ICICI Bank has announced a major devaluation of its Emirates Skywards co-branded credit cards, affecting all three variants: Emeralde, Sapphiro, and Rubyx. These changes come into effect from 15 January 2026 and significantly impact the reward structure and benefits of these cards.
The devaluation is primarily focused on reduced Skywards Miles earning rates and removal of rewards on certain everyday spending categories, making the cards less valuable for frequent users.
Reward Points Earning Changes
Emirates Skywards ICICI Bank Emeralde Credit Card
- New Earning: 2 Skywards Miles per ₹100 spent (down from 2.5 Miles)
- Excluded Categories: Insurance, utility bills, government payments, and education spend will no longer earn Miles
This change reduces the earning potential for users who relied on everyday transactions for rewards.
Emirates Skywards ICICI Bank Sapphiro Credit Card
- New Earning: 1.5 Skywards Miles per ₹100 spent (down from 2 Miles)
- Excluded Categories: Insurance, utility bills, government payments, and education spend
Emirates Skywards ICICI Bank Rubyx Credit Card
- New Earning: 1 Skywards Mile per ₹100 spent
- Excluded Categories: Insurance, utility bills, government payments, and education spend
- All other card features remain unchanged.
Spend-Based Movie Offers
From 15 January 2026, the BookMyShow benefit on all three cards will now be spend-based:
- Cardholders must spend ₹25,000 or more in the previous quarter to unlock the movie offer.
- This applies to Emeralde, Sapphiro, and Rubyx cards.
- The change makes it harder to redeem the BookMyShow benefit compared to the earlier structure.
Bottom Line
The Emirates Skywards ICICI Bank Credit Cards devaluation significantly affects cardholders:
- Reduced Skywards Miles earning rates on all three variants
- No rewards on insurance, utility, government, and education payments
- Spend-based BookMyShow offer, making movie perks more difficult to access
These changes make these airline co-branded credit cards less rewarding than before, especially for users who relied on everyday spending categories to earn Miles. Cardholders may now want to re-evaluate the value of these cards or explore alternative premium travel credit cards.