ICICI Bank Credit Card Devaluation November 2026 – Air Accident Insurance and INOX Benefits Discontinued, Fees Revised

At this point, credit card users have become accustomed to periodic devaluation notices, whether from Axis Bank, ICICI Bank, or other major issuers. Almost every credit card issuer is introducing changes to its cards from time to time, and unfortunately, most of these changes are negative in nature, reducing the rewards and benefits previously offered to cardholders.

ICICI Bank has announced several changes to its credit cards, with revisions taking effect between November and December 2026. These changes cover multiple aspects of its credit card portfolio, including the discontinuation of complimentary insurance covers, changes to movie benefits, and an increase in various card replacement and DCC charges.

The changes apply to different ICICI Bank credit cards and will come into effect on different dates. Here is a detailed look at all the changes announced by ICICI Bank and how they will affect existing cardholders.

Discontinuation of Air Accident Insurance Cover

ICICI Bank will discontinue the complimentary Air Accident and related Insurance Cover benefit on select credit cards effective December 15, 2026.

The change will apply to the following credit cards:

• ICICI Bank Emeralde Private Metal Credit Card
• Times Black ICICI Bank Credit Card
• ICICI Bank Emeralde Credit Card
• ICICI Bank Emeralde Private Credit Card
• ICICI Bank Diamant Credit Card
• ICICI Bank Sapphiro Credit Card
• ICICI Bank Rubyx Credit Card

The list of credit cards offering complimentary Air Accident Insurance was already quite short, and now it has become even shorter.

Discontinuation of Cancellation For Any Reason (CFAR) Cover

The complimentary Cancellation For Any Reason (CFAR) cover will also be discontinued from December 15, 2026.

This change will affect the following credit cards:

• ICICI Bank Emeralde Private Metal Credit Card
• Times Black ICICI Bank Credit Card
• ICICI Bank Emeralde Credit Card
• ICICI Bank Emeralde Private Credit Card

Discontinuation of Personal and Air Accident Insurance Cover

ICICI Bank will discontinue the complimentary Personal and Air Accident Insurance Cover on the following credit cards from December 15, 2026:

• ICICI Bank Parakram Select Credit Card
• ICICI Bank Parakram Credit Card

Discontinuation of INOX Benefit

ICICI Bank will discontinue the complimentary INOX benefit on select credit cards from December 15, 2026. This change will affect the following cards:

• ICICI Bank Rubyx Credit Card
• ICICI Bank Coral Credit Card
• ICICI Bank Expressions Credit Card
• Chennai Super Kings ICICI Bank Credit Card
• MakeMyTrip ICICI Bank Platinum Credit Card
• HPCL Super Saver ICICI Bank Credit Card
• Emirates ICICI Bank Rubyx Credit Card
• MakeMyTrip ICICI Bank Signature Credit Card
• MakeMyTrip ICICI Bank Credit Card

Increase in Credit Card Replacement Fee

Starting December 11, 2026, ICICI Bank will increase its credit card replacement fee from ₹200 + GST to ₹300 + GST. However, three premium credit cards have significantly higher replacement charges, which will remain unchanged.

The replacement charges for these cards are as follows:

• ICICI Bank Emeralde Private Metal Credit Card: ₹3,500
• Times Black ICICI Bank Credit Card: ₹3,500
• 1838 Reserve ICICI Bank Credit Card: ₹5,000

These three cards are excluded from the revised ₹300 replacement fee, as they already carry separate, higher replacement charges.

Introduction of Priority Pass Replacement Fee

ICICI Bank will introduce a replacement fee of ₹300 + GST on Priority Pass cards from December 11, 2026. Currently, Priority Pass replacement is free of charge. This change will impact select credit cards, including Emeralde Private Metal, Emeralde Private, Emeralde, Sapphiro, Times Black, MakeMyTrip, Emirates Skywards Emeralde and Sapphiro, Adani One Signature, Parakram Select and Diamant World Mastercard Credit Cards.

Increase in Business and Corporate Credit Card Replacement Fee

Effective November 25, 2026, ICICI Bank will increase the replacement fee for select Business, Corporate and Purchase Credit Cards from ₹200 + GST to ₹300 + GST.

Revision of Dynamic Currency Conversion Fee on Business and Corporate Cards

ICICI Bank will revise the Dynamic Currency Conversion (DCC) fee on select Business and Corporate Credit Cards from November 25, 2026. The fee will increase from 1% to 3.50% of the transaction amount, in line with the applicable Forex Mark-up fee on the respective card.

Bottom Line

With several upcoming changes, whether positive or negative, one thing is clearer than ever: it is important to know what you hold in your wallet and how you use your credit cards. Even when swiping your card for everyday purchases, you should know whether you are earning rewards on those transactions or, worse, being charged an additional fee.

Already known for offering relatively modest rewards on several of its credit cards, ICICI Bank has introduced further restrictions and revised charges that are unlikely to benefit cardholders. Alongside these changes, the bank is also taking away some complimentary features and benefits, including select INOX movie benefits, air accident insurance and CFAR cover, among others. This makes it even more important for cardholders to understand the revised terms and evaluate whether their existing ICICI Bank credit cards continue to offer good value.