ICICI Bank has introduced its first rewarding super-premium credit card: the ICICI Emeralde Private Metal Credit Card.
Designed to cater to the affluent segment, this card promises an unmatched blend of rewards, lifestyle benefits, and an enhanced travel experience. In this detailed review, we explore every aspect of the card and provide an expert opinion on its value proposition.
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Comparison Result
Overview of ICICI Emeralde Private Metal Credit Card
| Feature | Details |
|---|---|
| Type | Super Premium Credit Card |
| Reward Rate | 3% |
| Annual Fee | ₹12,499 + GST |
| Best For | Welcome Benefits |
| USP | Taj Epicure Membership with 1-Night Stay |
Key Highlights:
- Aimed at high-net-worth individuals.
- Invite-only issuance.
- Comprehensive benefits across travel, lifestyle, and entertainment.
Joining Fees and Renewal Benefits
| Category | Details |
| Joining Fee | ₹12,499 + GST |
| Welcome Benefits | – 12,500 Reward Points (₹12,500 value) |
| – Taj Epicure Membership with a complimentary 1-night stay | |
| Renewal Fee | ₹12,499 + GST |
| Renewal Benefits | 12,500 Reward Points (₹12,500 value) |
| Renewal Fee Waiver | Waived if annual spends exceed ₹10L |
Analysis: The joining fee is effectively neutralized by the lucrative welcome benefits. With a renewal fee waiver achievable at ₹10L annual spending, the card offers excellent value for frequent spenders.
Analysis: The joining fee is effectively neutralized by the lucrative welcome benefits. With a renewal fee waiver achievable at ₹10L annual spending, the card offers excellent value for frequent spenders.
Design
- Build: Premium metal card issued on the Mastercard network.
- Aesthetic: Elegant design, although the Mastercard logo could benefit from a brighter finish.
- Replacement Fee: ₹3,500 if the card is lost.
Opinion: The sleek and professional design reflects the exclusivity of the card. However, users should handle it carefully due to the high replacement cost.
Reward Points Structure
| Spend Type | Rewards | Reward Rate | Monthly Cap |
| Regular Spends | 6 RP / ₹200 | 3% | No Cap |
| Grocery | 6 RP / ₹200 | 3% | 1,000 RP (₹33K spend) |
| Utilities | 6 RP / ₹200 | 3% | 1,000 RP (₹33K spend) |
| Education | 6 RP / ₹200 | 3% | 1,000 RP (₹33K spend) |
| Insurance | 6 RP / ₹200 | 3% | 5,000 RP (₹1.67L spend) |
Exclusions:
- No reward points for fuel, rent, and tax payments.
- Rent payments incur a 1% fee.
Opinion: The 3% reward rate is among the highest in its segment. The sensible caps for specific categories ensure that regular spenders can optimize benefits without encountering unnecessary restrictions.
Reward Points Redemption
| Category | Value per RP |
| Flights/Hotels | ₹1/RP |
| Branded Vouchers | ₹1/RP for higher amounts (e.g., ₹10K) |
Analysis: The card focuses on travel redemptions to maximize point value. While branded vouchers are available, the real value lies in flight and hotel bookings.
Milestone Rewards
| Spend Requirement | Milestone Benefit | Reward Rate |
| ₹4 Lakhs | ₹3,000 EaseMyTrip Voucher | 0.75% |
| ₹8 Lakhs | ₹3,000 EaseMyTrip Voucher | 0.75% |
Combined Reward Rate: ~3.75% (including regular rewards).
Opinion: The milestone rewards add a significant boost to the overall reward rate. However, EaseMyTrip’s limited usability for flights is a downside.
Points Transfer Partners
- Air India: 1:1 transfer ratio.
Future Potential: While the current transfer ratio for Air India miles isn’t highly appealing, the program’s introduction hints at the possibility of partnerships with more international airlines.
Airport Lounge Access
| Access Type | Via | Limit | Guest Access |
| Domestic Lounges | Mastercard | Unlimited | No |
| International Lounges | Priority Pass | Unlimited | No |
Additional Benefit: Access to the VIP section of Bangalore’s 080 Lounge for a premium travel experience.
Golf Benefits
| Type | Details |
| Complimentary | Unlimited games/lessons |
| Coverage | 20 Domestic & 90 International courses |
Opinion: A rare perk for golf enthusiasts, offering substantial value for individuals who frequent premium golf courses globally.
Forex Markup Fee
| Feature | Details |
| Forex Markup Fee | 2% + GST (2.36%) |
| Reward Rate on Forex | 3% (Net 0.4% gain) |
Analysis: While the markup fee is discounted compared to standard rates, it leaves room for improvement to make the card more appealing for frequent international travelers.
Other Benefits
- Cash Advance Fee: Nil.
- Late Payment Fee: Nil.
- Over-limit Fee: Nil.
- BookMyShow Offer: Buy 1 Get 1 (up to ₹750 off) twice a month.
- EazyDiner Prime Membership: Complimentary.
Eligibility
| Type | Requirements |
| Fresh Applications | Invite-only |
| Upgrade Eligibility | ₹10L credit limit on existing cards |
Tips:
- Existing ICICI premium cardholders (Rubyx, Sapphiro) have higher upgrade success rates.
- Regular Emeralde cardholders may find it easier to upgrade.
Devaluation Meter
Current Status: Low risk of devaluation due to well-capped benefits and invite-only issuance. Welcome benefits remain lucrative.
Future Outlook: Stable for at least 2-3 years unless ICICI expands issuance significantly.
Bottom Line
| Category | Rating |
| Overall Value | 4.8/5 |
| Strengths | Reward rate, lifestyle perks, and milestone benefits |
| Areas for Improvement | Forex markup fee, broader redemption options |
The ICICI Emeralde Private Metal Credit Card stands out as a robust contender in the super-premium credit card segment. With its attractive rewards program, exclusive lifestyle benefits, and substantial travel perks, it is a compelling choice for high-net-worth individuals in 2024.
FAQs
1. What is the joining fee for the ICICI Emeralde Private Metal Credit Card?
The joining fee is ₹12,499 + GST. However, the value of the welcome benefits (12,500 Reward Points + Taj Epicure Membership) effectively offsets the cost.
2. How can I apply for this card?
The card is issued on an invite-only basis. Prospective users must receive an invitation from ICICI Bank to apply. Existing ICICI premium cardholders with a strong credit profile may have higher chances of receiving an invite. Alternatively, individuals can check their eligibility by contacting ICICI Bank’s customer support
