ICICI Bank Emeralde Private Metal Credit Card Review: Lounges and 2% Forex
The ICICI Bank Emeralde Private Metal Credit Card is an invite-only Mastercard that costs ₹12,499 + GST a year, earns 6 reward points per ₹200 and gives unlimited domestic and Priority Pass lounge visits with no spend condition. A point is worth ₹1 on flights, hotel vouchers and select luxury brand vouchers, so the card pays back best for heavy spenders who redeem with care.
Key facts
- Joining fee
- ₹12,499 + GST
- Annual fee
- ₹12,499 + GST. Spend over ₹10 lakh and get your annual fee waived for the next year (card page); MITC footnote *** says the fee for the year is reversed on anniversary-year completion
- Base reward
- 6 reward points per ₹200 on eligible retail spend
- Best category
- No higher-reward category published
- Lounge
- Domestic: Unlimited complimentary domestic lounge access for primary and add-on cardholders International: Unlimited international lounge access via Priority Pass for primary and add-on cardholders (guests USD 29 + GST per visit)
- Forex markup
- 2% of the amount
- Network
- Mastercard
Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.
In short
A strong card for ICICI relationship customers who spend ₹1 lakh or more a month and redeem points at ₹1, but a costly one for anyone far from the ₹10 lakh reversal.
Best for
- ICICI customers with a large relationship and heavy card spending
- Families who want unlimited lounges on add-on cards too
- Travellers who want a 2% forex mark-up
Skip it if
- Your yearly spending stays well under ₹10 lakh
- You only want statement credit, worth ₹0.4 a point
- You cannot keep ICICI's minimum relationship value
Highlights
- Joining and annual fee ₹12,499 + GST each
- 6 reward points per ₹200, worth up to ₹1 each
- Unlimited domestic and international lounges, no spend rule
- Forex mark-up 2%
- 12,500 bonus points with each fee payment
An invite-only metal card tied to your ICICI relationship
Emeralde Private Metal sits near the top of ICICI Bank's card range, next to the recently launched 1838 Reserve, and it is a metal Mastercard. It is active, but you can't fill a form for it like other cards: ICICI offers it by invitation only, through your Relationship Manager. It's also a relationship-based product, so the bank may downgrade or withdraw it if you not keep the minimum relationship value with ICICI.
The joining fee and the annual fee are both ₹12,499, with GST extra. Every fee payment bring 12,500 reward points, and on the best redemption a point is worth ₹1, so the bonus covers the fee before GST with one rupee to spare. If you are still working out which kind of card you need, our credit cards guide lays out the types.
Two things decide whether it pays
- Lounges without a spend rule. Unlimited domestic lounge visits and unlimited international visits through Priority Pass, for the primary and every add-on cardholder. The ₹75,000-a-quarter condition ICICI put on most cards from 1 January 2025 is not applying to this one. Guests pay USD 29 + GST a visit.
- Where you redeem. Flights, hotel vouchers and vouchers from Apple, Tanishq, Tumi, Coach, Brooks Brothers, Emporio Armani, Jimmy Choo, G-Star Raw, Canali and Mother Care give ₹1 a point. The rest of the catalogue gives ₹0.6 and statement credit just ₹0.4.
What changed between 2024 and 2026
Rent and e-wallet loading stopped earning points from 5 February 2024, and government payments has been treated as utility since then. On 15 November 2024 the forex mark-up for the Emeralde range was set at 2%, well under the 3.5% default on most ICICI cards.
From 15 January 2026 each add-on card carries a one-time fee of ₹3,500 + GST, and dynamic currency conversion costs 2%. ICICI changed how it works out the minimum amount due from 1 March 2026. Still to come: a replacement Priority Pass will cost ₹300 from 11 December 2026.
The fee, the reversal and the penalties it skips
You pay ₹12,499 to join and ₹12,499 each year after. GST at 18% adds ₹2,249.82 (18% of ₹12,499), so the real bill each time is ₹14,748.82. 45 days after the fee is realised and the card activated, ICICI credit 12,500 reward points, worth ₹12,500 if you redeem them for flights or the ₹1 brand vouchers.
Reversal at ₹10 lakh of spends
Under ICICI's terms the annual fee for a card year is reversed once you complete that year with ₹10 lakh of spends. The card page words it differently: spend over ₹10 lakh and the fee is waived for the next year. The terms we hold don't say the 12,500-point bonus is taken back when a fee is reversed.
Either way the target is high: ₹10,00,000 divided by 12 is about ₹83,333 a month, and since 15 November 2024 rent, government and education payments, EMIs, fees, interest and reversals don't count toward it. A family running all its shopping, travel and bills on this one card can reach it, a person who use it only for flights and lounges will not.
Penalties this card leaves out
The card page shows no late payment charge, and ICICI's MITC excludes this card from its late-fee table. There is no cash advance fee and no over-limit charge either. Don't mistake this for cheap credit, interest is 3.75% a month or 45% a year, and on a cash withdrawal it runs from the day you take the money. ICICI says the rate may be as low as 1.25% a month, depending on the profile of the cardholder, but most people should plan for the higher figure.
Charges that still apply
- Foreign currency spends: 2% mark-up. Paying in rupees abroad, or to an India-based merchant registered overseas, also costs 2% as a currency conversion fee from 15 January 2026.
- Rent: 1% on each payment, with no points on top.
- Fuel: 1% on any fuel transaction above ₹10,000.
- Utilities: 1% above ₹50,000. Education paid through third-party apps: 1%.
- Add-on card: ₹3,500 + GST one time per supplementary card since 15 January 2026.
- Card replacement ₹3,500, and a Priority Pass replacement ₹300 from 11 December 2026.
The fuel surcharge waiver of 1% at every fuel station is described two ways. The card's own terms document says the most you get back is ₹1,000 a statement cycle; the MITC instead limits it to transactions up to ₹4,000 and waiver-eligible spends up to ₹1,00,000 a cycle. Since 1% of ₹1,00,000 is ₹1,000, the two version end up at the same ceiling, and we go by the terms document.
Emeralde Private Metal: fees and charges
| Joining fee | ₹12,499 + GST |
|---|---|
| Annual or renewal fee | ₹12,499 + GST |
| Annual fee waiver | Spend over ₹10 lakh and get your annual fee waived for the next year (card page); MITC footnote *** says the fee for the year is reversed on anniversary-year completion |
| Add-on card fee | ₹3,500 + GST |
| GST | Charged on top of the fees and charges listed |
| In the bank’s words | Joining fee: ₹12,499 + GST; Annual fee: ₹12,499 + GST. Add-on: ₹3,500 + GST one-time per supplementary card w.e.f. Jan 15, 2026. Invite only; relationship-based (minimum relationship value with ICICI Bank). |
| Interest on unpaid balances | Up to 3.75% a month (45% a year) |
| Late payment fee | Nil (card page); the MITC late-payment table excludes Emeralde Private Metal |
| Cash withdrawal | Nil cash advance transaction fee (MITC); interest 3.75% per month applies |
| Over-limit fee | Not levied (MITC excludes Emeralde Private Metal) |
| Forex markup | 2% of the amount |
| Other fees |
|
Points, their worth and the caps
The earn has one rate: 6 ICICI Bank Reward Points per ₹200 of eligible retail spend, with no bonus categories and no separate rate for spends abroad. What that is worth depend on where the points go. At ₹1 a point, 6 points on ₹200 is a 3% return; at the catalogue rate of ₹0.6 it becomes 1.8% (6 times ₹0.6 is ₹3.60 on ₹200), and as statement credit at ₹0.4 it drops to 1.2% (6 times ₹0.4 is ₹2.40).
Statement credit is also limited to 50,000 points a cycle. Catalogue redemptions carry no handling fee on this card, and points lapse 3 years from the date they were issued.
What earns nothing, and what is capped
No points comes on government services, tax payments of any kind, rent, property management, wallet loads or fuel, and points on a purchase converted to EMI are reversed. Grocery earns the normal 6 per ₹200 but stops at 1,000 points a statement cycle, a cap you hit at about ₹33,333 of groceries (1,000 points divided by 6, times ₹200). Utilities and education have the same 1,000-point cap each cycle.
Insurance is the tricky one. The card's terms document gives a cap of 5,000 points a statement cycle in its text, which matches the MITC, but the category table in the same document says 1,000. We use 5,000 from the terms text and say so plainly, if a big premium is due, ask ICICI first which figure they applies.
Welcome benefits and milestones
Each joining and annual fee payment brings 12,500 points, plus a 1-year Taj Epicure membership and a 12-month EazyDiner Prime membership. In an anniversary year, ₹4 lakh of spends earns an EaseMyTrip air travel voucher of ₹3,000 and ₹8 lakh earns a second one, ₹6,000 in all.
Extras include unlimited golf rounds or lessons, BookMyShow buy one get one with up to ₹750 off twice a month, and up to ₹12,000 of cover against cancellation charges on domestic flight, hotel and movie bookings, for the first two cancellations.
Three spenders, worked out
| Spender | Monthly split | Points a month | Points a year (12 months) | Milestone vouchers |
|---|---|---|---|---|
| Light, ₹50,000 a month | Shopping and dining ₹30,000, grocery ₹12,000, fuel ₹8,000 | 900 + 360 + 0 = 1,260 | 15,120 | ₹3,000 (₹6 lakh a year) |
| Typical, ₹1,00,000 a month | Shopping and dining ₹60,000, grocery ₹20,000, abroad ₹10,000, fuel ₹10,000 | 1,800 + 600 + 300 + 0 = 2,700 | 32,400 | ₹6,000 (₹12 lakh a year) |
| Heavy, ₹2,50,000 a month | Shopping and dining ₹1,60,000, grocery ₹40,000, abroad ₹50,000 | 4,800 + 1,000 (cap) + 1,500 = 7,300 | 87,600 | ₹6,000 (₹30 lakh a year) |
Light. 15,120 points plus the 12,500-point fee bonus make 27,620 points, so ₹27,620 if all of it goes to flights or ₹1 vouchers. With the ₹3,000 EaseMyTrip voucher the year return ₹30,620 against a fee of ₹14,748.82 that stays, because ₹6 lakh is short of ₹10 lakh. Take the same points as statement credit and they are worth only ₹11,048 (27,620 times ₹0.4), less than the fee.
Typical. ₹12 lakh a year passes ₹10 lakh, so under the terms that year's fee is reversed. Points total 44,900 (32,400 plus 12,500) and both vouchers arrive, ₹6,000. The ₹10,000 spent abroad each month cost ₹200 of mark-up and ₹36 of GST, ₹236, and earns 300 points, so at ₹1 a point it is still ₹64 ahead.
Heavy. The grocery cap bites here: ₹40,000 of groceries would earn 1,200 points but only 1,000 counts. The year brings 87,600 points, or 1,00,100 once the 12,500 bonus is added, ₹6,000 of vouchers and a reversed fee. Abroad, ₹50,000 a month earns 1,500 points and costs ₹1,180 (₹1,000 mark-up plus ₹180 GST); at ₹0.6 a point those points are only ₹900, so this spender must redeem at ₹1 or the travel lose money.
Emeralde Private Metal: how rewards work
| Earned as | ICICI Bank Reward Points |
|---|---|
| Base rate | 6 reward points per ₹200 on eligible retail spend |
| Minimum spend rules | None stated |
| No rewards on |
|
| Lower rewards on |
|
| Value of a point |
|
| Redemption fee | Nil for catalogue redemptions (MITC) |
| Expiry | 3 years from issuance (ICICI Bank Rewards) |
| Welcome benefits |
|
| Milestone benefits |
|
| Lounge access | Domestic: Unlimited complimentary domestic lounge access for primary and add-on cardholders International: Unlimited international lounge access via Priority Pass for primary and add-on cardholders (guests USD 29 + GST per visit) Condition: No spend condition (exempt from the ₹75,000 quarterly rule) |
| Fuel surcharge waiver | 1% fuel surcharge waiver at all fuel stations; MITC: maximum transaction ₹4,000 and waiver-eligible spends up to ₹1,00,000 per statement cycle; T&C: maximum waiver ₹1,000 per statement cycle |
| Insurance cover | Air accident cover ₹3 crore (primary); purchase protection ₹1,40,000; credit shield ₹1 lakh; lost checked baggage ₹84,000; card liability ₹50,000 |
How the invitation works
There is no open application for this card. ICICI says it is by invitation only and asks interested customers to get in touch with their Relationship Manager. The bank doesn't publish an income figure for salaried or self-employed people, and we won't guess one. The age band in ICICI's FAQ is 21 to 65 years for both.
What matter as much as income is the relationship. The MITC calls it a relationship-based product and says the card may be downgraded or withdrawn if the cardholder doesn't maintain a minimum relationship value. ICICI does not publish that value, so ask your RM what applies to you before you accept the card.
Documents
The card page lists proof of identity, proof of address and income proof. For KYC that usually mean PAN or Form 60 plus a passport, driving licence, voter ID or proof of possession of Aadhaar, and a Video KYC call counts the same as a visit.
What ICICI looks at
- Your independent financial means, which the RBI's 2025 card Directions require every bank to assess on its own before issuing a card.
- Every credit limit you already hold with other lenders, because the new limit must be set after counting them.
- Your credit record. On Experian's scale of 300 to 900, a score above 750 is generally seen as good.
An invitation is not an approval, the bank still takes the call. If it says no, RBI rules require it to give you the specific reasons in writing. Before you accept, read the one-page Key Fact Statement, which must set out the interest rate and the charges. ICICI's toll-free care number is 1800 1080, and its MITC also lists a wealth management care line, 1800 103 8181; our ICICI customer care page has the full list.
Emeralde Private Metal: eligibility and documents
| Age (salaried) | 21 to 65 years (FAQ) |
|---|---|
| Age (self-employed) | 21 to 65 years (FAQ) |
| Income (salaried) | Not published (invite only) |
| Income (self-employed) | Not published (invite only) |
| Other conditions | By invitation only; contact your Relationship Manager. Relationship-based: card may be downgraded or withdrawn if the minimum relationship value is not maintained. |
| Documents |
|
| How to apply | Online on the issuer website (card page 'Apply Now' leads to buy.icici.bank.in; upload KYC and income documents), or in the iMobile app under 'Pre Approved Loans/Offers' > 'Loan & Card Offers' > Cards. Co-brand cards apply through the partner (Amazon Pay on amazon.in, MakeMyTrip app/site, Adani One site, Times Black on timesblack.com). FD-backed cards through iMobile, Net Banking or a branch. Emeralde Private Metal and 1838 Reserve are invite-only. |
| Card customer care | 1800 1080 |
These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.
Who should take the invitation, and who can let it pass
This card fits an ICICI customer with a large banking relationship who puts ₹1 lakh or more a month on one card, flies several times a year and is happy redeeming for flights, hotels or the listed brand vouchers. For that person the fee is reversed, the points return 3%, and the unlimited lounges extend to anyone you give an add-on card, which itself costs ₹3,500 + GST once.
Travellers abroad gets a real gain from the 2% mark-up. On ₹1,00,000 of foreign spending that is ₹2,000 plus GST, against ₹3,500 plus GST on a card charging the 3.5% default, so ₹1,500 saved before tax.
The weak spot is for people who want cash back. At ₹0.4 a point the 12,500-point bonus is only ₹5,000, about a third of the ₹14,748.82 fee, and day-to-day earn falls to 1.2%. If you never plan to book travel or pick vouchers, the maths don't work.
The relationship rule is the other trade-off. If your balances with ICICI drops below the minimum, the card can be downgraded, and the lounges and the 2% mark-up goes with it. And if your yearly spending stays well under ₹10 lakh and you seldom fly, paying ₹14,748.82 every year for lounges you hardly visit is a costly price. Our lounge card guide lists cheaper ways to get airport access.
Pros
- Unlimited domestic and Priority Pass lounge visits for primary and add-on cardholders, with no spend condition
- 12,500 bonus points with each fee payment, worth ₹12,500 on the best redemption
- 6 points per ₹200, a 3% return when points go to flights or ₹1 vouchers
- 2% forex mark-up, against the 3.5% default on most ICICI cards
- No late payment fee, no cash advance fee and no over-limit charge
- ₹3 crore air accident cover and ₹1,40,000 purchase protection
Cons
- Invite only, and tied to a minimum ICICI relationship value the bank does not publish
- ₹14,748.82 a year with GST unless you spend ₹10 lakh in the card year
- Statement credit is worth only ₹0.4 a point, a 1.2% return
- Grocery, utility and education points capped at 1,000 a cycle each
- No points on rent, fuel, wallet loads, tax or government payments
- Add-on cards cost ₹3,500 + GST each since 15 January 2026
Emeralde Private Metal against three other metal cards
At this level the usual comparisons are HDFC Bank's INFINIA Metal Edition and Diners Club Black Metal Edition and the Axis Bank Magnus Credit Card. All four charge a forex mark-up of 2%, so the differences is in fees, earn and access.
INFINIA Metal is invite only too and costs ₹12,500 plus taxes, waived on ₹10 lakh of spends, with 12,500 points on fee payment. It earns 5 points per ₹150. A Business Standard report, citing HDFC's website, puts a point at ₹1 on SmartBuy flights, hotels, Apple and Tanishq, which would make the return about 3.33% (₹5 on ₹150), a little above Emeralde's 3%. Lounges are unlimited in India and abroad for primary and add-on members.
Diners Club Black Metal costs ₹10,000 plus taxes, waived on ₹8 lakh, and HDFC publishes an income bar for it: above ₹2.5 lakh a month for salaried people or ITR above ₹30 lakh for the self-employed. Base earn is 5 points per ₹150 (implied by its terms), redeemable on SmartBuy at up to 1:1, and lounge access is unlimited. It has no fuel surcharge waiver, and fuel earns nothing.
Axis Magnus charges ₹12,500 + GST but wants ₹25 lakh of yearly spends to waive it. It earns 12 EDGE REWARD Points per ₹200 up to ₹1.5 lakh a month and 35 per ₹200 beyond that, up to a ceiling linked to your credit limit, and points move to airline and hotel partners at 5 points for 2 miles. Its domestic lounges need ₹50,000 of spends in the previous 3 months, where Emeralde's need none.
Which to pick: stay with Emeralde if you already bank with ICICI at the required level and want lounges with no conditions plus the no late fee and no cash fee terms. INFINIA suits people HDFC invites who book through SmartBuy, Diners Club Black Metal suits high earners who meet its published income bar, and Magnus suits very heavy spenders who transfer points to airlines. Our Diners Club Black Metal and Emeralde comparison goes line by line, ICICI's other top card is Times Black, and the whole range is on our ICICI Bank cards page.
Emeralde Private Metal against similar cards
| Term | ICICI Bank Emeralde Private Metal Credit Card This card | INFINIA Metal Edition Credit Card | Diners Club Black Metal Edition Credit Card | Axis Bank Magnus Credit Card |
|---|---|---|---|---|
| Bank | ICICI Bank | HDFC Bank | HDFC Bank | Axis Bank |
| Joining fee | ₹12,499 + GST | ₹12,500 + GST | ₹10,000 + GST | ₹12,500 + GST |
| Annual fee and waiver | ₹12,499 + GST. Spend over ₹10 lakh and get your annual fee waived for the next year (card page); MITC footnote *** says the fee for the year is reversed on anniversary-year completion | ₹12,500 + GST. Spend ₹10 lakh or more in a year before the renewal date to get the renewal fee waived. | ₹10,000 + GST. Spend ₹8 lakh or more in a year before the renewal date to get the renewal fee waived. | ₹12,500 + GST. Annual fee waived on eligible spends of INR 25 lakh in the preceding card anniversary year (rent, wallet, utilities, government, EMI conversions, cash, reversals, fees, insurance, gold/jewellery, fuel and gift cards excluded). Lifetime free (Nil fees) for customers with a Burgundy Salary Account opened on or after 1 July 2026 with net monthly salary of INR 2 lakh or more. |
| Base reward | 6 reward points per ₹200 on eligible retail spend | 5 Reward Points for every ₹150 spent | 5 Reward Points per ₹150 (implied by the T&C: 2X = 10 Reward Points per ₹150) | 12 EDGE REWARD Points per INR 200 on eligible spends up to INR 1.5 lakh in a... |
| Best category | No higher-reward category published | SmartBuy: Up to 10X Reward Points (limited-period programme governed by SmartBuy T&C) | Weekend dining at standalone restaurants, Saturday and Sunday, non-EMI, minimum ₹150: 2X Reward Points i.e. 10 Reward points per Rs. 150 | Monthly eligible spends above INR 1.5 lakh: 35 EDGE REWARD Points per INR 200 |
| Lounges | Domestic: Unlimited complimentary domestic lounge access for primary and add-on cardholders International: Unlimited international lounge access via Priority Pass for primary and add-on cardholders (guests USD 29 + GST per visit) | Domestic: Unlimited complimentary lounge access in India for primary and add-on cardholders International: Unlimited lounge access outside India through Priority Pass for primary and add-on cardholders | Domestic: Unlimited lounge access (1,300+ lounges in India and abroad) for primary and add-on card members International: Unlimited, via the Diners Club card (lounge list in the Diners Travel Tool app) | Domestic: Unlimited complimentary visits at select domestic airport lounges (card, not Priority Pass, from 28 Aug 2026); 4 guest visits a calendar year International: Unlimited complimentary visits with Priority Pass, plus 4 guest visits per year |
| Forex markup | 2% of the amount | 2% of the amount | 2% of the amount | 2% of the amount |
| Network | Mastercard | Not stated by the bank | Diners Club | Mastercard |
| Published minimum income | Not published (invite only) | Not published by the bank | ₹2,50,000 a month | ₹2,00,000 a month |
| Status | Taking applications | Taking applications | Taking applications | Taking applications |
Frequently asked questions
What is the annual fee on the ICICI Emeralde Private Metal card, and when is it reversed?
How much is an Emeralde Private Metal reward point worth?
How do I get the ICICI Emeralde Private Metal Credit Card?
Does Emeralde Private Metal have a spend condition for airport lounges?
What changed on the Emeralde Private Metal card in 2026?
Do the points earned abroad cover the 2% forex mark-up?
Related
- HDFC Bank INFINIA Metal Edition Review: 5 Points per ₹150, Invite Only
- HDFC Diners Club Black Metal Edition Review: Unlimited Lounges, ₹10,000 Fee
- Axis Bank Magnus Credit Card Review: Big Points Only Above ₹1.5 Lakh
- Times Black ICICI Bank Credit Card Review: 1.49% Forex and a ₹20,000 Fee
- ICICI Bank Credit Cards 2026: Spend Rules, Fees and Which Card to Pick
- Credit Cards in India 2026: Choose by Spend, Know the Costs and Rules
Sources
- ICICI Bank Limited: Most Important Terms and Conditions (MITC), credit cards; ICICI Bank Emeralde Private Metal Credit Card Terms & Conditions; Emeralde Private Metal Credit Card; ICICI Bank Customer Care
Last verified: 5 November 2026
Written by Ramesh Kulkarni, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.