ICICI caps transport rewards and excludes rent, tax, fuel spends
From 15 January 2026, ICICI Emeralde, Emeralde Private, Sapphiro and Rubyx earn on only the first ₹20,000 of monthly transport spend, and rent, tax, fuel, government services and wallet loads earn nothing. DCC rises to 2%.
ICICI just ran one of the broadest single-day devaluations any Indian issuer has pushed across its premium metal tier. From 15 January 2026, Emeralde, Emeralde Private, Sapphiro and Rubyx earn points on only the first ₹20,000 of monthly transport spend — a category that was previously unlimited.
Worse, entire categories go to zero. Government services, fuel, rent, tax and third-party wallet loads now earn nothing at all. These were reliable point-farming ground for exactly the cardholders who carry these cards.
The fee side tightens too: the DCC markup climbs from 1.99% to 2%, and a new ₹3,500 add-on card fee appears. Every lever moved, and every one moved against you.
Our take: this guts the point-accumulation case for ICICI’s premium tier. If your Emeralde or Sapphiro earn rate was built on rent, fuel or uncapped transport, your effective rate just fell off a cliff — recalculate before renewal.