For a long time, ICICI cards had one big trick: iShop. Buy Amazon Pay, Swiggy, or jewellery vouchers through it on a premium card, and you could earn rewards worth well over 10% back on spends you were making anyway. That trick is mostly gone now.

ICICI didn't make one big change in 2026. It made three rounds of them. In January and February, it cut iShop rewards, capped rewards on transport and insurance, and added new fees. From July, it put a spend condition on MakeMyTrip card lounge access. And it has just announced another round, landing between 25 November and 15 December 2026, that removes insurance cover and movie benefits from some of its best-known cards.

Here's every change, in order, and what it means for you.

iShop: where ICICI cards lost the most value

From 1 February 2026, ICICI removed 6X accelerated reward points on iShop vouchers for some of the most-used brands: Amazon Pay, Swiggy, Kalyan Jewellers, Tanishq, and Reliance Jewels.

These were exactly the vouchers that made iShop worth using. Without the 6X boost, they now earn only the card's base rate.

That's before fees, which also went up.

Higher fees on iShop vouchers

Put the two changes together and the math flips. On Times Black, you now earn about 2% back on these vouchers while paying about 4.13% in fees. That's a loss on every voucher you buy.

Jewellery vouchers: card payments no longer allowed

Jewellery vouchers on iShop can now only be paid through NetBanking. You can't use a credit card for them at all, so there's no way to earn card rewards on them anymore.

Transport and insurance rewards are now capped (from 1 February 2026)

Train, bus, and other transport spends (merchant category codes 4111, 4112, 4784, and 4131) now only earn reward points up to a monthly spend limit. Anything above it earns nothing.

On the HPCL Super Saver card, insurance payments now only earn reward points up to ₹40,000 of spend a month.

Emeralde Metal: new exclusions and an add-on fee (from 15 January 2026)

The Emeralde Metal card still earns 6 reward points for every ₹200 spent, but no longer on government services, fuel, property management, rent, tax payments, or third-party wallet loads.

New add-on (Plus) cards on Emeralde Metal issued on or after 15 January 2026 now carry a one-time fee of ₹3,500.

New fees on all retail cards (from 15 January 2026)

A few other changes applied to all retail cards too:

• Cash payments at ICICI branches to clear your card bill now cost ₹150 per payment, up from ₹100.

• Cancelling an EMI after choosing it at purchase now has a foreclosure charge.

• The UPI ID for paying your card bill changed. It's now ccpay.(your 10-digit mobile number)(last 4 digits of your card)@icici. If you've saved the old one in a UPI app, update it.

• ICICI restated that cards are for personal use only. Using them for business, resale, or working capital purposes isn't allowed.

BookMyShow offers now need spending

From 1 February 2026, the BookMyShow movie benefit was discontinued on the Instant Platinum Chip and Instant Platinum cards.

On a much longer list of cards, the offer now only works if you spent ₹25,000 or more in the previous quarter. This includes the HPCL, Coral, Rubyx, Sapphiro, Emeralde, Emeralde Private, Adani One, MakeMyTrip, Manchester United, Chennai Super Kings, and Expressions cards.

The quarters don't line up with the calendar. For example, to use the offer from April to June 2026, you needed to spend ₹25,000 between 26 December 2025 and 25 March 2026. This repeats every quarter.

DCC charges were reset by card (from 15 January 2026)

Dynamic Currency Conversion (DCC) charges apply when you pay in Indian rupees at a foreign merchant, or to a merchant in India that's registered abroad.

MakeMyTrip ICICI cards: lounge access now needs spending

MakeMyTrip ICICI cards used to give free domestic lounge access with no conditions. That was a big part of why people held them, since the reward rates were modest.

From 1 July 2026, you need to spend ₹75,000 in the previous calendar quarter to unlock domestic lounge access. For example, to use lounges between October and December, you need to have spent ₹75,000 between July and September. This repeats every quarter.

The new round: 25 November to 15 December 2026

Just as cardholders adjusted to the earlier cuts, ICICI announced another set of changes:

Two things to act on before 15 December. If you have INOX benefits left, use them now. And if you were counting on your card's air accident or CFAR cover for upcoming trips, arrange separate travel insurance before the cutoff, since the card won't cover you after that.

The good news: what still works

Not everything got worse. A few strengths are still intact:

• iShop travel bookings still earn up to 10X rewards on flights and hotels on premium cards like Emeralde Private and Times Black. If you book travel regularly through iShop, this is still a strong reason to hold these cards.

• Some cards have genuinely low DCC charges. The MakeMyTrip ICICI Travel card's 0.99% and Times Black's 1.49% are among the lower rates you'll find.

• Emeralde Private Metal, Times Black, and 1838 Reserve are exempt from the new card replacement fee.

• Transport and insurance still earn rewards, just up to a monthly limit. If your monthly spend in these categories is under the cap, nothing changes for you.

Is your ICICI card still worth holding?

It depends on what you were using it for.

• If your card's value came mostly from iShop vouchers, run the new math. Base rewards minus a 4.13% fee often ends up negative, so your best use for the card may have disappeared.

• If you pay a high annual fee for travel insurance and CFAR cover, you're losing those from 15 December. Check whether the card still earns back its fee without them.

• If you spend heavily on transport, insurance, or wallet loads, the new caps and fees can quietly cut your net return.

• If you mainly book travel through iShop on a premium card, you're in the best position, since that's the one big strength left.

Find out which of your cards to use now

With three rounds of changes in one year, the card that was right for a purchase in January may be the wrong one today. Instead of rechecking ICICI's terms every few months, ask Wisor which of your cards is best for your next voucher, travel booking, train ticket, or international payment. It checks your actual cards against the latest changes, so you're not paying a 4% fee to earn 2% back without knowing it.

FAQ

When do the new ICICI credit card changes take effect?

The latest round is staggered. Business, corporate, and purchase cards see the DCC and replacement fee changes from 25 November 2026. The new ₹300 + GST replacement fee for most cards and the Priority Pass replacement fee start on 11 December 2026. The insurance, CFAR, and INOX benefits end on 15 December 2026.

Is ICICI removing insurance from all its credit cards?

No. The free air accident and related insurance ends on Emeralde Private Metal, Times Black, Emeralde, Emeralde Private, Diamant, Sapphiro, and Rubyx. Parakram and Parakram Select lose their personal and air accident cover. Other cards aren't on the list.

What is CFAR cover, and which ICICI cards are losing it?

Cancellation For Any Reason (CFAR) cover refunds part of a trip booking if you cancel for a reason a regular policy wouldn't cover. It ends on 15 December 2026 on Emeralde Private Metal, Times Black, Emeralde, and Emeralde Private.

Can I still use my INOX benefit?

Yes, until 15 December 2026. After that, it's discontinued on Rubyx, Coral, Expressions, Chennai Super Kings, MakeMyTrip (Platinum, Signature, and MakeMyTrip card), HPCL Super Saver, and Emirates Rubyx. Use any remaining benefit before then.

Do I still earn reward points on train and bus tickets with ICICI cards?

Yes, but only up to a monthly limit: ₹20,000 of transport spend on Rubyx, Sapphiro, Emeralde, and Emeralde Private, and ₹10,000 on cards like Coral, Platinum, HPCL, and Expressions. Spends above the limit earn nothing, and transport transactions above ₹50,000 also carry a 1% fee.

Are ICICI iShop vouchers still worth buying?

For Amazon Pay, Swiggy, and jewellery brands, usually not anymore. The 6X accelerated rewards were removed and the fee rose to 3.5% + GST, so on many cards you now pay more in fees than you earn back. iShop travel bookings on premium cards are still worth using.