. Almost every correctly informed icici exec has quoted this criteria.

 

[theXfactor]

Nope. But my itr is > 1cr and net salary pm > 3L and I have tried 3 branches, 2 corporate RMs and one internal connection, all in vain. Trying with my hometown branch as of now.

Hence saying it is very individual experience

It's strange but I'm sure some RMs don't have a clue about such stuff and they don't even know how to take it forward or simply doesn't want to take the pains. Not sure what's the issue there. But the point is ICICI systems don't restrict applications basis your ITR, there might be some min. eligibility criteria but not that you need crores of ITR for EPM.
I suggest, leverage the escalation matrix and I'm sure this will come thru.

 

[Nishan11]

Nope. But my itr is > 1cr and net salary pm > 3L and I have tried 3 branches, 2 corporate RMs and one internal connection, all in vain. Trying with my hometown branch as of now.

Hence saying it is very individual experience

With such portfolio, you deserve much better perks by bank. You need to push your hometown BM, you satisfy almost all the criteria for EPM.

Don't leave it. You should get it soon.

 

[theXfactor]

Thats happening now. Had heard that Infinia was distributed LTF during covid times.

That's right, people were upgraded to DCB and Infinia... that was a time. Now reading stories on these forums it makes me think if it's that difficult. Banks are getting more restrictive about issuing their top cards. I feel, if you have the right connect in the bank (preferably in Tier 1 cities), you could be guided in the right direction may it be Infinia or EPM.

 

[abhiaj98]

With such portfolio, you deserve much better perks by bank. You need to push your hometown BM, you satisfy almost all the criteria for EPM.

Don't leave it. You should get it soon.

Yess. Trying to push hometown RM. They seem more willing.

 

[abhiaj98]

It's strange but I'm sure some RMs don't have a clue about such stuff and they don't even know how to take it forward or simply doesn't want to take the pains. Not sure what's the issue there. But the point is ICICI systems don't restrict applications basis your ITR, there might be some min. eligibility criteria but not that you need crores of ITR for EPM.
I suggest, leverage the escalation matrix and I'm sure this will come thru.

Honestly more than ITR I think it is my non existent relationship with icici that is a deterrent. I dont have any loans with icici and rarely use their ccs. Opened a wealth account only a few weeks back.

Ofc some people have claimed they got it without any prior relationship with ICICI bank.

 

[theXfactor]

Honestly more than ITR I think it is my non existent relationship with icici that is a deterrent. I dont have any loans with icici and rarely use their ccs. Opened a wealth account only a few weeks back.

Ofc some people have claimed they got it without any prior relationship with ICICI bank.

With the kind if ITR and salary you have, EPM shouldn't be an issue. No further investments needed.

 

[abhiaj98]

With the kind if ITR and salary you have, EPM shouldn't be an issue. No further investments needed.

Hm, I was also thinking it’s a matter of time and pushing RMs more/ trying new branches.

 

[rudr_26]

If anyone holds salary account for more than 1 year, then 3L+ credit/month and an existing icici CC with 10L + limit might do the trick. reach out to RM to check.

 

[drsel]

Nope. But my itr is > 1cr and net salary pm > 3L and I have tried 3 branches, 2 corporate RMs and one internal connection, all in vain. Trying with my hometown branch as of now.

Hence saying it is very individual experience

1) 36 Iacs ITR + 3 crore TRV + 50000 PPOP
(pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)
OR
2) 72 Iacs ITR + 50000 PPOP (pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)

 

[drsel]

Thread 'Eligibility Criteria for ICICI Emeralde Private Metal - Discussion' https://www.technofino.in/community...cici-emeralde-private-metal-discussion.38049/

 

[abhiaj98]

1) 36 Iacs ITR + 3 crore TRV + 50000 PPOP
(pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)
OR
2) 72 Iacs ITR + 50000 PPOP (pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)

Officially yes, this is the criteria

But they sometimes are very lenient

 

[drsel]

Officially yes, this is the criteria

But they sometimes are very lenient

But I fail to see why anyone would want any bank to make 50000 profit out of them every month ???
It is just like throwing hard earned money away!

I mean how much benefit will you get by buying ONLY 12000 Amazon pay and ONLY 12000 Flipkart every month, even if you get 18% return?
Remember there is no separate limit for add on cards, unlike HDFC SmartBuy

And how often are you going to stay in hotels to get 36% return?

 

[abhiaj98]

But I fail to see why anyone would want any bank to make 50000 profit out of them every month ???
It is just like throwing hard earned money away!

I mean how much benefit will you get by buying ONLY 12000 Amazon pay and ONLY 12000 Flipkart every month, even if you get 18% return?
Remember there is no separate limit for add on cards, unlike HDFC SmartBuy

And how often are you going to stay in hotels to get 36% return?

Noone would of their own volition. It is a very high criteria.

In the previous eligibility post you quoted (which I posted btw), you need loans of 3cr to have 50kpm ppop.

So ideally banks want to give very heavy hitters EPM. But most of the customers who apply for this cc arent heavy hitters so they compromise, and we end up with individual stories of EPM

 

[theXfactor]

1) 36 Iacs ITR + 3 crore TRV + 50000 PPOP
(pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)
OR
2) 72 Iacs ITR + 50000 PPOP (pre provisoning operating profit--this means they should make 50000 profit out of your relationship every month)

It's all faltu. If you give them 50K profit every month, what will you make? Do you think that will be the monthly return on the card? Why wouldn't you make similar or more return on the money you have that you would keep with the bank otherwise for this card.