ICICI Bank Emeralde Private Metal Credit Card Devaluation - No more 1:1 Redemption

[TechnoFino]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.


It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

 

[SSV]

Love*For entertainment purpose only*

I am making this list as a normal almost-middle aged person with a life, job and family. This list is definately not for singles who got enuff time on their hand to eat anything and everything, travels the world and play golf every weekend haha. Phir to unke balle balle.

1. For starters, you get 12500 welcome bonus points = Rs. 12500 (so technically its a free cc minus the gst ofcourse). This applies for yrly renewal also.

2. 1 yr taj epicure membership, which is worth atleast 29k for the "preferred" membership. Plus "1 time use vouchers", lets say around 5k min.

3. 1 yr easydiner prime member worth 2.8k. Gauranted atleast 25% discount on top restaurants in india and dubai, lets say around 5k min. Free cake on special occasions, lets say around 5k min. 2000 easy points as joining benefit, worth Rs 200. Total around 13k min. This applies for yrly renewal also.

4. Reward points - Lets say someone use this card for 1L in a year only. Will get 6 points per 200 = 3000 points = Rs 3000.

5. Lounges - 5 domestic in a year, 2k each = 10k min. 2 internationals in a year, 2.8k each = 5.6k min. Bhai apna thailand jayega to return bhi to aana parega, thats why i counted 2 international lounge access atleast. Total 15.6k min.

6. BookMyShow - 750 off 2 times a month. Lets say someone went to pvr only 5 times in a year only. Kab tak ghar baithe free ka amazon prime dekhoge. Thats 3.7k min savings.

7. Unlimited golf. Lets say anyone can go and try once or twice in their life. Thats around 4k per session worth. Total saving 8k min. Plus hiring of golf clubs and buggy fees etc which is extra. Which can be around 5k easy per session. Thats why maine personally abhi tak try nahi kiya.

8. Comprehensive insurance cover, worth around 10k easy.

1st scenario;
So, after paying the fees of 12500 + gst, which is around 14.7k, the 1st year joining benefits you will get is approx. 100k min worth in return.

2nd yr onwards, after paying the fees of 12500 + gst, which is around 14.7k, the ongoing benefits you will get is approx. 66k min.

2nd scenario;
For people who will not use this card for any purchase, deduct the 3k reward points value. Which will turn out to be 97k worth of benefits for 1st year, and 63k worth of benefits from 2nd year onwards.

Agar koi iss card ko credit card jaise use bhi na kare, aur bas khana khaye, movies dekhe, golf khele etc, phir bhi to ye 63k worth ka profit hi huya na ? 😎

For lounges, need to have valid flight tickets, so for those who will not fly at all, less 15.6k more, still 47k worth ka profit hoga. 😇

Yes, for insurance purposes, have to use this card once every 2 months, 50 ka ek plate momos kha sakte hai every 2 months 🤪

Now, kindly correct me if im wrong. Maybe i did some mistake in calculating or something. 🧐🤷‍♂️

Chalo, bahut type kar liya. Ab post button dhabane ki bari...

My is for your excellent effort and interest shown in explaining this cards benefits ..
I am not vouching for authenticity of the data presented..
Have a good night

 

[PrinceHeart]

My is for your excellent effort and interest shown in explaining this cards benefits ..
I am not vouching for authenticity of the data presented..
Have a good night

Haha, thank you 🙏 . As usually stated in stamp paper affidavids, I solemnly state and affirm that this above declaration made by me is true at the time and date of the post and I have not concealed anything and no part of it is false - signed PrinceHeart 😁

Good night ✌️

 

[Aarav0909]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.


It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

You see but after that also it is competing card to dcb and magnus it has a lot of benefit joining fee and annual fee gey waived off due to point plus it has been me 2 month of using this card I have a limit of 15 lakh I got a approved offer from bank

 

[PrinceHeart]

You see but after that also it is competing card to dcb and magnus it has a lot of benefit joining fee and annual fee gey waived off due to point plus it has been me 2 month of using this card I have a limit of 15 lakh I got a approved offer from bank

What features have you used so far with this card ? And your short review of things?

Im gonna get this card soon.

 

[Riya]

ICICI Bank recently launched its flagship credit card, the ICICI Bank Emeralde Private Metal Credit Card. It was issued to a select few individuals in India. However, within a few days of the launch, ICICI Bank decided to devalue this product.

The devaluation occurred when ICICI Bank silently updated the MITC of the Emeralde Private Metal Credit Card on November 1, 2023. If customers want to redeem their reward points against a statement credit, they will now receive 1 reward point = Rs. 0.40, whereas it was previously 1 reward point = Rs. 1.


It's unclear why ICICI Bank made this change without public notification and without providing a 30-day notice period. Regardless, it's worth noting that ICICI Bank has a history of not strictly adhering to RBI guidelines.
Old (5th Oct, 2023) and New (1st Nov, 2023) MITC cooy attached.

Select few customers hain is card ke, fir bhi ache benefit nhi de paa rha... SBI se poocho... Cashback card ke roop mein ek loss making product nikal diya and still going strongly😂😂😂

 

[heymohit]

I took a ICICI Bank Emeralde Private Metal and have ven paid the first year fee but am still to receive the joining benefits. I called up customer care but they were clueless. Does anyone know how long does it take for the joining benefits to arrive or if I am expected to do somethig for the same

 

[Riya]

Well firstly

I took a ICICI Bank Emeralde Private Metal and have ven paid the first year fee but am still to receive the joining benefits. I called up customer care but they were clueless. Does anyone know how long does it take for the joining benefits to arrive or if I am expected to do somethig for the same

You are like amongst 0.0001% bcoz no one here likes to hold a paid ICICI card...
Secondly, the rewards can take upto 3 months to be credited... So you'll get them eventually...
Cust care ppl are minimum wages call centre guys with pre written answers...
They don't provide SOLUTIONS...

 

[heymohit]

Well firstly

You are like amongst 0.0001% bcoz no one here likes to hold a paid ICICI card...
Secondly, the rewards can take upto 3 months to be credited... So you'll get them eventually...
Cust care ppl are minimum wages call centre guys with pre written answers...
They don't provide SOLUTIONS...

You are absolutely right. There is a saying that goes like "If you throw peanuts, you will only get monkeys" - I prefer paying for reliability and service but with Indian banks that is too much to ask. I miss the Citi Prestige experience and ols AMEX support which were Gold level

 

[Riya]

You are absolutely right. There is a saying that goes like "If you throw peanuts, you will only get monkeys" - I prefer paying for reliability and service but with Indian banks that is too much to ask. I miss the Citi Prestige experience and ols AMEX support which were Gold level

Foreign banks didn't saw their costumers with suspicion whereas Indian banks only care about their sales targets...