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ICICI iShop pulls 6X from Amazon Pay, Swiggy and jewellery vouchers

From 22 January 2026 ICICI iShop stopped paying 6X on Amazon Pay, Swiggy, Tanishq, Kalyan and Reliance Jewels vouchers, then raised the voucher fee to 3.5% + GST. On Emeralde Private Metal an Amazon Pay voucher went from 18% back to 3%, less than the fee.

What changed

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Devaluation · ICICI Bank

Before

6X Reward Points on iShop vouchers for Amazon Pay, Swiggy, Tanishq, Kalyan Jewellers and Reliance Jewels; 2.95% + GST fee on Amazon Pay, Flipkart and Swiggy; Amazon Shopping vouchers fee-free

After

Those five brands earn the card's base rate only; 3.5% + GST on Amazon Pay, Amazon Shopping, Flipkart and Swiggy vouchers; jewellery vouchers payable by NetBanking only

See it with every other change · How FY2026 scored on the devaluation index

ICICI cut iShop’s voucher shelf without sending a notice. On 22 January 2026 TechnoFino members found that Amazon Pay vouchers had stopped earning 6X. SaveSage posted the full list the next day.

Five brands lost 6X. Amazon Pay, Swiggy, Tanishq, Kalyan Jewellers and Reliance Jewels vouchers now earn the card’s base rate. Flights and hotels were not on the list.

Fees went up. SaveSage dates this half from 1 February 2026:

iShop voucherFee beforeFee after
Amazon Pay, Flipkart, Swiggy2.95% + GST3.5% + GST (4.13%)
Amazon Shoppingnone3.5% + GST (4.13%)
Tanishq, Kalyan, Reliance Jewelscard-payableNetBanking only

What it costs

Emeralde Private Metal earns 3% at our ₹1 house value for ICICI points, so 6X made an Amazon Pay voucher worth 18% back. Even after the old 2.95% + GST fee you kept about 14.5%. Now the voucher earns the 3% base and the fee is 4.13%. You lose about 1.1% on every voucher you buy.

Times Black earns 2%, so the same voucher fell from 12% to 2%. That is also below the fee.

The jewellery vouchers are a different loss. They were the main way to put a big gold or wedding purchase through iShop at 6X. Now they cannot go on a credit card at all.

What to do

Stop buying Amazon Pay, Amazon Shopping, Swiggy and Flipkart vouchers through iShop on any ICICI card. Pay those merchants with the card directly and take the base rate without a fee. iShop still pays for flights and hotels, and those bookings are why we value Emeralde Private Metal and Times Black points at ₹1. The voucher route is gone.

Sources. All of them are community reports: the TechnoFino thread (22 January 2026), and SaveSage’s post of 23 January and its 2026 devaluation round-up for the 1 February date and the fee table. ICICI has not published this anywhere we could find. Read it in the TechnoFino thread and in SaveSage’s round-up.

More on this story

  1. ICICI un-reserves Mumbai's Adani Silver lounge — the whole Annexure-1 board gets in

  2. ICICI Times Black eligibility now ₹2L/month — 21+

  3. ICICI gated Adani One and MakeMyTrip lounge access on 1 July

  4. ICICI gates its BookMyShow movie perk behind quarterly spend

  5. ICICI caps transport rewards and excludes rent, tax, fuel spends

  6. ICICI opens iShop, its accelerated-rewards travel and voucher portal

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