ICICI Emeralde Private Metal
Super-premiumICICI Bank
Where it ranks · across all 71 cards
Devaluation history
- 2026-04-01 - iShop voucher value cut ~18%→~3%; voucher processing fee raised to 3.5%+GST on major brands.
What a point is worth
Earning 6 pts / ₹200, the same point pays very differently by redemption path:
| Redemption path | Per point | Effective on spends |
|---|---|---|
| Bank travel portal | ₹1 | 3.00% |
| Vouchers / catalogue | ₹1 | 3.00% |
| Partner transfersbest: Air India Maharaja Club at 1:1 (ceiling 5.4%) | ₹0.60-₹1.80 | 1.80% |
| Statement credit | ₹0.4 | 1.20% |
iShop flights/hotels & premium vouchers up to ₹1/pt (bank); statement credit lower. Rankings across KaunsaCard use a single conservative value (₹1/pt = 3.00%); transfer ceilings assume premium-cabin awards and are never used to rank.
Reward rules
Points valued at ₹1/pt - conservative, what rankings use · transfers reach up to ₹1.80/pt via Air India Maharaja Club at 1:1
Base rate - everything not covered below
6 pts / ₹200= 3 pts per ₹100
3.0-5.4%
value range by redemption
Base rate, but capped - these categories earn normally up to a monthly ceiling
- Insurance: base rate capped 5,000 pts/statement cycle5,000 RP per statement cyclesrc ↗
- Education: base rate capped 1,000 pts/statement cycle1,000 RP per statement cyclesrc ↗
- Utilities: base rate capped 1,000 pts/statement cycle1,000 RP per statement cyclesrc ↗
- Grocery: base rate capped 1,000 pts/statement cycle1,000 RP per statement cyclesrc ↗
Via portals & vouchers - alternate methods (display, never rank)
- ✈ iShop flights 6X18.0%
iShop multiplier/caps are portal-stated - unverifiable outside the portal this session.
- ✈ iShop hotels 12X36.0%
iShop multiplier/caps are portal-stated - unverifiable outside the portal this session.
- 🎟 iShop vouchers (devalued to ~3%)3.0%via ishopsrc ↗
2026: voucher value cut from ~18% to ~3%, PLUS 3.5%+GST processing fee on Flipkart/Swiggy/Amazon Pay vouchers - often not worth it now. iShop multiplier/caps are portal-stated - unverifiable outside the portal this session. Brand list harvested from the public iShop catalog.
Milestones
₹8,00,000 / year
2 EaseMyTrip vouchers worth up to ₹6,000 at ₹8L annual spends
worth ≈ ₹6,000
Transfer partners
ICICI Bank Rewards (Emeralde Private Metal / Times Black) - what 10,000 points become. Full matrix with live amounts on the Transfers page.
| Partner | Ratio | 10,000 pts → | ≈ value |
|---|---|---|---|
| Air India Maharaja Club1:1 for EPM and Times Black per the Air India partner page. | 1:1 | 10,000 | ₹6,000-₹18,000 |
The single transfer partner is Air India Maharaja Club at 1:1 (₹1-value RP → ~₹0.6-1.8 mile: transfers win mainly for premium-cabin redemptions).
Earns nothing on
- ⊘ No points on fuel (EPM-specific MITC list).55415542136138515983975255555172bank MCC list→ use MakeMyTrip ICICI here (1.0%)
- ⊘ Rent Pay and property management (MCCs 1520/1750/1740/1711/1761/1771/1731) earn nothing.6513701474075271bank MCC list→ use Axis Burgundy Private here (4.5%)
- ⊘ Third-party wallet loads earn nothing.6540bank MCC list→ use SC Ultimate here (3.3%)
- ⊘ Government payments/services and tax payments (any medium) earn nothing on EPM.940592229399940292116760931193137276bank MCC list→ use PVR INOX Kotak here (3.0%)
- ⊘ EMI excluded.
Issuer fees to know
- • 1% fee on wallet loads ≥ ₹5,000.