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ICICI Emeralde Private Metal - Application Process

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callsignmaverick

callsignmaverick

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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.
 

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RDR said:
My RM mentioned that they got approval for Emerald Metal card.

But I’m wondering whether this card is worth it? The benefits seems lower compared to DCB/Infinia.
Click to expand...
it USP is forex cause of 1.5% + GST and 1:1 airmiles and 15L wavier or you get 12000 something in return. so you can't compare to infinia though.
 
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imdjay said:
I hold this card. Nothing is exciting about this card if you hold DCB or Infinia. You can skip.
Click to expand...
- ICICI merchant offers + Double Dipping on Sales
- Renewal benefits
- Metal card & Exclusivity 😋

I don't understand why don't like this card. I understand when you compare with HDFC Infinia it doesn't work out. But this card is a gem in the ICICI cards portfolio.
 
Upvote 0 Downvote
BVC said:
- ICICI merchant offers + Double Dipping on Sales
- Renewal benefits
- Metal card & Exclusivity 😋

I don't understand why don't like this card. I understand when you compare with HDFC Infinia it doesn't work out. But this card is a gem in the ICICI cards portfolio.
Click to expand...

The value of the welcome or renewal benefits cannot be considered 1:1. Double dipping might fill the gap in some cases but still.
No good renewal benefits as per my liking or need- I think you get these benefits on other cards too. like for ED prime I have LTF Indus ED signature.
Infinia and DCB are already in Metal and look better than EPM.

My most frequently used cards are Eterna and ED Signature. I use Infinia mainly for GVs and occasional flight or hotel bookings, about 10-12 times a year. I keep the EPM card as a consolation for having it.
I don't have Amex, AU or SC cards.
 
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imdjay said:
The value of the welcome or renewal benefits cannot be considered 1:1. Double dipping might fill the gap in some cases but still.
No good renewal benefits as per my liking or need- I think you get these benefits on other cards too. like for ED prime I have LTF Indus ED signature.
Infinia and DCB are already in Metal and look better than EPM.

My most frequently used cards are Eterna and ED Signature. I use Infinia mainly for GVs and occasional flight or hotel bookings, about 10-12 times a year. I keep the EPM card as a consolation for having it.
I don't have Amex, AU or SC cards.
Click to expand...
Amex, AU, SC non sourcing location?
 
Upvote 0 Downvote
I like this for simplicity of rewards and even on education and insurance same rewards though monthly capping is too low and quarterly would have been better because most school it is to be paid quarterly. Fees are well compensated and one year Taj Epicure membership is usable for me. Yes eazydiner is available many other ways. And any case would like to maintain one ICICI card other than Amazon for offers so why not keep best one. Last but not least for my case HDFC only upgraded me to Regalia Gold on same salary slip/ ITR though I had better NRV with ICICI not through any banking or salary account but through ICICI Direct and demat. ICICI atleast honored relationship just by one request to my account RM over phone.
 
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Indrajeet100 said:
I like this for simplicity of rewards and even on education and insurance same rewards though monthly capping is too low and quarterly would have been better because most school it is to be paid quarterly. Fees are well compensated and one year Taj Epicure membership is usable for me. Yes eazydiner is available many other ways. And any case would like to maintain one ICICI card other than Amazon for offers so why not keep best one. Last but not least for my case HDFC only upgraded me to Regalia Gold on same salary slip/ ITR though I had better NRV with ICICI not through any banking or salary account but through ICICI Direct and demat. ICICI atleast honored relationship just by one request to my account RM over phone.
Click to expand...
What's your approximate NRV with ICICI and salary slip/ITR?
 
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BVC said:
- ICICI merchant offers + Double Dipping on Sales
- Renewal benefits
- Metal card & Exclusivity 😋

I don't understand why don't like this card. I understand when you compare with HDFC Infinia it doesn't work out. But this card is a gem in the ICICI cards portfolio.
Click to expand...
Double dipping as in discounts + points earn?

I have DCB LTF.
I have applied for Emeralde Metal as well since few benefits seem worth it. Don’t really care for exclusivity as long as they don’t devalue the benefits.

Will see how beneficial it is in the first year.

The process took long but much better than HDFC who keep pushing different policies for Infinia.
 
Upvote 0 Downvote
RDR said:
Double dipping as in discounts + points earn?

I have DCB LTF.
I have applied for Emeralde Metal as well since few benefits seem worth it. Don’t really care for exclusivity as long as they don’t devalue the benefits.

Will see how beneficial it is in the first year.

The process took long but much better than HDFC who keep pushing different policies for Infinia.
Click to expand...
Yes for Discounts and Points for spends.

Did you get the EPM? Is it approved?
 
Upvote 0 Downvote
vaibhav111 said:
it USP is forex cause of 1.5% + GST and 1:1 airmiles and 15L wavier or you get 12000 something in return. so you can't compare to infinia though.
Click to expand...
It's actually 2% + GST which is standard across many other cards. Waiver is at 10L. If you take out the smart buy option then it's definitely as good as Infinia if not better.

It also comes with a Taj epicure membership with a free night (depending on where you redeem it you can easily benefit 15-20k from that alone.
 
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Indrajeet100 said:
Annual fee waiver at Rs.10lacs spend fairly gettable and welcome and renewal benefit 12500 points on fee payment
Click to expand...
It's a great card and if you are getting it then don't even think twice about it.
Compared to Infinia here are my personal observations:
  • Joining benefit of 1N at Taj (easily worth 15-20k).
  • Reward rate is a solid 3% almost on par with HDFC. However, I have personally come across more ICICI card offers than HDFC so this has become my default card after Magnus Burgundy.
  • 2 Ease My Trip vouchers of 3k on 4L & 8L milestones [Infinia doesn't have that]
  • I only have metal cards in my wallet and trust me the finish on Emeralde Metal is much better than Infinia. It's 2nd only to Amex Platinum Charge.
  • ICICI also provides reward points for insurance transactions (capped at 5k/month). I don't believe Infinia provides reward points for the same (But I maybe wrong here).
  • And lastly from the point of view of perception, I get asked so many times in tier 2 cities if this is an international card. This happens most with the Platinum charge followed by Emeralde Metal. Infinia with its dull design doesn't invoke the same emotions.
 
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