ICICI Bank has launched its first truly super-premium credit card in the Emeralde family: the Emeralde Private Metal Credit Card. This invite-only card refines feedback from the regular Emeralde card—most notably improving the reward structure—resulting in a markedly more compelling high-end product.
Below is a detailed review of the ICICI Emeralde Private Metal Credit Card, covering fees, design, rewards, benefits, my personal experience, and eligibility considerations.
Table of Contents
- Overview
- Joining Fees
- Design
- Reward Points
- Redemption
- Milestone Rewards
- Points Transfer Partners
- Airport Lounge Access
- Golf Benefit
- Forex Markup Fee
- Other benefits
- My Experience
- Eligibility
- Devaluation Meter
- Bottom line
Overview
| Type | Super Premium Credit Card |
| Reward Rate | 3% |
| Annual Fee | 12,499 INR + GST |
| Best for | Welcome Benefits |
| USP | Taj Epicure Membership with 1 Night Stay |
The Emeralde Private Metal card stands out for a strong welcome package and a competitive reward rate across most spending categories, positioning it well among super-premium options.
Joining Fees
| Joining / Annual Fee | Rs.12,499+GST |
| Welcome Benefit | – 12,500 Points (12,500 INR value) – Taj Epicure Membership with 1 Night Stay |
| Renewal Fee | Rs.12,499+GST |
| Renewal Benefit | 12,500 Points (12,500 INR value) |
| Renewal Fee Waiver | Spend Rs.10L in the card anniversary year |
The joining package effectively offsets the fee: the welcome points alone match the cost, and the Taj Epicure membership adds tangible value. A renewal fee waiver is available if you spend Rs.10 lakh in the anniversary year, a reachable threshold for many in the target segment.
Note: In my case, welcome points did not post automatically; a wealth support request resolved it the same day.
Design
The card is metal with an elegant finish and currently issued on the Mastercard network. The design is tasteful; a slightly brighter Mastercard logo would improve visual contrast. A replacement fee of Rs.3,500 applies for lost cards.
Reward Points
| SPEND TYPE | REWARDS | REWARD RATE (FLIGHTS/HOTELS) |
Max. Cap ( Per Stmt Cycle) |
|---|---|---|---|
| Regular Spends | 6 RP / 200 INR | 3% | Nil |
| Grocery | 6 RP / 200 INR | 3% | 1000 RP (Max: 33K INR spend) |
| Utilities | 6 RP / 200 INR | 3% | 1000 RP (Max: 33K INR spend) |
| Education | 6 RP / 200 INR | 3% | 1000 RP (Max: 33K INR spend) |
| Insurance Spends | 6 RP / 200 INR | 3% | 5000 RP (Max: 1.67L spend) |
- Redemption Fee: Nil
- Tax, Fuel & Rent payments are excluded for Reward Points
- 1% fee on Rent Payments
- All capping are set as per Statement Cycle
The card delivers a 3% effective reward rate on most spends, with reasonable caps on categories that could be abused. Grocery, utilities and education each have separate 1,000 RP monthly caps, which is sensible for everyday spending. Insurance has a higher cap. Overall, the reward structure balances generosity and control.
Redemption
Maximum value is achieved by redeeming points for flights and hotels, where 1 RP can equal 1 INR. Non-travel redemptions typically yield lower value, though select branded vouchers can still offer a strong ratio for larger redemptions.
Milestone Rewards
| SPEND REQUIREMENT | MILESTONE BENEFIT (EaseMYTrip Voucher) |
REWARD RATE (AS POINTS) |
|---|---|---|
| 4 Lakhs | 3,000 INR | 0.75% |
| 8 Lakhs | 3,000 INR | 0.75% |
- EaseMYTrip Voucher can be used for Flights Only as per t&c
Milestone vouchers at Rs.3,000 for Rs.4 lakh and again at Rs.8 lakh boost effective rewards meaningfully. Combined with base rewards, the card can achieve an exceptional effective rate for travel spenders. Milestone vouchers post quickly, though the redemption experience on EaseMyTrip could be smoother.
Points Transfer Partners
- Air India: 1:1
ICICI has enabled a transfer option to Air India at a 1:1 ratio. This adds utility for some users, though the current transfer partners and ratios are limited; further airline and hotel partners would significantly enhance the card’s appeal.
Personal view: I value Air India miles lower than typical redemptions, so the transfer ratio is not highly attractive yet.
Airport Lounge Access
| ACCESS TYPE | VIA | LIMIT | GUEST ACCESS |
|---|---|---|---|
| Domestic Lounge Access | MasterCard | Unlimited | – |
| International Lounge Access | Priority Pass | Unlimited | – |
Domestic and international lounge access is unlimited and extends to add-on cardholders. Up to three add-on cards are complimentary. A notable perk is access to the VIP section of the 080 lounge at Bangalore airport.
Golf Benefit
- Complimentary Games/Lessons: Unlimited
- Coverage: 20 Domestic Golf Courses & 90 International Golf Courses
The card includes access to domestic and international golf courses—a rare and valuable benefit. Note that only one booking can be held at a time, so “unlimited” is practically constrained by booking rules.
Forex Markup Fee
- Foreign Currency Markup Fee: 2%+GST = 2.36%
- Rewards: 3% (3.7% if you hit milestone)
- Net return: 3% – 2.36% = 0.4% (gain)
A reduced forex markup of 2% (2.36% with GST) is offered. After accounting for rewards, foreign spends can still provide a modest net benefit, though there is room for a lower markup to make this more compelling.
Other benefits
- Cash Advance Fee: Nil
- Late payment Fee: Nil
- Over-limit Fee: Nil
- BookMyShow: Buy one ticket, get up to Rs.750 off on the second ticket (movies/sports/theatre/concert), twice per month
- EazyDiner Prime Membership
My Experience
My upgrade to the Emeralde Private Metal card was smooth. My ICICI Wealth relationship manager coordinated the process and the upgrade was approved within three days. The physical card arrived shortly after. For upgrades, a direct point of contact—branch or phone banking representative—can speed the process.
Tip: If an upgrade stalls, identify the person who can submit the request—branch staff or phone banking officers may be able to help.
Eligibility
- For Fresh Applications: Invite Only
- For Upgrade: Existing ICICI credit limit in the region of ~10 Lakhs (approximate)
This card is primarily invite-only and typically targets existing clients with significant credit limits or strong banking relationships. Upgrades often require a healthy existing ICICI credit limit and ownership of premium ICICI cards can improve approval chances. If you cannot secure this card directly, applying for the regular Emeralde card first and then requesting an upgrade is a practical route.
Devaluation Meter
- Devaluation meter reading: Low
Given the structured caps and careful rollout, the risk of immediate devaluation looks low. The welcome benefits are generous, but long-term changes are unlikely if issuance remains controlled.
Bottom line
- Cardexpert Rating: 4.8/5
The Emeralde Private Metal Credit Card is a strong entry in the super-premium segment: attractive welcome benefits, a practical and rewarding points structure, broad lounge access, and unique perks like Taj Epicure membership and international golf access. Its value is highest for travelers who redeem for flights and hotels. Future expansion of transfer partners and enhanced redemption options would make it even more competitive among top-tier Indian credit cards.