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.

 

[abhiaj_geek]

z Zo as

yes any voucher till 1000 doesnt have any charges. I always buy either 500 or 1000 voucher. Currently 500 is only available on iSHOPORTAL

Sad state of affairs. I use swigyy a lot. Now might have to write/find something to automate this voucher redemption.

 

[OGSlyercrust]

Swiggy is now available, just bought a few thousand worth of swiggy vouchers.

 

[abhiaj_geek]

Now all swiggy vouchers have 3% charges. Very very disappointed

 

[pranjal1984]

No point in using Emeralde card for buying Amazon, Flipkart and Swiggy Vouchers through iShop. Since convenience fees reduces the overall benefit.

 

[abhiaj_geek]

No point in using Emeralde card for buying Amazon, Flipkart and Swiggy Vouchers through iShop. Since convenience fees reduces the overall benefit.

Emeralde or epm?

 

[pranjal1984]

Emeralde or epm?

Emeralde Plastic card.

 

[theXfactor]

Now all swiggy vouchers have 3% charges. Very very disappointed

Very Disappointing! But this is expected. 18% reward rate isn’t sustainable even for the bank with whatever no. EPM holders they have.

 

[theXfactor]

Emeralde Plastic card.

I’m unable to figure why this card is in existence with the same fee as EPM

 

[pranjal1984]

I’m unable to figure why this card is in existence with the same fee as EPM

Yes this card should be removed. Only good for putting free spends . Earned 15k reward points within 2 months by putting free spends. Will breakeven by another 3 months. Then will wait till anniversary year and surrender.

 

[Centurion_wala]

free spends

Ye kya hota hai bhaiya?

 

[pranjal1984]

Ye kya hota hai bhaiya?

Bas samajh lo bhai.

 

[theXfactor]

Yes this card should be removed. Only good for putting free spends . Earned 15k reward points within 2 months by putting free spends. Will breakeven by another 3 months. Then will wait till anniversary year and surrender.

what’s free spends

 

[pranjal1984]

what’s free spends

I think I needed to rephrase. Other member spends which they would normally use their own means to spend.

 

[theXfactor]

I think I needed to rephrase. Other member spends which they would normally use their own means to spend.

Matlab kisi aur ke spends apne card par.

 

[pranjal1984]

Matlab kisi aur ke spends apne card par.

Not exactly . A large portion of our people is underbanked who deals only in cash .Only facilitating their expenses through useless cards like Emeralde . Using better cards for own expenses.

 

[Centurion_wala]

Not exactly . A large portion of our people is underbanked who deals only in cash .Only facilitating their expenses through useless cards like Emeralde . Using better cards for own expenses.

Humari bhi pehchan karva do aise logon se😏

 

[theXfactor]

Not exactly . A large portion of our people is underbanked who deals only in cash .Only facilitating their expenses through useless cards like Emeralde . Using better cards for own expenses.

Bhai mere pass bhi achchhe cards hain but free spends ke liye log nahi hain. I would like to also facilitate.

 

[abhiaj_geek]

Bhai mere pass bhi achchhe cards hain but free spends ke liye log nahi hain. I would like to also facilitate.

You would be undertaking significant amount of credit risk.

 

[magnusfan]

Even with the fees, EPM remains the current king for APay vouchers:

Card	Limit per month	Rewards for Apay voucher	Calculation
Emeralde Private Metal	12k per addon card account	15.05% in cash equivalent	Considering 12k voucher: =(((12000/200*6*6)/12000)-2.95%)
Infinia	10k per mobile number	12.54% in cash equivalent	Considering 10k voucher: =(((10000/150*5*5)/10000)-4.13%)
Magnus Burgundy	10k per mobile number	4.8% partner points	Considering 10k voucher: =(10000/200*12/5*4)/10000
Magnus Burgundy with >150k spends p.m.	10k per mobile number	14% max partner points [not realistic though: average will be much lower considering <150k spends also]	Considering 10k voucher: =(10000/200*35/5*4)/10000
SBI Air India Signature	Unknown [no limit visible]	12%	2% on SBI Gyftr + 10% Air India points