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.

 

[drsel]

correct or we can use for flight booking at 1:1

No idea, frankly I never use ICICI cards for the points

 

[imdjay]

No idea, frankly I never use ICICI cards for the points

I was not asking. I was telling you.

 

[drsel]

correct.

or we can use for flight booking at 1:1

flights are available at 10% (Atlas, OTAs) or 24% discount, depending on which card you have.
Maximum discount is 24% on traveledge using Magnus burgundy.

So flight booking will be preferable, it will value the points at 76 or 90 Paisa, instead of 60 paisa

 

[anuuj123]

emeralde is bad , metal may be worth the fees

 

[Indrajeet100]

How long does it take after branch puts in application after getting approval. I was following my wealth RM for sometime and had earlier provided them salary slips and ITR etc. I got call on 9th saying it is approved and they will submit application and took some consent on SMS and some mail verifications etc. After that I got sms giving application number and also showing in application tracker but not moved further from Verifications done to Credit approval in 5days. Does it take that long? Phone banking says can't see that application number.

 

[BVCBVC is verified member.]

How long does it take after branch puts in application after getting approval. I was following my wealth RM for sometime and had earlier provided them salary slips and ITR etc. I got call on 9th saying it is approved and they will submit application and took some consent on SMS and some mail verifications etc. After that I got sms giving application number and also showing in application tracker but not moved further from Verifications done to Credit approval in 5days. Does it take that long? Phone banking says can't see that application number.

My application got stuck up here for the past 45 days. If your BM is capable enough it should be done within a week or less than week. If he is not capable it will be like my application stuck there for 45 days.

 

[Indrajeet100]

My application got stuck up here for the past 45 days. If your BM is capable enough it should be done within a week or less than week. If he is not capable it will be like my application stuck there for 45 days.

Oh!! I thought when they call and say they have got approval it meant system process is formality and will be processed quickly. So will have to keep following.

 

[BVCBVC is verified member.]

Oh!! I thought when they call and say they have got approval it meant system process is formality and will be processed quickly. So will have to keep following.

Depends on BM completely he might be hiding or telling lies or telling truth.

 

[Indrajeet100]

My application got stuck up here for the past 45 days. If your BM is capable enough it should be done within a week or less than week. If he is not capable it will be like my application stuck there for 45 days.

Customer service cannot find any application by that number though I had received sms confirming submission of application by branch and can also see status on app. I sent a screenshot from app showing pending application but customer service reply is we cannot trace any application by this. And RM seems to have changed third time during process. Mobile banking shows one person, app another and got call from another saying he is RM now.

 

[Bodhi]

Customer service cannot find any application by that number though I had received sms confirming submission of application by branch and can also see status on app. I sent a screenshot from app showing pending application but customer service reply is we cannot trace any application by this. And RM seems to have changed third time during process. Mobile banking shows one person, app another and got call from another saying he is RM now.

3 RMs?
Which relationship status (privilege/Wealth, etc.) do you hold with ICICI?

 

[Indrajeet100]

3 RMs?
Which relationship status (privilege/Wealth, etc.) do you hold with ICICI?

Wealth.Not 3 RMs but RMs seems to be changing every few days in last one month. First one RM gave me call saying he is new RM but his name did not appear in app or internet banking. I called customer service to ask who is RM. They said there is none and they will assign one. After few days, second person called to confirm she is RM and it showed in app as well. Few days later, name on app changed to first one!! But a third person called to say he is new RM though his name doesn't show up. Now who to follow-one, whose name appears in app as my rm, one who put is Credit Card application and was my rm few days back or latest one who says I am new RM!

 

[Bodhi]

Wealth.Not 3 RMs but RMs seems to be changing every few days in last one month. First one RM gave me call saying he is new RM but his name did not appear in app or internet banking. I called customer service to ask who is RM. They said there is none and they will assign one. After few days, second person called to confirm she is RM and it showed in app as well. Few days later, name on app changed to first one!! But a third person called to say he is new RM though his name doesn't show up. Now who to follow-one, whose name appears in app as my rm, one who put is Credit Card application and was my rm few days back or latest one who says I am new RM!

Why don't you follow up with your branch manager directly?

 

[BVCBVC is verified member.]

Wealth.Not 3 RMs but RMs seems to be changing every few days in last one month. First one RM gave me call saying he is new RM but his name did not appear in app or internet banking. I called customer service to ask who is RM. They said there is none and they will assign one. After few days, second person called to confirm she is RM and it showed in app as well. Few days later, name on app changed to first one!! But a third person called to say he is new RM though his name doesn't show up. Now who to follow-one, whose name appears in app as my rm, one who put is Credit Card application and was my rm few days back or latest one who says I am new RM!

Did you get any update about the approvals from RM/BM?? How many approvals done??