ICICI Bank Emeralde Credit Card – Benefits, Fees & Eligibility

ICICI Bank Emeralde Credit Card

Introduction

The ICICI Bank Emeralde Credit Card is designed for individuals who enjoy a luxurious lifestyle, offering a blend of premium benefits across travel, entertainment, and rewards. Cardholders can enjoy perks such as unlimited access to international and domestic airport lounges, complimentary golf rounds or lessons each month, and attractive offers on movies and events. This card also provides a comprehensive rewards program and allows for international travel with a reduced foreign currency markup. It caters to High Net-Worth Individuals (HNIs) and offers flexibility with a choice between monthly and annual membership plans.

Welcome Benefits

• Shopping Voucher: American Express Cardholders receive a shopping voucher from TATA CLiQ worth ₹5,000 on their birthday.

Fees

• Joining Fee:
  • ₹12,000 + GST for the annual plan.
  • ₹1,000 + GST for the monthly plan.
• Renewal Fee:
  • ₹12,000 + GST for the annual plan. This fee is waived if annual spends exceed ₹10 lakh (as per one source) or ₹15 lakh (as per another source) in the previous anniversary year. The joining fee can also be reversed if the spend threshold is met in the first anniversary year.
  • ₹1,000 + GST for the monthly plan. This fee is reversed if monthly spends exceed ₹1,00,000 in the previous month.
• Rewards Redemption Fee: ₹99 + GST per redemption request.
• Foreign Currency Markup:
  • 2% of the transaction amount.
  • Another source indicates a nominal forex markup fee of 1.5%.
• Interest Rates:
  • General finance charges: 3.40% to 3.75% per month.
  • Interest on ATM Cash Withdrawals: 1.99% to 3.75% per month.
• Fuel Surcharge: 1% waiver on fuel transactions up to ₹4,000 at any fuel station across India. This benefit applies to both the primary and Plus (supplemental) Cardholders.
• Cash Advance Charges: Nil cash advance charges, however, interest rates apply on cash withdrawals from the transaction date.
• Late Payment Charges: Ranging from ₹100 to ₹1300.
• No Over Limit Fee: The card does not charge an over limit fee.

Rewards

Rewards Earning Structure

• General Spends:
  • Earn 4 Reward Points on every ₹100 spent on domestic transactions.
  • Earn 4 Reward Points on every ₹100 spent on international transactions.
  • Earn 1 Reward Point on every ₹100 spent on Utility and Insurance categories.
• iShop: Earn from 6x to 12x reward points on iShop.

Travel Benefits

• Airport Lounge Access:
  • Unlimited complimentary international and domestic airport lounge access for the primary Cardholder.
  • For cards applied on or after November 15, 2024, the primary cardholder receives complimentary Priority Pass Membership, providing access to 1,400+ lounges in 145+ countries worldwide.
  • For cards applied before November 15, 2024, the primary cardholder receives complimentary DreamFolks Membership (valued at USD 99), providing access to 650+ lounges in 100+ countries, including partner spas at select airports.
  • Lounge visits are complimentary only for the primary cardholder. Any accompanying guests, including add-on cardholders, will be charged for access.
• Travel Cancellation Protection:
  • No cancellation charges on domestic flight and hotel bookings, up to ₹12,000, twice every year.
  • No cancellation charges on movie ticket bookings, with a maximum benefit capped at ₹12,000 per year.
• Foreign Currency Transactions: Enjoy a reduced mark-up fee on international transactions (either 2% or 1.5% as per different sources).
• Air Accident Insurance: A personal Air Accident Insurance cover of ₹3 Crore is provided to the primary Cardholder. This benefit applies when the card has been used at least once in the 60 days prior to the incident, and covers international travel only if tickets were purchased using the credit card. Supplemental cardholders are not eligible for this coverage.
• Additional Travel Insurance (International Only):
  • Baggage insurance: Up to ₹25,000.
  • Loss of checked-in baggage: USD 1,200.
  • Delay in receipt of checked-in baggage: USD 300 (in excess of 12 hours).
  • Missing flight due to trans-shipment: USD 300.
  • Loss of travel documents: USD 500.
  • Delay in flight: USD 250 (in excess of 12 hours).
  • Plane hijacking: USD 250 per hour (up to a maximum of 12 hours).

Entertainment Benefits

• Movies:
  • BookMyShow Offer: Buy one ticket and get up to ₹750 off on the second ticket for movie/event tickets, available up to 4 times every month.
  • No cancellation charges on movie ticket bookings (refer to Travel Cancellation Protection for details).
• Dining: Minimum 15% discount on dining bills at partnered restaurants through the Culinary Treats Programme.

Lifestyle Benefits

• Golf:
  • Get up to 4 complimentary rounds or lessons of golf every month.
  • Eligibility: One complimentary round/lesson for every ₹50,000 spent on retail purchases in the previous calendar month.
  • Booking: Benefits can be booked through the Golftripz website. Registration required with the same email ID as registered for the ICICI Bank Credit Card.
  • Availability: Benefits are credited to your account by the 10th day of the following month and are available for use in the next two months.
• 24x7 Concierge Service (i-Assist):
  • Round-the-clock assistance for various needs including:
    • Restaurant and hotel reservations.
    • Flight referral and reservations.
    • Flower and gift deliveries.
    • Car rentals.
    • Movie ticket bookings.
    • Emergency auto assistance.
    • Medical concierge support (for assistance with hospital admissions and doctor contact).
  • Concierge services are available only in New Delhi, Mumbai, Bengaluru, and Chennai.
  • Contact: Toll-free number 18002670731 (for MTNL/BSNL lines) or 02267872016 (standard call charges applicable).

Insurance & Protection

• Credit Shield Cover: Worth ₹50,000, covering liability in case of card loss from 2 days prior to 7 days after reporting the loss.
• Fraud Protection:
  • Counterfeit Card Liability: Coverage against unauthorized usage.
  • Account Takeover Cover: Safeguards in case personal information is accessed or misused by a third party without consent.

Rewards Redemption Guide

• Redemption Channels: Reward points can be redeemed seamlessly via ICICI Bank Internet Banking or the iMobile app, within the ‘Rewards’ section.
• Redemption Categories: Points can be redeemed across multiple categories including:
  • Health & Beauty
  • Travel & Luggage
  • Shopping Vouchers
  • Home Appliances
  • Electronics
  • Fashion & Lifestyle
• Value: 1 Reward Point = Re. 0.25 when redeemed against gifts or cash credit/statement credit.
• Contact for Redemption:
  • To redeem points for cashback, call 080-40146444.
  • To redeem points against gifts, call 1860-258-5000.
• Validity: Reward points are valid for a period of 3 years from the date of accumulation.

Card Eligibility Criteria

• Age: Applicant must be an Indian citizen over 21 years of age, up to 65 years.
• Income:
  • Salaried Individuals: Minimum monthly income of ₹1,50,000 (as per one source) or ₹3,00,000 (as per another source).
  • Self-Employed Individuals: Annual income of ₹18,00,000 (as per one source) or should have filed an Income Tax Return (ITR) of ₹30,00,000 in the previous year (as per another source).
• Credit History: Applicants should have a good credit history with no records of payment defaults.

Documents Required

• Identity Proof
• Address Proof
• Income Proof (e.g., salary slips for salaried individuals or ITR for self-employed individuals).
• No physical documents are required if applying via DigiLocker.

Card Review

The ICICI Bank Emeralde Credit Card is positioned as a super-premium offering, competing strongly with other high-end credit cards in the market. It is ideally suited for high net-worth individuals and business professionals who prioritize a luxurious lifestyle and frequently travel, both domestically and internationally.

Pros:

• Extensive Lounge Access: Unlimited complimentary access to domestic and international airport lounges for the primary cardholder.
• Golf Privileges: Up to 4 complimentary golf rounds or lessons monthly, based on eligible spends.
• Entertainment Benefits: Attractive "Buy One Get One" movie/event ticket offers via BookMyShow and dining discounts through Culinary Treats.
• Travel Protections: Significant travel-related insurance, including ₹3 Crore air accident cover and no cancellation charges for flights, hotels, and movies up to a certain limit.
• Financial Flexibility: Choice between a monthly or annual membership plan, with spend-based fee waivers for both.
• Reduced Forex Markup: A competitive foreign currency markup of 2% (or 1.5% as per some sources) on international transactions.
• Nil Cash Advance Charges: No fixed fee for cash withdrawals, though interest rates apply immediately.
• Dedicated Support: 24x7 Concierge Service for a wide range of assistance.
• Comprehensive Rewards: Generous reward points on general and international spends, with accelerated earnings on iShop.

Cons:

• High Fees: Substantial joining and annual fees, although these can be waived based on spending.
• Strict Eligibility: Very high-income criteria for both salaried and self-employed individuals, making it inaccessible to many.
• Reward Redemption Fee: A fee of ₹99 + GST is applicable per reward redemption request.
• Limited Concierge Coverage: Concierge services are restricted to major metropolitan cities (New Delhi, Mumbai, Bengaluru, Chennai).
• Conflicting Information: Discrepancies exist in reported foreign currency markup and interest rates for cash withdrawals across different sources.
• Issuance Restrictions: Currently, the card is only being issued on the Visa payment network, as MasterCard and American Express are not onboarding new customers as per RBI instructions.

Who should apply: This card is best for individuals with high spending power who frequently travel internationally, enjoy golf, movies, and dining, and can leverage the extensive lounge access and concierge services. The American Express variant, if available, offers additional benefits like a birthday voucher, gym discounts, and in-flight/airport Wi-Fi.

Important Product Details

Positive Highlights

• Flexible Membership Plans: Choose between an annual plan (₹12,000 + GST) or a monthly plan (₹1,000 + GST).
• Spend-Based Fee Waivers: Annual fee can be waived on annual spends of ₹10 lakh / ₹15 lakh, and monthly fee on monthly spends of ₹1 lakh.
• Unlimited Lounge Access: Complimentary, unlimited access to domestic and international airport lounges for the primary cardholder.
• Golf Privileges: Up to 4 complimentary golf rounds or lessons monthly based on eligible spends.
• BookMyShow Offer: "Buy One Get One" on movie/event tickets (up to ₹750 off, 4 times/month).
• Travel Cancellation: Up to ₹12,000 in cancellation charge reversals on domestic flights, hotels, and movies, twice annually.
• Low Foreign Currency Markup: Reduced forex markup of 2% (or 1.5% as per some sources).
• Zero Cash Advance Charges: No fixed fees for cash advances, though interest applies.
• Comprehensive Insurance: Air Accident Insurance up to ₹3 Crore, various international travel insurance benefits, Credit Shield cover of ₹50,000, and fraud protection.
• 24x7 Concierge: Dedicated "i-Assist" concierge service for lifestyle and emergency needs.
• High Reward Earning: Earn up to 4 Reward Points per ₹100, with accelerated points on iShop.
• Dining Discounts: Minimum 15% discount through the Culinary Treats Programme.
• Birthday Voucher: ₹5,000 Tata CLiQ voucher for American Express Cardholders on their birthday.
• Fuel Surcharge Waiver: 1% waiver on fuel transactions (up to ₹4,000).
• No Over Limit Fee.
• Online Purchase: Easily make online purchases across India and select overseas online stores.

Negative Highlights

• High Fee Structure: The base joining and annual fees are significant.
• Rigorous Eligibility: Strict income criteria for application.
• Reward Redemption Fee: A charge of ₹99 + GST for each redemption.
• Limited Concierge Service Area: Concierge support is only available in major Indian cities.
• Rate Discrepancies: Inconsistent information regarding foreign currency markup and cash withdrawal interest rates across different official and review sources.
• Network Availability: Currently, new Emeralde Credit Cards are only issued on the Visa network due to RBI restrictions on MasterCard and American Express for new customer onboarding.

Other Details

• Application Process: You can apply for the card online via the ICICI Bank website or by visiting any ICICI Bank Branch.
• Customer Care:
  • For 24x7 phone support: 18601207777.
  • Email for general inquiries: customer.care@icicibank.com.
  • For escalation to higher authorities: headservicequality@icicibank.com.
  • For i-Assist concierge: 18002670731 (toll free for MTNL/BSNL) or 02267872016 (standard call charges).
• Reward Points Validity: Earned Reward Points are valid for 3 years from the date of accumulation.
• Card Variants: While the card previously offered American Express and MasterCard variants, new customers are currently onboarded only on the Visa payment network due to regulatory guidelines.