ICICI Bank replaced the Payback program with a new rewards program from 01-April-2022. Now, we earn ‘ICICI Bank reward points’ on its credit cards instead of Payback points. This seemed to be ‘good’ news because ICICI Bank’s credit cards offer very low rewards. But we never got to see the redemption portal as its launch got delayed by quite a bit of time. Finally, the day is here. ICICI Bank’s long-awaited new rewards redemption portal is now live. Here is how you can redeem your ICICI Bank credit card reward points and the options you get.
How to access the ICICI Bank credit card rewards redemption portal?
Log in to the ICICI Bank Netbanking portal. Click on Cards and Loans –> Credit Cards in the top navigation bar.
On the left side, click on the link ‘Reward Points’. Click on ‘Redeem Now’ against the card you want to redeem points for. This will take you to the rewards redemption portal.
Rewards Redemption Options
We get multiple categories for redeeming the reward points.
- Fashion and Lifestyle catalog
- Electronics products
- Travel and Luggage catalog
- E-Vouchers
- Home and Kitchen products
The value of each reward point stays at 25 paise. So, if you are hoping for a change then you will be disappointed. Given the reward value, e-vouchers are the only good choice.
Tanishq, Kalyan Jewellers, Jockey, Marriott and Croma are some of the good options in e-vouchers. We also have e-commerce GVs like Amazon, Flipkart, and Tata CliQ.
Final Thoughts
Right now HDFC Bank, Axis Bank, and Amex are the only issuers who have some of the best credit card offerings. With this launch, ICICI Bank has lost yet another chance to bring some value to its credit card customers.
The low reward earn rate makes ICICI Bank credit cards one of the least rewarding options in the market. The only ICICI credit cards worth having are the Amazon Pay and MakeMyTrip co-branded cards.
