Credit card wars: Will ICICI unseat HDFC Infinia with Emerald Private Metal?

Subscribe to enjoy similar stories. The battle for India’s most rewarding credit card is heating up. As premium customers chase higher returns on travel and shopping, banks are stepping up with exclusive reward platforms.

HDFC’s SmartBuy and Axis Bank’s GrabDeals have long dominated the space. Now, ICICI Bank is upping the ante with iShop, its new rewards platform that levels the playing field. From February, ICICI Bank introduced accelerated rewards—6X on flights, 12X on hotels, and 6X on vouchers—making all its credit cards more rewarding.

The exact return varies by card type, as base reward rates differ, but the move significantly boosts its competitiveness in the premium segment. At the top end, ICICI Bank is betting big on its super-premium Emerald Private Metal credit card, which offers up to 36% returns on hotel bookings and 18% on flights—one of the most lucrative reward structures in the market. But is it enough to shake up the market? Aly Hajiani, a credit card consultant, thinks so.

“ICICI Bank has done it better than the others," he says. “The highest accelerated reward rate—up to 18% on flights and vouchers, and 36% on hotels—is being offered by (ICICI Bank's) Emerald Private Metal. That’s higher than what the current top card, HDFC Infinia, provides." HDFC Infinia, by comparison, offers up to 33.3% on flights and 16.65% on flights and vouchers, with a lower monthly cap of 15,000 accelerated reward points versus 18,000 points on Emerald Private Metal.

While Infinia remains a dominant force, ICICI’s bet on iShop could be a game-changer. Its appeal lies in the sheer scale of accelerated rewards and flexibility across premium cards. Here’s a closer look at what iShop brings to the table.