But over the past few weeks, that advantage has reduced sharply. Between accelerated reward removals, higher voucher fees, and new charges across categories, many ICICI cards now need a fresh “is this still worth it?” review.
iShop Devaluation:Where ICICI Cards Lose the Most Value
ICICI Bank has reportedly removed 6× accelerated reward points on iShop vouchers for some of the most commonly used brands:
- Amazon Pay
- Swiggy
- Kalyan Jewellers
- Tanishq
- Reliance Jewels
These were exactly the vouchers that made ICICI iShop a “go-to” for many users. With accelerated rewards removed, users are now pushed back to base rewards which is a major drop in value on premium cards.
- Cards like Emeralde Private, which earlier delivered 18% value on these vouchers, now earn only 3%
- Times Black, which earlier earned 12%, now drops to 2%
And that’s before convenience fees. For premium cards with high annual fees, the gap between cost and value has widened sharply.
Higher Fees on iShop Vouchers
Along with lower rewards, ICICI has increased processing fees on voucher purchases.
- Flipkart, Swiggy, Amazon Pay vouchers: 3.5% + GST (effective 4.13%)
Earlier: 2.95% - Amazon Shopping vouchers: 3.5% + GST (effective 4.13%)
Earlier: 0%
As a result, users are paying more in fees while earning fewer credit card points.
Jewellery Vouchers: More Restrictions, Less Flexibility
- Jewellery vouchers are now available only via NetBanking
- Credit card payments are no longer allowed
This effectively removes any chance of earning card rewards on jewellery vouchers altogether, making these purchases far less attractive than before.
Other Reward and Benefit Revisions Across ICICI Cards
ICICI has also announced multiple updates across credit card rewards, benefits, and charges on select cards - largely effective from 15 January 2026 and 1 February 2026
Reward Point Restrictions
- Transport-related spends now come with monthly reward caps (limits vary by card)
- Reward Points on insurance spends capped at ₹40,000 per month on applicable cards
BookMyShow Benefits Tightened
- Complimentary BookMyShow benefits discontinued on some cards
- On several cards, a minimum spend of ₹25,000 in the previous quarter is now required to unlock offers
New and Higher Transaction Fees (From 15 January 2026)
- Gaming and skill-based platforms: 2% fee
- Wallet loading of ₹5,000 or more: 1% fee
- Transport spends above ₹50,000: 1% fee
Fees & Other Charges
- Emeralde Private Metal: Add-on (Plus) cards issued after 15 January 2026 will attract a one-time fee of ₹3,500.
- Cash payments at ICICI branches now cost ₹150 per transaction, up from ₹100
- Early closure of EMIs now attracts foreclosure charges
Dynamic Currency Conversion (DCC) Charges
DCC charges have been revised, ranging roughly from 0.99% and 3.5%, depending on the card variant.
MakeMyTrip ICICI Cards: Lounge Access Now Needs Spending
Earlier, ICICI MakeMyTrip credit cards offered complimentary domestic lounge access without any spend requirement, which helped justify the card even though the reward rates were relatively modest.
That’s now changing. From 1 July 2026, complimentary domestic lounge access will be available only if you spend ₹75,000 in the preceding calendar quarter.
Example: To access lounges in July–September 2026, you must spend ₹75,000 between March and June 2026. This cycle repeats every quarter.
This is important because many users originally viewed travel co-branded cards as “easy lounge access” cards, so if you’re not meeting the spend criteria, the benefit may not activate when you need it.
Is It Still Worth Holding an ICICI Credit Card?
When viewed together, these changes clearly reduce the value proposition of many ICICI credit cards.
- Recalculate your voucher strategy: Base rewards - 4.13% fee often changes the final value drastically.
- Check your top spend categories: If you spend heavily on transport/insurance/wallet loads,the new caps/fees can impact your net returns.
- Review annual fee justification: If your card’s value was driven mainly by iShop acceleration, it’s time to reassess.
- But note what still works well: ICICI still offers up to 10× value on flights and hotels booked via the iShop portal for select premium cards like ICICI Emeralde Private and Times Black. If you regularly book travel through iShop, this can still be a strong value driver.
If you still use a credit card as a purchase now and pay later then you may be someone who is not taking the maximum benefits your card has to offer. These days urban folks use multiple credit cards for different needs. In this case a credit card manager app like SaveSage is your personal assistant which lets us know the correct usage of each card. Go ahead and try SaveSage today.