Amazon Pay ICICI Credit Card gets a makeover: Forex charges cut, cashback rules tweaked

Amazon Pay ICICI Bank Credit Card revises benefits effective from October 11

Effective October 11, Amazon Pay ICICI Bank Credit Card will see a raft of changes in its benefit structure. These revisions are aimed primarily at international travellers and online shopping enthusiasts. The bank has also decided to expand its list of categories that are no longer eligible for cashback.

A mixed bag of changes

According to Ankur Mittal, Co-founder of Card Insider, a platform that tracks credit cards, the Amazon Pay ICICI Credit Card will see two notable revisions. On the positive side, forex charges have been lowered, but on the other hand, the list of exclusions has been expanded.

More value on travel

Forex charges are set to go down from 3.5 percent to 1.99 percent on Amazon Pay ICICI Bank Credit Card, a move that benefits users who make international transactions, said Mittal.

Vipul Agarwal, Head - Cards & Payment Solutions at ICICI Bank said, “We have observed a rise in travel among Indian customers, along with a growing demand for rich reward propositions and flexible redemption options. By reducing forex mark up, we are strengthening the card’s appeal for digitally-savvy users seeking smarter ways to pay.”

The card continues to offer cashback benefits on the travel category, including 5 percent unlimited cashback on travel bookings (flights and hotels) via Amazon Pay for Prime members, and three percent unlimited cashback for non-Prime members.

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Revised spend exclusions

The card will revise spending categories that will not be eligible for rewards, where certain transactions will no longer qualify for cashback. Specifically, on Amazon.in, Amazon Pay, and Amazon Partners, purchases of gold coins, EMI transactions, rent, tax payments and education spend will not earn cashbacks.

On other merchants, EMI transactions, rent, fuel, tax payments, education spends and utilities will also be excluded from cashback benefits.

Mittal noted that the expanded exclusions aren't overly concerning, as most credit cards have similar exclusions, and the Amazon Pay ICICI Card remains competitive in the rewards segment.

According to him, the key drawback is that cardholders will no longer earn one percent unlimited cashback on excluded categories like education and others, which was previously possible.

Despite expanding exclusions, according to Mittal, this card remains one of the top cashback cards, particularly for frequent Amazon shoppers.

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Status quo on key benefits

It continues to offer several benefits, including no annual or joining fees, unlimited cashback on Amazon shopping (5 percent for Prime members and 3 percent for non-Prime members), 3-month no-cost EMI on eligible Amazon.in purchases, 2 percent unlimited cashback on Amazon Pay categories, 1 percent unlimited cashback on other spends and a 1 percent fuel surcharge waiver.