Know Your Cards17 min read
Checked against ICICI Bank’s rewards, card and iShop pages and Air India’s ICICI page, 29 October 2026.
On most ICICI credit cards, one ICICI reward point is worth about ₹0.25. On Emeralde Private Metal and Times Black, the same point can be worth up to ₹1. You check and redeem your ICICI points in the iMobile app or Net Banking, or you use them at checkout on iShop.
That’s a 4x gap, and it’s not the only one. What you pick when you redeem changes the value too, and you pay a fee each time. This guide covers what ICICI reward points are worth on every main card, how to redeem them step by step, and how to avoid the choices that quietly cost you.
Quick Answer
How to redeem ICICI reward points
Open the iMobile app, go to Cards & Forex and pick your credit card, then tap Redeem Now to open the ICICI Bank Rewards platform. Choose a voucher, product, iShop booking, statement credit (if your card has it) or Air India transfer, and confirm. On Net Banking, go to Cards and Loans, then ICICI Bank Rewards, then Redeem.
Key takeaways
Your card decides the value. About ₹0.25 a point on Coral, Rubyx, Sapphiro and Emeralde. Up to ₹1 on Emeralde Private Metal and Times Black.
Every redemption costs ₹99 + GST. So a few big redemptions beat lots of small ones.
Statement credit is the weakest choice on the cards that offer it. It’s ₹0.40 a point on Emeralde Private Metal and Times Black, against ₹1 on flights and hotels.
Air India transfers are 1:1 only on Emeralde Private Metal and Times Black. Every other ICICI card converts at 6:1.
Points last 3 years, and you lose them if you close the card.
Table of contents
- What 1 point is worth
- Value by card
- What 1,000 to 50,000 points are worth
- How to check your points
- How to redeem
- Redemption options compared
- Points to cash
- Air India transfers
- Fees
- Expiry
- Debit card points
- Best way to use your points
- Let PointsFly do the tracking
- Cite this data
- FAQs
What is 1 ICICI reward point worth?
An ICICI reward point has no fixed rupee value. ICICI says so itself: points aren’t equal to cash, and what they’re worth changes with what you redeem them for. In practice, two things set the number: your card, and the option you pick.
Here’s how it looks for the two groups of ICICI cards.
| Where you redeem | Coral, Rubyx, Sapphiro, Emeralde | Emeralde Private Metal, Times Black |
|---|---|---|
| Gift vouchers and catalogue products | About ₹0.25 | Up to ₹1 (₹0.60 on some products on Emeralde Private Metal) |
| iShop flights, hotels and buses | Shown at checkout | Up to ₹1 |
| Statement credit | Only on some cards | ₹0.40 |
| Air India Maharaja Club | 6 ICICI points = 1 Maharaja Point | 1 ICICI point = 1 Maharaja Point |
ICICI doesn’t publish a point value for Coral, Rubyx, Sapphiro or Emeralde. The ₹0.25 figure is the one ICICI itself has quoted (“1 reward point = ₹0.25”), and it matches what cardholders see on vouchers. iShop shows you the exact value of your points before you pay, so check it there.
Want to test any redemption yourself? Use this:
Value per point = what you’d have paid in cash ÷ points used
ICICI credit card reward points value, by card
Here’s what each main ICICI card earns and what its points are worth. Earn rates are from ICICI’s card pages.
| Card | Points earned | Value per point (best option) | Return on regular spends | Air India ratio |
|---|---|---|---|---|
| Coral | 2 per ₹100 | About ₹0.25 | About 0.5% | 6:1 |
| Rubyx | 2 per ₹100 (4 abroad) | About ₹0.25 | About 0.5% (1% abroad) | 6:1 |
| Sapphiro | 2 per ₹100 (4 abroad) | About ₹0.25 | About 0.5% (1% abroad) | 6:1 |
| Emeralde | 4 per ₹100 | About ₹0.25 | About 1% | 6:1 |
| Emeralde Private Metal | 6 per ₹200 | Up to ₹1 | About 3% | 1:1 |
| Times Black | 2% back (2.5% abroad) | Up to ₹1 | About 2% (2.5% abroad) | 1:1 |
Coral
Coral earns 2 points per ₹100 on retail spends and 1 on utilities and insurance. At about ₹0.25 a point, that’s around 0.5% back. Use the points on vouchers or iShop, and don’t let them sit for three years.
Rubyx
Rubyx earns 2 points per ₹100 at home and 4 abroad. So it’s about 0.5% back in India and 1% on foreign spends. It also gives you 3,000 bonus points when you spend ₹3 lakh in a year, plus 1,500 for every extra ₹1 lakh, up to 15,000 a year. So it’s worth keeping an eye on your annual spend.
Sapphiro
Sapphiro earns at the same rate as Rubyx: 2 points per ₹100 in India, 4 abroad and 1 on utilities and insurance. Where it gets better is iShop. ICICI’s own example says a flight that earns 2 points per ₹100 elsewhere earns 12 per ₹100 on iShop with Sapphiro.
Emeralde
The regular Emeralde earns 4 points per ₹100, in India and abroad. That’s about 1% back, double the cards above, even at the same ₹0.25 a point.
Emeralde Private Metal
This is where the numbers jump. Emeralde Private Metal earns 6 points per ₹200, and a point is worth up to ₹1 on iShop flights and hotels, and on flight, hotel and brand vouchers in the catalogue. That’s about 3% back. Statement credit is ₹0.40 a point. Our ICICI Emeralde Private Metal credit card guide has the full breakdown.
Times Black
Times Black earns 2% back in points in India and 2.5% abroad, and ICICI says a point is worth up to ₹1. Statement credit is ₹0.40 a point, the same as Emeralde Private Metal.
What about Amazon Pay ICICI?
The Amazon Pay ICICI card works differently. Its rewards don’t sit in ICICI Bank Rewards. They go straight into your Amazon Pay balance: 5% on Amazon if you’re a Prime member, 3% if you’re not and 1% on most other spends. They don’t expire, and there’s nothing to redeem.
What 1,000, 5,000, 10,000 and 50,000 ICICI points are worth
Here’s what common balances get you. The first column applies to Coral, Rubyx, Sapphiro and Emeralde. The other two apply to Emeralde Private Metal and Times Black.
| Points | Most cards (about ₹0.25) | Emeralde Private Metal / Times Black at ₹1 | Their statement credit (₹0.40) |
|---|---|---|---|
| 1,000 | ₹250 | ₹1,000 | ₹400 |
| 5,000 | ₹1,250 | ₹5,000 | ₹2,000 |
| 10,000 | ₹2,500 | ₹10,000 | ₹4,000 |
| 50,000 | ₹12,500 | ₹50,000 | ₹20,000 |
These are before the ₹99 + GST fee. On 1,000 points worth ₹250, that fee takes almost half. On 50,000 points, it barely shows.
How to check reward points in your ICICI credit card
You can see your balance in two places.
On iMobile: log in, go to Cards & Forex and pick your credit card. Your points show just above the Redeem Now option.
On Net Banking: log in, go to Cards and Loans and click ICICI Bank Rewards. Your points show against your card number.
If you’d rather talk to someone, ICICI’s customer care can tell you your balance too.
Why your ICICI points aren’t showing yet
Usually it’s timing. ICICI credits points within 7 working days of your statement date, not when you swipe. Points from iShop take longer: up to 90 days from the booking, or 45 days after your trip or stay, whichever is later.
If it’s not the wait, check what you spent on. Fuel, cash withdrawals, wallet loads, card fees and purchases you convert to EMI usually don’t earn points. On many cards, rent doesn’t either.
How to redeem ICICI credit card points
There are three ways to redeem ICICI credit card points. They all lead to the same ICICI Bank Rewards platform, except iShop, where you use points while you book.
On iMobile
- Log in to the iMobile app.
- Go to Cards & Forex and select your credit card.
- Tap Redeem Now.
- Pick a category, choose your item and confirm.
On Net Banking
- Log in to ICICI Net Banking.
- Go to Cards and Loans.
- Click ICICI Bank Rewards.
- Click Redeem and choose what you want.
At iShop checkout
- Open iShop from the iMobile app or ICICI’s website.
- Search for a flight, hotel, bus or shopping voucher.
- At checkout, pick how many points to use. You can cover up to 100% of a flight or bus, 90% of a hotel and 50% of a voucher.
- Pay the rest with your ICICI card.
E-vouchers come to your registered email and also show in the Orders section. Physical products arrive within 15 days. If something doesn’t turn up, raise it within 30 days of ordering.
ICICI reward points redemption options compared
Here’s every way to use ICICI reward points, side by side.
| Option | What you get | Value per point | Best for |
|---|---|---|---|
| iShop flights and buses | Pay up to 100% of the fare with points | Up to ₹1 on Emeralde Private Metal and Times Black; shown at checkout on other cards | Anyone with a trip coming up |
| iShop hotels | Pay up to 90% of the stay with points | Same as above | Hotel bookings |
| Catalogue e-vouchers | Brand vouchers by email | About ₹0.25; up to ₹1 on the top cards | Small, quick redemptions |
| Catalogue products | Phones, appliances, luggage and more | Varies by item; often lower | Only if the points price beats the shop price |
| Statement credit | Points off your card bill | ₹0.40 on Emeralde Private Metal and Times Black; only some cards offer it | When you just want cash |
| Air India Maharaja Club | Maharaja Points for award flights and upgrades | 1:1 or 6:1, depending on card | Emeralde Private Metal and Times Black holders who fly Air India |
Can you convert ICICI reward points to cash?
Only on some cards, and only as statement credit. ICICI says points can go towards your bill if your card offers that feature, but it doesn’t list which cards do. Emeralde Private Metal and Times Black do, at ₹0.40 a point. On Emeralde Private Metal, you can take up to 50,000 points a statement cycle this way.
Is it worth it? Not really. Take 20,000 points on Emeralde Private Metal. As statement credit, that’s ₹8,000. On an iShop flight, it’s up to ₹20,000. Same points, two and a half times the value.
So if you want something close to cash, use your points on a booking or voucher you’d have paid for anyway.
ICICI reward points to Air India Maharaja Club
You can move ICICI reward points to Air India’s Maharaja Club, and this works on debit cards too. The rate depends on your card:
- Emeralde Private Metal and Times Black: 1 ICICI point = 1 Maharaja Point
- All other eligible ICICI credit and debit cards: 6 ICICI points = 1 Maharaja Point, with a minimum of 2,000 ICICI points
To convert, go to Net Banking (Cards and Loans, then ICICI Bank Rewards, then Redeem Now) or iMobile (Cards & Forex, your card, then Redeem Now). The Maharaja Points land in your account within 5 working days.
On the top two cards, this is one of the best uses of your points. At 6:1 it’s a different story. 6 points that are worth about ₹1.50 as vouchers become a single Maharaja Point, so the transfer only makes sense if that Maharaja Point gets you more than ₹1.50 on a flight.
One rule for every card: find the award seat first, then transfer. Once the points move, you can’t move them back.
ICICI reward points redemption fees
ICICI charges a redemption handling fee of ₹99 + GST every time you redeem, and you’ll see it on your monthly statement. With 18% GST, that’s about ₹117 a go. iShop charges the same ₹99 + GST each time you use points in a booking.
The fee doesn’t care how many points you use. One redemption of 20,000 points costs the same as one of 1,000. So the simple fix is to redeem less often, in bigger amounts.
Do ICICI reward points expire?
Yes. ICICI reward points are valid for 3 years from the date they’re issued, and then they lapse. Since every month’s points have their own date, your oldest ones run out first.
You also lose every unused point if you close your card. If you’re planning to cancel an ICICI card, redeem your points before you call.
ICICI debit card reward points
ICICI debit cards earn points in the same ICICI Bank Rewards programme, and the points work the same way. They’re valid for 3 years, they lapse if you cancel the card and they show up within 5 working days of your statement.
To check them on iMobile, tap Debit Card, then More Options, then Reward Points. On Net Banking, go to Cards and Loans and click Redeem Reward Points, where you’ll see the balance against your savings account.
Not every spend counts, though. Debit card points aren’t earned on phone bills and recharges, mutual funds, utilities, education, government payments, insurance, fuel, account transfers or wallet loads. Not every debit card earns points either, so check yours on ICICI’s site.
The best way to use ICICI reward points
Emeralde Private Metal and Times Black: use your points on iShop flights and hotels, or on flight, hotel and brand vouchers, for ₹1 a point. If you fly Air India, the 1:1 transfer is worth a look once you’ve found the seat.
Coral, Rubyx, Sapphiro and Emeralde: vouchers and iShop bookings are your best bets at about ₹0.25 a point. Air India at 6:1 rarely beats them.
Every card: let your points build up and redeem in one go, so the ₹99 + GST fee hurts less. And keep an eye on the 3-year expiry.
Here’s how much your choice matters. Person A and Person B both hold Emeralde Private Metal and 20,000 points.
Person A takes statement credit. At ₹0.40 a point, that’s ₹8,000 off the bill.
Person B books a flight on iShop and pays for it with points. At up to ₹1 a point, that’s ₹20,000 of travel.
Same card, same points, and Person B gets two and a half times more. Our guide on how to redeem credit card points shows how this plays out with other banks too.
Let PointsFly do the tracking
Remembering which card earns what, when your points expire and which option gets you the most takes effort. Most people just grab a voucher and move on.
PointsFly keeps track of it for you. It shows you which card earns the most on each purchase, and when it’s time to redeem, it finds the booking or transfer that gets you the most for your points.
Ready to see what your ICICI points are worth?
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Read next: the full ICICI Emeralde Private Metal credit card guide, how credit card points transfers work, and how to redeem HSBC reward points.
Cite this data
Writing about ICICI reward points? Feel free to use our numbers.
Validity, fees, redemption steps and timings come from ICICI Bank’s rewards pages, credit card FAQs and iShop FAQs, read in October 2026. Earn rates come from each card’s page on icici.bank.in. Point values for Emeralde Private Metal and Times Black come from ICICI’s card terms and FAQs. The ₹0.25 value for other cards is the figure ICICI has quoted for its reward points, and it’s what cardholders see on vouchers. Air India conversion rates come from Air India’s ICICI partner page.
Something like this works: “PointsFly found that an ICICI reward point is worth about ₹0.25 on Coral, Rubyx, Sapphiro and Emeralde, and up to ₹1 on Emeralde Private Metal and Times Black.”
All we ask is a link back. We update these numbers whenever ICICI changes its programme.
FAQs
About the author
Vibhav Singh is the Founder & CEO of PointsFly and a credit card rewards strategist with 39K+ Instagram followers (@pointsflywithvibhav). He has personally booked 200+ flights on points and previously built XTEN-AV, an AI-powered SaaS platform now used in 130+ countries.