Emirates Skywards ICICI Bank Sapphiro Credit Card Review 2026: 2 Skywards Miles per ₹100, January 20
Emirates Skywards ICICI Bank Sapphiro Credit Card charges ₹5,000 and earns 2 Skywards Miles per ₹100 — about 1.0% at an estimated ₹0.50 a mile. The January 2026 rate cut, exclusions, fees and FAQs.
Emirates Skywards ICICI Bank Sapphiro Credit Card earns 2 Skywards Miles per ₹100 on eligible retail spends, with 2 complimentary domestic lounge visits a quarter plus international access.
What a Skywards Mile is worth is the open question, and ICICI cut this range's earn rates in January 2026.
Emirates Skywards ICICI Bank Sapphiro Credit Card Quick Overview
| **Card type** | Airline co-brand card |
|---|---|
| **Best for** | Frequent Emirates flyers |
| **Joining / renewal fee** | ₹5,000 + GST, same on renewal |
| **Network** | Visa, Mastercard |
| **Base reward rate** | **1.0%** |
| **Reward currency** | Emirates Skywards Miles, valued at ₹0.5 each |
| **Welcome benefit** | 5,000 Skywards Miles and a complimentary Emirates Skywards Silver Tier membership |
| **Lounge access** | 2 domestic visits per quarter (8 a year); 1 international per quarter (4 a year) |
| **Forex markup** | 3.5% |
Reward Structure: How You Earn
Skywards Miles are valued at ₹0.50 here, and that is an estimate. Emirates publishes no rupee rate; a Mile's worth depends on route, cabin, season and award availability. Treat every percentage below as indicative.
2 Skywards Miles per ₹100 — about 1.0%.
| Spend | Effective rate |
|---|---|
| Everything else | 1.0% |
| Fuel, rent, wallet loads, government, gaming | **0%** |
ICICI changed this card on 15 January 2026 — Miles stopped accruing on insurance, utility, government and education payments. The clause stating the revised earn rate is truncated in the source document, so the rate here comes from the card's own page and should be verified.
From 15 January 2026 ICICI stopped paying rewards on fuel and e-wallet loads across its range, and added new fees the same day: 1% on wallet loads of ₹5,000 or more, 2% on skill-based gaming, 1% on transportation above ₹50,000, and ₹3,500 one-time for every new add-on card.
Milestone Benefits
| Spend | Benefit | Value |
|---|---|---|
| ₹15 lakh a year | Upgrade to Emirates Skywards Gold Tier membership | Value not published |
Category Restrictions: Where You Won't Earn
- Where you earn nothing: Earns nothing at all: fuel (MCC 1361, 3851, 5172, 5541, 5542, 5555, 5983, 9752 — the Parakram cards are exempt); e-wallet loads (MCC 6540 — the Amazon Pay card is exempt); cash advances; and, on the premium metal cards, government services, rent, tax payments and property management. Both fuel and wallet exclusions took effect on 15 January 2026.
- Point expiry: Reward Points are valid for 36 months from the date of accrual. Points LAPSE ENTIRELY on card cancellation, and a redemption handling fee of ₹99 plus GST applies to each redemption request.
- Redemption fee: ₹99 per redemption.
Fees and Charges
| Charge | Amount |
|---|---|
| Joining fee | ₹5,000 + GST |
| Renewal fee | ₹5,000 + GST |
| Finance charges | 3.75% per month (45% per annum) on extended credit and cash advances. |
| Interest-free period | Up to 48 days from the date of purchase, only when the previous balance is paid in full. |
| Minimum amount due | 5% of the total amount due, subject to a minimum of ₹100, plus any EMI, fees, charges and over-limit amount. |
| Cash advance fee | 2.5% of the amount withdrawn, subject to a minimum of ₹500. |
| Cash advance interest | 3.75% per month (45% per annum), charged from the date of withdrawal with no interest-free period. |
| Forex markup | 3.5% of the transaction amount. |
| Dynamic currency conversion | 1% of the transaction amount, applied to transactions billed in Indian rupees at international locations or at merchants in India registered abroad. |
| Late payment | Graduated by total amount due: nil up to ₹100; ₹100 for ₹101–₹500; ₹500 for ₹501–₹5,000; ₹750 for ₹5,001–₹10,000; ₹900 for ₹10,001–₹25,000; ₹1,000 for ₹25,001–₹50,000; ₹1,200 above ₹50,000. Revised 15 November 2024. |
| Overlimit | 2.5% of the over-limit amount, subject to a minimum of ₹500. |
| Payment return | 2% of the total amount due, minimum ₹500, for a returned cheque or a failed auto-debit. An additional ₹50 plus GST is debited. |
| Rent payment | 1% of the transaction amount on rent payments (MCC 6513), w.e.f. 15 November 2024. |
| Wallet load | 1% of the transaction amount on wallet loads of ₹5,000 or more (MCC 6540), w.e.f. 15 January 2026. |
| Utility payments | 1% of the transaction amount on utility payments exceeding ₹50,000 (MCC 4899, 4900, 4901, 4814, 4821), w.e.f. 15 November 2024. |
| Education payments | 1% of the transaction amount on education payments made through third-party apps, w.e.f. 15 November 2024. Paying an institution directly is exempt. |
| Fuel transactions | 1% of the transaction amount on fuel transactions exceeding ₹10,000, w.e.f. 15 November 2024. |
| Online skill-based gaming | 2% of the transaction amount on skill-based gaming transactions (MCC 5816), w.e.f. 15 January 2026. |
| Card replacement | ₹100 per replacement card. |
| Add-on card | ₹3,500 one-time for each new add-on card issued on or after 15 January 2026. Add-on cards issued before that date carry no fee. |
| Reward redemption | ₹99 plus GST per redemption request under the ICICI Bank Rewards scheme and for Mine Cash statement-credit redemptions; ₹25 for catalogue-based redemptions. |
| EMI processing | 2.99% of the transaction amount, capped at ₹299 plus 18% GST, on all Instant EMI transactions w.e.f. 1 September 2025. |
| GST | 18% on all fees, interest and charges. |
Is the Emirates Skywards ICICI Bank Sapphiro Credit Card Worth It?
The welcome package is 5,000 Skywards Miles and a complimentary Emirates Skywards Silver Tier membership, with 5,000 more on each annual renewal.
The ₹15 lakh milestone upgrades you to Skywards Gold Tier — but at least ₹50,000 of that must be spent with Emirates on flights booked through emirates.com, so it is not reachable on ordinary spending alone.
ICICI's terms confirm this card was changed on 15 January 2026, but the clause stating its new rate is truncated in the source. The 2 Miles per ₹100 recorded here comes from the card's own page — verify it before relying on it.
At ₹5,000 with no published fee waiver, this is a card for a committed Emirates flyer and nobody else — the Miles have no use outside the programme.
Milestone and welcome benefits are released only after the fee has actually been paid — a waived fee forfeits them. Rent, government and education spends count toward neither the fee waiver nor the milestones.
Frequently Asked Questions (FAQs)
What is the Emirates Skywards ICICI Bank Sapphiro Credit Card earn rate? 2 Skywards Miles per ₹100 on eligible retail spends — about 1.0% at the ₹0.50 estimate.
Was the earn rate cut? Yes. ICICI's Most Important Terms state the rate moved to 1 Skyward Mile per ₹100 'instead of 2 Miles' from 15 January 2026, and Miles stopped accruing on insurance, utility, government and education payments on the same date.
What is a Skywards Mile worth? Emirates publishes no rupee rate. This review uses ₹0.50 as an estimate; real value swings widely with route, cabin and award availability.
Is there a fee waiver? None is published for this card.
What is the welcome benefit? 5,000 skywards miles and a complimentary emirates skywards silver tier membership, with 5,000 more on each annual renewal.
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