ICICI Bank has announced a devaluation of its co-branded Emirates Skywards Credit Cards. These changes apply to all three variants, Emirates Skywards ICICI Bank Emeralde, Sapphiro, and Rubyx Credit Cards, and will come into effect from 15 January 2026.
The biggest impact is on the reward structure, with reward rates being reduced and several spending categories no longer earning rewards. Overall, this devaluation significantly lowers the value of these cards for regular spenders, especially those who relied on rewards from everyday categories.
Reward Points Earning Reduced
Emirates Skywards ICICI Bank Emeralde Credit Card
Cardholders will earn 2 Skywards Miles for every ₹100 spent, reduced from the earlier 2.5 Miles, on eligible domestic and international retail transactions. In addition to this reduction, no Skywards Miles will be earned on spends made towards insurance, utility, government, and education payments.
Overall, this update lowers the earning potential on the card, especially for users who spend heavily on these everyday categories.
Emirates Skywards ICICI Bank Sapphiro Credit Card
Going forward, cardholders will earn 1.5 Skywards Miles for every ₹100 spent, reduced from the earlier 2 Miles, on eligible domestic and international retail purchases. In addition, no Skywards Miles will be earned on spends made towards insurance, utility, government, and education payments.
Emirates Skywards ICICI Bank Rubyx Credit Card
Emirates Skywards ICICI Bank Rubyx Credit Cardholders will now earn 1 Skywards Mile for every ₹100 spent on eligible retail transactions. However, no Skywards Miles will be earned on payments made towards insurance, utility, government, and education categories. Apart from these changes, all other features of the card will remain the same.
Spend Based Movie Offers
From 15 January 2026, the BookMyShow offer on all three Emirates Skywards ICICI Bank Credit Cards will become spend-based.
Cardholders will now need to spend ₹25,000 or more in the previous quarter to be eligible for the BookMyShow benefit. This change applies across the Emeralde, Sapphiro, and Rubyx variants, making the movie benefit harder to unlock compared to earlier.
Bottom Line
All these changes will come into effect from 15 January and are expected to significantly impact cardholders. Many users relied on these airline credit cards for insurance and utility payments, which will now no longer earn any rewards. Along with this, the overall reward rate on the cards has been sharply reduced, making them far less rewarding than before.