ICICI Bank has updated the rewards and benefits on its gemstone credit card family — Coral, Rubyx and Sapphiro. These changes take effect from October 7, 2017. Overall, the revisions emphasize milestone rewards and add useful privileges like railway lounge access on some cards. Below is a clear summary of what changed and what cardholders can expect.
Changes to ICICI Coral, Rubyx & Sapphiro Credit Cards from Oct 7, 2017
New ICICI Coral, Rubyx and Sapphiro credit cards
ICICI Rubyx Credit Card
- Joining Fee: Rs. 3,000 + GST
- Welcome Benefit: Rs. 5,000 worth of travel, shopping and dining vouchers
- Annual Fee: Rs. 2,000 + GST — waived if you spend more than Rs. 3,00,000 in the previous year
- Milestone Rewards: Earn 3,000 PAYBACK points on reaching Rs. 3,00,000 in spends in an anniversary year, and 1,500 PAYBACK points for each additional Rs. 1,00,000 spent thereafter; up to 15,000 PAYBACK points per year
- BookMyShow Offer: Buy one get one free movie tickets each month (up to Rs. 300) on a first-come, first-served basis
- Golf: Two complimentary rounds or lessons of golf per calendar month if your total retail spends in the previous calendar month were at least Rs. 50,000
- Railway Lounge Access: Two complimentary railway lounge visits per quarter for the primary cardholder, in addition to the existing airport lounge access
The most notable addition to the Rubyx is railway executive lounge access, currently available in select cities such as Delhi and Jaipur. When you factor milestone rewards, the effective reward rate on the Amex variant approaches about 1% on qualifying spends. For cardholders who can use the railway lounge benefit, the card becomes particularly attractive. The Coral card also includes similar railway lounge access (one visit per quarter).
ICICI Sapphiro Credit Card
- Joining Fee: Rs. 6,500 + GST
- Welcome Benefit: Rs. 10,000 worth of travel, shopping and dining vouchers
- Annual Fee: Rs. 3,500 + GST — waived if you spend more than Rs. 6,00,000 in the previous year
- Milestone Rewards: Earn 4,000 PAYBACK points on spending Rs. 4,00,000 in an anniversary year, and 2,000 PAYBACK points for each additional Rs. 1,00,000 spent thereafter; up to 20,000 PAYBACK points per year
- Airport Lounge & Spa: Two international airport lounge visits and two spa sessions annually at selected airports in India via complimentary DragonPass membership. DragonPass card is issued after making two transactions on the Sapphiro card within 45 days of issuance.
- BookMyShow Offer: Up to two complimentary tickets worth Rs. 500 twice every month for events (including movie tickets) on BookMyShow
- Golf: Four complimentary rounds or lessons of golf per calendar month if your total retail spends in the previous calendar month were at least Rs. 50,000
The Sapphiro’s milestone rewards can translate into an effective reward rate close to 1.2% on the Amex variant when all milestones are achieved. A key differentiator for the Sapphiro is membership to DragonPass rather than Priority Pass. DragonPass includes access to some lounges that Priority Pass does not cover, and in select locations that can offer a noticeably better lounge experience. For example, DragonPass provided access to the T/G lounge at Bali Airport, which was not available through Priority Pass.
The advertised complimentary spa sessions are accessible by presenting the co-branded DragonPass–ICICI Bank membership card; further operational details may become clearer over time as members begin using the benefit.
Regarding reward earn rates, Rubyx and Sapphiro offer similar domestic earn rates, which are competitive for local spends. However, both cards are less attractive for international transactions because ICICI’s forex markup fee is 3.5% + GST, while many competing premium cards charge 2% or lower. That higher markup can erode the value of reward points on foreign spends.
To remain competitive for international use, ICICI would likely need to increase the PAYBACK points awarded on overseas spends or reduce forex markup. In the current environment, users who travel frequently internationally may find better value with other cards that combine lower forex fees and higher reward rates on overseas transactions.
Bottom Line
ICICI has given renewed attention to its premium gemstone cards with benefits that enhance the overall proposition — particularly milestone rewards and unique perks like railway lounge access on the Coral and Rubyx, and DragonPass benefits on the Sapphiro. These updates strengthen ICICI’s position among premium card issuers, though the Sapphiro’s reward rates still trail some competitor premium cards, especially for international use. For domestic spenders who can take advantage of milestone rewards and lounge benefits, these cards are now more compelling.
If you’re considering the Sapphiro mainly for DragonPass access, it may be worth trying the card to assess the lounge and spa benefits in practice. Consider your mix of domestic versus international spending before deciding, since forex markup and overseas earn rates will materially affect the card’s net value.