ICICI Amex Reward Point Devaluation

[NOOBY]

Received mail from Wealth Management team

ICICI Bank Sapphiro American Express Card RP would now earn only 2 RP per ₹100 (same as MC/Visa) for Domestic Transactions from 25th September 2023 (Received mail today on 27th Sept at 1300 hrs )

Sapphiro Amex:

Type	Old Reward Rate	New Reward Points rate per ₹100
International	6RP	4RP
Domestic	3RP	2RP
Fuel, Insurance & Utility	1RP	1RP

Now all Cards will earn same RP value

 

[sxchzy]

All thanks to people who were holding triple variant sapphiro cards ig

 

[D7162]

Kaun bol rha tha k ICICI devalue nhi ho sakta kyuki wo pehle se hi devalued hai ?

 

[Walter White]

Kaun bol rha tha k ICICI devalue nhi ho sakta kyuki wo pehle se hi devalued hai ?

ICICI further devaluation in a nutshell 😛

 

[D7162]

25th September 2023 (Received mail today on 27th Sept at 1300 hrs )

As per RBI, it should be minimum 30 days advance. Am I missing something ? @TechnoFino

 

[AlgoTrader]

So they are devaluing something that doesn't even have any value in the first place? sweet. Sapphiro Dual variant user here

 

[NOOBY]

All thanks to people who were holding triple variant sapphiro cards ig

Ab lene ka koi faida nahi raha

Kaun bol rha tha k ICICI devalue nhi ho sakta kyuki wo pehle se hi devalued hai ?

Same

So they are devaluing something that doesn't even have any value in the first place? sweet. Sapphiro Dual variant user here

Even I have Dual variant and was planning to get Visa, now it seems I should actually just move to Visa and close these 2

Merchant EMI offers doesn't work on Amex card anyway... I was using it only to get whatever RPs we could get for ICICI spends, now that all 3 are same, makes no sense to make AMEX company richer (they charge higher MDR anyway so bad of sellers)

 

[sxchzy]

Ab lene ka koi faida nahi raha

i have all 3 three but use none apart from the bookmyshow offer which is also rare because of magnus

 

[TechnoFino]

As per RBI, it should be minimum 30 days advance. Am I missing something ? @TechnoFino

True... there should be Minimum 30 days notice.

 

[sxchzy]

As per RBI, it should be minimum 30 days advance. Am I missing something ? @TechnoFino

chalo ombudsman sablog emralde ke joining fee jitna compensation maangna jisko bhi mail aaya

 

[D₹V]

True... there should be Minimum 30 days notice.

ICICI is something you'll always hate 😂

 

[D₹V]

chalo ombudsman sablog emralde ke joining fee jitna compensation maangna jisko bhi mail aaya

Jao, main sapphiro holder to nahi hu par dhakka de sakta hu 😂.

 

[imdjay]

True... there should be Minimum 30 days notice.

In the similar context, if a card has let's say xRs. Annual fee with renewal benefit of yRs. mentioned while onboarding a customer. How can they change the fees or remove the renewal benefit?

 

[NOOBY]

In the similar context, if a card has let's say xRs. Annual fee with renewal benefit of yRs. mentioned while onboarding a customer. How can they change the fees or remove the renewal benefit?

The language they use in MITC can be twisted as per their will

what it basically means is that they are give **their** product to you for using, and they can change it in any way anytime, without asking you or anyone as its their product and you are free to stop using their product (or return/close it) if you are not happy with the changes

 

[NOOBY]

As per RBI, it should be minimum 30 days advance. Am I missing something ? @TechnoFino

any link to the said rule so that it can be sent to ICICI/RBI ?

 

[CMG]

any link to the said rule so that it can be sent to ICICI/RBI ?

CHAPTER – V
GENERAL GUIDELINES FOR CREDIT AND DEBIT CARDS
24. Terms and conditions for issue of cards to customers
(f) The terms may be altered by the card-issuer, but 30 days’ notice of the change shall be given to the cardholder to enable him/her to withdraw if he/she so chooses. After the notice period of 30 days, the cardholder would be deemed to have accepted the terms if he/she had not withdrawn during the specified period. The change in terms shall be notified to the cardholder through all the communication channels available.

Reserve Bank of India - Master Directions

 

[sxchzy]

Bas ab to jaayega complaint
Aur Mera emralde lifetime free aayega

 

[mrmuggle98]

Ye scheme mujhe bhi chahye! xD

Ombudsman ka e-mail batao

 

[NOOBY]

Bas ab to jaayega complaint
Aur Mera emralde lifetime free aayega

uske liye pehle ICICI mai bhi complaint daalni padegi, unka reply aane ke baad hi RBI mai kar sakenge..

direct nahi kar sakte hai na ?

 

[sxchzy]

Ye scheme mujhe bhi chahye! xD

Ombudsman ka e-mail batao

Email nahi
www.rbi.cms.org.in
Par