ICICI Bank Emeralde Private Metal Credit Card

The ICICI Emeralde Private Metal Credit Card is a super premium credit card introduced by ICICI Bank, aimed at high-net-worth individuals who desire exclusive rewards and benefits. Launched to address feedback on the regular Emeralde Credit Card, it enhances reward rates and adds premium features, making it a competitive choice in the super premium segment. It is currently offered on an invite-only basis, emphasizing its exclusivity.

Fees and Charges

The card's fee structure is designed for high spenders, with the following details:

• Joining Fee: Rs.12,499 + GST - Annual Fee: Rs.12,499 + GST, renewable annually - Renewal Fee Waiver: Waived on spending Rs.10,00,000 in the card anniversary year, making it feasible for frequent spenders - Card Replacement Fee: Rs.3,500 for lost or damaged cards - Forex Markup Fee: 2% + GST (effective 2.36%), with a net return of 0.4% gain considering the 3% reward rate on foreign spends - Other Fees: Notably, there are no cash advance fees, late payment fees, or over-limit fees, enhancing its appeal for premium users The fee structure, while high, is offset by the potential for significant benefits, especially for those meeting the spend threshold for fee waiver.

Rewards Program

The rewards program is a key attraction, offering a competitive rate with the following structure:

• Reward Rate: Earn 6 reward points (RP) per Rs.200 spent, translating to a 3% reward rate (since 6 RP / 200 = 0.03 RP per Rupee, and 1 RP = Rs.1 for redemption) - No Cap on Regular Spends: Unlike many cards, there is no upper limit on reward points for general retail spends, providing flexibility for high spenders - Category-Specific Caps: - Grocery, Utilities, Education: Capped at 1000 RP each per statement cycle, with maximum spend per category at Rs.33,333.33 (calculated as 1000 RP / (6 RP per 200 INR) = 33,333.33 INR) - Insurance Spends: Capped at 5000 RP per statement cycle, with maximum spend at Rs.1,66,666.67 - Exclusions: No reward points are earned on tax, fuel, and rent payments, aligning with standard industry practices - Redemption Options: - 1 RP = Rs.1 for flight and hotel vouchers, and selected brand vouchers (e.g., Apple, Tanishq) - Points can be transferred to Air India at a 1:1 ratio, enhancing travel redemption value - Milestone Rewards: - Spend Rs.4,00,000 in an anniversary year: Receive a Rs.3,000 EaseMYTrip Voucher (0.75% as points) - Spend Rs.8,00,000: Receive another Rs.3,000 EaseMYTrip Voucher, totaling Rs.6,000 in vouchers for high spends The redemption ratio of 1:1 and the ability to transfer points to Air India make it particularly appealing for travel enthusiasts.

ICICI iShop Benefits

ICICI iShop is a recently launched portal that allows ICICI Bank credit card holders to earn accelerated rewards on certain purchases, similar to HDFC Bank's SmartBuy. For Emeralde Private Metal cardholders, iShop offers significant enhancements:

• Reward Multipliers: - Flights and Hotels: 12X reward points, translating to a 36% reward rate (calculated as: normally 6 RP per Rs.200 = 3% rate; 12X = 72 RP per Rs.200, or Rs.72 back, which is 36%) - Vouchers: 6X reward points, translating to an 18% reward rate (36 RP per Rs.200, or Rs.36 back, which is 18%) - Eligible Purchases: Includes gift vouchers, flight bookings, and hotel reservations, accessible via the iShop portal by logging in with ICICI Bank net banking credentials. - Impact: This makes the card exceptionally valuable for travel and voucher purchases, with no clear cap mentioned initially, though potential transaction limits may apply (details pending confirmation). This feature positions the card as one of the best in the country, especially for high spenders, offering returns that are hard to match in the market.

Features and Benefits

The card is packed with features catering to a luxurious lifestyle, including:

• Welcome Benefits: - 12,500 reward points upon joining (valued at Rs.12,500) - Taj Epicure Membership with 1 night stay, a significant perk for luxury hotel stays, offering additional benefits like 25% off on food and beverages and 20% off on spa treatments (Taj Epicure Membership) - Renewal Benefits: - 12,500 reward points annually upon fee payment, maintaining value over time - Lounge Access: - Domestic: Unlimited access via MasterCard, with no guest access - International: Unlimited access via Priority Pass, also with no guest access, ensuring global travel convenience - Add-on Cards: Up to 3 complimentary add-on cards, ideal for family sharing - VIP Lounge Access: Access to the VIP section of the 080 lounge at Bangalore Airport, adding an exclusive touch - Golf Benefit: Unlimited complimentary games and lessons at 20 domestic and 90 international golf courses, with one booking at a time, perfect for golf enthusiasts - Other Benefits: - Bookmyshow: Buy one ticket, get up to Rs.750 off on the second ticket, twice per month, enhancing entertainment value - EazyDiner Prime Membership, offering dining discounts and privileges - Rent payment fee: 1%, with no additional fees for cash advances, late payments, or over-limits, reducing financial burdens The Taj Epicure Membership, in particular, offers additional perks like 25% off on food and beverages, 20% off on spa treatments, and discounted stays, as detailed on Taj Epicure Membership, making it a valuable addition for frequent travelers.

Target Audience and Eligibility This card is targeted at a niche audience, with strict eligibility criteria:

• Invite Only: The card is not openly available and requires an invitation, typically extended to customers with a strong banking relationship with ICICI Bank - Eligibility Criteria: - Age: Typically 21-65 years, standard for credit cards - Income: Preferably above Rs.45 lakh annually, catering to high-net-worth individuals - Credit History: Excellent credit score, reflecting financial discipline - Banking Relationship: Existing customers with significant transactions, high credit limits (around Rs.10 lakh), or holding premium cards like Rubyx/Sapphiro To apply, one may need to contact their relationship manager (RM) at ICICI Bank, especially if holding a wealth account or having a salary account with high net credits, as discussed in community forums like TechnoFino.

Comparison with Other Premium Cards

While direct comparisons may vary, the ICICI Emeralde Private Metal Credit Card competes with cards like HDFC Bank Infinia Metal, Axis Bank Magnus, and Yes Bank Marquee. For instance:

Limitations

Despite its benefits, there are limitations to consider:

• Category-Specific Caps: Reward points are capped for grocery, utilities, education (1000 RP each), and insurance (5000 RP), potentially limiting value for high spends in these categories - Exclusions: No reward points on tax, fuel, and rent payments, which are common exclusions but impact overall value - Forex Markup: At 2% + GST, it may not be the lowest in the market, though the net return is positive due to rewards - iShop Caps: Potential transaction limits on accelerated rewards, with details pending confirmation

Conclusion

The ICICI Emeralde Private Metal Credit Card is a robust offering for high-spending individuals, providing a blend of rewards, travel benefits, and premium perks like Taj Epicure membership with a 1-night stay. The addition of the iShop portal, offering up to 36% reward rate on travel and vouchers, further amplifies its value, making it a top choice in the super premium credit card segment and one of the best in the country for those who can maximize its benefits.