Here’s a comprehensive review of the ICICI Bank Emeralde Private Metal Credit Card:
Overview:
The ICICI Bank Emeralde Private Metal Credit Card is one of the most exclusive offerings by ICICI Bank, aimed at ultra-high-net-worth individuals seeking luxury travel, lifestyle, and reward benefits. It’s an upgrade or more exclusive version of the regular Emeralde card, with enhanced benefits and a metal body for added prestige.
Key Features and Benefits:
- Rewards Program:
- Earning: Earn 6 Reward Points per ₹200 spent, which is a 3% reward rate, one of the highest in the super premium category in India.
- Milestone Benefits:
- Welcome and Annual: 12,500 Reward Points on payment of joining/renewal fees each year.
- Spending: EaseMyTrip vouchers worth ₹3,000 each at ₹4 lakh and ₹8 lakh annual spends.
- Travel Benefits:
- Airport Lounge Access: Unlimited for both domestic and international lounges for both primary and add-on card members.
- Domestic: Through Visa/MasterCard networks.
- International: Through Priority Pass membership included with the card.
- Low Forex Markup Fee: Only 2%, which is competitive for those spending internationally.
- Travel Insurance: Refund up to ₹12,000 for a maximum of 2 cancellations (flights/hotels) per year.
- Airport Lounge Access: Unlimited for both domestic and international lounges for both primary and add-on card members.
- Lifestyle and Entertainment:
- Golf: Unlimited rounds/lessons at select golf courses worldwide for the primary cardholder.
- Dining: Taj Epicure Membership for one year on card activation, offering dining discounts and complimentary stays.
- Entertainment: Buy one, get one free on BookMyShow tickets up to ₹750 off on the second ticket, twice per month.
- Insurance and Protection:
- Comprehensive Coverage: Includes personal accidental death, lost card liability, and more.
- Fees:
- Joining and Annual Fee: ₹12,499 + GST, with no waiver option mentioned, reflecting its super-premium status.
Welcome Benefits:
- Taj Epicure Membership: For one year upon card activation, offering:
- Complimentary night stay at select Taj hotels.
- Discounts on dining, spa services, and room rates at Taj properties.
- EazyDiner Prime Membership: Complimentary for one year, providing dining benefits.
- Reward Points:
- 12,500 ICICI Reward Points on payment of the joining fee.
- An additional 12,500 Reward Points credited annually upon fee payment.
Pros:
- High Reward Rate: One of the best reward rates for a super premium card in India.
- Extensive Travel Benefits: Unlimited lounge access, low forex fees, and travel insurance make it ideal for frequent travelers.
- Luxury Perks: Enhanced lifestyle benefits like golf and dining privileges are rare and valuable.
Cons:
- High Cost: The annual fee is substantial and without a waiver option, making it suitable only for those who can fully leverage its benefits.
- Exclusivity: It’s not widely available; often, it’s by invitation or through stringent eligibility criteria, limiting access.
- Redemption: While the reward rate is high, there’s no option to transfer points to travel partners, which might be a drawback for some.
User Experience:
- Prestige: The metal card itself adds to the user’s sense of exclusivity and luxury.
- Service: Expected to come with top-tier customer service from ICICI Bank’s wealth management team, although general feedback on ICICI’s service can be mixed.
Sentiment from X and Web Reviews:
- X posts and web reviews often highlight the card’s impressive reward rate and travel benefits. However, there’s some criticism regarding the high annual fee and the lack of point transfer options to airlines or hotels. The exclusivity of the card is both praised for adding to its prestige and criticized for making it less accessible.
- Users who can utilize the card’s full suite of benefits, particularly travel and lifestyle perks, tend to find it valuable, but it’s not for everyone due to the cost and specific benefits structure.
Eligibility Criteria:
- Income: Given the card’s super-premium nature, the income threshold is likely very high, often in the range of multiple lakhs per month or several crore annually. Specific figures aren’t publicly disclosed but are expected to be significantly higher than standard premium cards.
- Relationship with ICICI Bank: Typically, this card is offered to ICICI Bank’s Global Private Clients or those with substantial holdings or transactions with the bank (like wealth management clients, high NRV – Net Relationship Value).
- Credit Score: An excellent credit score (likely above 800) is anticipated, reflecting a strong credit history and financial stability.
- Age: Between 21 to 65 years, though exact limits might not be strictly enforced for such exclusive clientele.
Application Process:
- Invitation Only: This card is generally not open for everyone to apply. Instead, it’s often an invitation-only product:
- Existing ICICI Customers: If you’re an existing customer, particularly with high-end banking relationships, you might receive an invitation.
- Wealth Management: Engaging with ICICI Bank’s wealth management services or having a significant financial relationship might prompt an offer for this card.
- Direct Application (if applicable):
- Visit a Branch: For those with a substantial relationship, visiting an ICICI Bank branch and speaking directly with a relationship manager might be an avenue, though this is not standard practice for invite-only products.
- Online: There’s typically no public application link; if you’re pre-selected, you might receive instructions via email or through your banking portal.
- Documentation:
- Identity Proof: PAN card, Passport, etc.
- Address Proof: Aadhaar, Utility Bills, etc.
- Income Proof: Since this is for high-net-worth individuals, documentation might include wealth statements, ITRs showing substantial income, or proof of assets.
- Approval: The approval process would involve thorough vetting due to the card’s exclusivity. This might include interviews or meetings with bank representatives to understand your financial profile better.
- Card Issuance: Upon approval, given the card’s prestige, you’re likely to receive personalized communication about your card, possibly with a special delivery or ceremony.
Additional Tips:
- Relationship Building: If you’re interested in this card, enhancing your relationship with ICICI Bank through investments, high-value accounts, or transactions might increase your chances of receiving an invitation.
- Privacy and Exclusivity: Information about this card is kept limited, so direct inquiries might not yield detailed responses unless you’re already in the bank’s premium client segment.
Conclusion:
The ICICI Bank Emeralde Private Metal Credit Card is a luxury card for those who spend significantly on travel, dining, and entertainment, and value the prestige of a metal card. The high reward rate and extensive travel benefits are its highlights, but the card’s value is maximized only if you can use all its offerings. For those not meeting the spending or lifestyle criteria, other less expensive cards might offer better overall value.