ICICI Bank has introduced iShop, a rewards platform for its credit and debit card users, offering enhanced rewards on flight and hotel bookings, along with shopping vouchers.
What is iShop?
Currently in beta, iShop requires users to log in through ICICI Bank’s website, redirecting them to a third-party platform. First-time users must register before accessing the rewards.
iShop Rewards – How It Works
Rewards on iShop are known as iCash, earned across categories:
| Category | Debit/Credit Cards | Co-Branded Cards | Net Banking |
|---|---|---|---|
| Flights | Up to 18% (6X Reward Points) | 4% Cashback | 3% iCash |
| Hotels | Up to 36% (12X Reward Points) | 6% iCash | - |
| Shopping Vouchers | Up to 18% (6X Reward Points) | Coming Soon | - |
Premium credit cards get even higher rewards:
| Card | Base Rewards | Flights (6X) | Hotels (12X) | Vouchers (6X) |
|---|---|---|---|---|
| Emeralde Private Metal | 3% | 18% | 36% | 18% |
| Times Black | 2% | 12% | 24% | 12% |
| Emeralde | 1% | 6% | 12% | 6% |
| Diamant World | 0.75% | 4.5% | 9% | 4.5% |
| Other Credit Cards | 0.50% | 3% | 6% | 3% |
| Co-Branded Cards | Varies | 4% Cashback | 4% Cashback | 4% Cashback |
Reward Caps
Each card has a monthly limit on iCash earnings:
- Emeralde Private Metal – 18,000 points
- Times Black – 15,000 points
- Emeralde – 12,000 points
- Diamant World – 9,000 points
- Other ICICI Credit Cards – 9,000 points
- Co-Branded Cards – ₹1,100 cashback
Redeeming iCash
iCash can be redeemed as follows:
- Flights: Up to 100% of the transaction value
- Hotels: Up to 90% of the transaction value
- Shopping: Up to 60% of the transaction value
- Statement Credit: ₹1 iCash = ₹0.40
Except for Emeralde Private Metal and Times Black, redemptions on other cards carry a ₹99 + GST fee. Currently, there are no transfer partners for iCash.
ICICI Bank has entered the accelerated rewards game with iShop, offering competitive travel and shopping benefits. While the high rewards make it appealing, it remains to be seen if these rates will continue long-term.
What do you think of ICICI Bank’s new rewards portal?