Bye Payback : ICICI New Rewards Program from April 2022

Most banks have tied up with Gyftr for redemption. Even payback was using Gyftr. So, most possibly ICICI would also shift to Gyftr. But not very hopeful of reduced redemption charges. Its ICICI after all. 

Can I redeem my payback points?

ravi231197563 wrote:

Can I redeem my payback points?

yes

mGforCe wrote:

My key takeouts:

All your points accrued under the new ICICI Rewards Program will be available for redemption from 1st July 2022 via ICICI Bank channels.

You will be able to redeem your ICICI reward points earned on your ICICI Bank Credit Card against the outstanding on your ICICI Bank credit card soon after 1st July 2022.

Let’s wait for more details, reward ratio etc. Personally I didn’t like PAYBACK much because of redemption fees for all and also overall poor reward ratio. Let’s see how is ICICI Rewards Programme structured

Rewards redemption fee will be there for sure. Hoping for better rewards rate for premium cards like Sapphiro

February month points still not credited yet

About Redemption charges. I had payback card. I merged my icici one with my earlier card

I was never charged for redemption

I redeemed on mobikwik till it was available

or directly on voucher world for amazon  gvs.

prem4998 wrote:

Rewards redemption fee will be there for sure. Hoping for better rewards rate for premium cards like Sapphiro

Yes, quite likely.

But then no harm in wishing

mGforCe wrote:

Yes, quite likely.

But then no harm in wishing

Indeed

Koi bol hi raha tha desidime pe ki jab tak payback nahi jayega, icici cards me reward points ka koi matlab nai. Aur ab ye ho gaya. Vah!

EndGame for payback is here. 

1. Pantaloons moved away from payback few years ago. 

2. Last year big bazaar moved away from payback.

3. This year ICICI will move way from payback. 

Guess who owns payback now?

BharatPe 

Ashneer Grover – Kar kya rahe ho??

Soon, American Express can stop payback based credit cards.

Fraud Ashneer Grover has been thrown out of BharatPe

panchabhut wrote:

Most banks have tied up with Gyftr for redemption. Even payback was using Gyftr. So, most possibly ICICI would also shift to Gyftr. But not very hopeful of reduced redemption charges. Its ICICI after all. 

that’s a different thing bro… gyftr is more like redemption of earned reward points and not a reward point system in itself…

akki.akki wrote:

much needed. and thank god ICICI is getting rid of payback.
now i hope they launch something useful this time.

I have long back got rid of worst icici credit card reward points and service.

@atx88

Bank>Payback points>Gyftr or Bank>Bank points>Gyftr:
End result is practically the same.

InvestPotato wrote:

EndGame for payback is here. 

1. Pantaloons moved away from payback few years ago. 

2. Last year big bazaar moved away from payback.

3. This year ICICI will move way from payback. 

Guess who owns payback now?

BharatPe 

Ashneer Grover – Kar kya rahe ho??

Soon, American Express can stop payback based credit cards.

Originally it was I-Mint, partly owned by ICICI.

Then it was taken over by German owned Payback but ICICI retained their share.

Then German parent co of Payback was taken over by Amex but ICICI share remained.

Then Amex and ICICI both sold their shares in Payback India to Bharatpe.

Then Bharatpe kicked out Grover.

Future group had association with ICICI so they supported payback.

Then Future group sold Pantaloons to Aditya Birla Group and Pantaloons moved away from Payback.

Then Future group got into negotiations with Amazon and Ambanis so the moved away from Payback. 

panchabhut wrote:

@atx88

Bank>Payback points>Gyftr or Bank>Bank points>Gyftr:
End result is practically the same.

yes that is, except for one thing:

icici rubyx > 2 payback points per 100 > Gyftr (value = ₹0.5) => poor
indusind iconia > 2 bank points per 100 > Gyftr (value = ₹2) => niiiccee

atx88 wrote:

yes that is, except for one thing:

icici rubyx > 2 payback points per 100 > Gyftr (value = ₹0.5) => poor
indusind iconia > 2 bank points per 100 > Gyftr (value = ₹2) => niiiccee

Valuable information.

Happy getting rid of icici…they charged me 199rs for redeeming 4 points earned from icici rest was earned from other Vendors

wouldnt have considered icici at all if Amazon rewards was not there. Icici is not even worth the ltf cards even the premium ones. 

i think i have a lot of payback points on multiple icici cards. (not linked). can somebody guide on how to combine/redeem them? possibly for amazon gv?

will miss this.

ankittyagi92446 wrote:

i think i have a lot of payback points on multiple icici cards. (not linked). can somebody guide on how to combine/redeem them? possibly for amazon gv?

Combine them by calling payback support.

payback wale are mahachutiya, they deducted more than 4k points even without informing me that it’s going to expire.
and when I tried following up they just say sir email kar do, we’ll look into it and they do nothing.

srp321 wrote:

payback wale are mahachutiya, they deducted more than 4k points even without informing me that it’s going to expire.
and when I tried following up they just say sir email kar do, we’ll look into it and they do nothing.

Simple – always remember “stay away from Icici” its really equal to Fraud on what they do by showcasing like “Mobiwaste”

Pay back is a worst program. I stopped using all my cards except Amazon.

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