The ICICI Times Black is one of India's most discussed credit cards. The official marketing focuses on airport lounges and reward points. The real value is something else entirely.
This is an honest review. Not sponsored. No referral links. Just the math.
The Basics
Annual fee: Rs 20,000 + GST = Rs 23,600 Welcome bonus: 10,000 reward points (worth Rs 2,500 approximately) Net first-year cost: Rs 21,100 Renewal fee: Same Rs 23,600
The fee is not waived. Unlike Regalia or Infinia, ICICI doesn't have an unofficial spend-based waiver. You pay the full fee every year.
The Official Reward Structure
- 2 reward points per Rs 100 spent (most categories)
- 5 reward points per Rs 100 on dining, groceries, departmental stores
- Points value: Rs 0.25 each for base redemption
At base value, you're earning 0.5% on regular spends and 1.25% on accelerated categories. This is terrible for a Rs 20,000 fee card.
But nobody gets this card for base rewards.
The Real Value: iShop
iShop is ICICI's voucher platform. Times Black holders access exclusive discounts.
Current iShop benefits (subject to change):
- Fuel vouchers (Indian Oil, BPCL): 20-30% discount
- Lifestyle vouchers: 5-15% discount
- Electronics vouchers: 5-10% discount
- Travel vouchers: 10-20% discount
The fuel voucher benefit alone justifies the card for high fuel spenders.
Example calculation:
- Monthly fuel spend: Rs 10,000
- Annual fuel spend: Rs 120,000
- iShop discount (assume 25%): Rs 30,000
- Annual fee: Rs 23,600
- Net annual benefit: Rs 6,400
That's 6,400 rupees profit just from fuel. Any other iShop purchases add more value.
Travel Redemptions: 12-24% Return
Times Black reward points can be redeemed for travel at significantly better rates than statement credit.
Travel redemption rates:
- Domestic flights: 8,000 points = Rs 2,000 (Rs 0.25/point)
- International flights: 8,000 points = Rs 2,500-3,000 (Rs 0.31-0.375/point)
- Hotels via ICICI portal: Variable, often better than flights
The real optimization comes from intercity train redemptions and specific hotel deals. Some users report Rs 0.40-0.50 per point on optimized redemptions.
At 0.50 per point and 2 points per Rs 100 spend:
- Effective return: 1.0% on regular spend
- Effective return: 2.5% on accelerated categories
Still not great for the fee. The card only works if you use iShop.
The Devaluation Problem
ICICI has reduced iShop benefits multiple times.
2023: Fuel voucher discounts dropped from 30%+ to 20-25% 2024: Monthly voucher caps introduced on several categories 2025: Some lifestyle brands removed from platform
The trend is clear: benefits shrink over time. What works today may not work next year.
This is standard for all credit cards. But Times Black is more vulnerable because the entire value proposition depends on iShop. If iShop discounts drop below 15%, the card's math breaks.
Voucher Availability Issues
iShop vouchers aren't always available. Popular denominations sell out quickly.
Users report:
- Fuel vouchers: Often sold out, restocked monthly
- High-demand retail vouchers: Limited inventory
- Electronics vouchers: Sporadic availability
You can't rely on iShop being available when you need it. Build a buffer. Buy vouchers when available, not when needed.
This creates another problem: vouchers expire. Typically 6-12 months. Buy too far in advance and you might lose value to expiry.
Comparing to Alternatives
vs HDFC Infinia
- Infinia: Rs 12,500 fee (if available), 3.3% return on travel redemptions
- Times Black: Rs 20,000 fee, 1% return + iShop
- Winner: Infinia for travel spenders, Times Black for iShop users
vs Axis Magnus
- Magnus: Rs 12,500 fee, 12 Edge Miles per Rs 200 on most spend
- Edge Miles transfer to Marriott, airlines at variable ratios
- Winner: Magnus for hotel loyalty users, Times Black for iShop users
vs Amex Platinum Travel
- Amex PTC: Rs 6,000 fee, 5 MR points per Rs 150 on travel
- Better travel booking experience
- Winner: Amex for pure travel, Times Black for voucher users
When Times Black Makes Sense
Get this card if:
- You spend Rs 10,000+ monthly on fuel
- You can actively hunt for iShop voucher availability
- You shop at brands available on iShop regularly
- You're comfortable with benefits changing over time
Skip this card if:
- Fuel spend is under Rs 5,000 monthly
- You want set-it-and-forget-it rewards
- You prefer cashback over vouchers
- You travel frequently (better travel cards exist)
The Application Reality
Times Black isn't freely available. ICICI evaluates applications based on:
- Income: Minimum Rs 15-20 lakhs reported
- Existing relationship: Current ICICI customers preferred
- Credit score: 750+ typically required
- City: Metro cities approved more easily
No guaranteed approval process. Salary accounts with ICICI help.
Some users get approved with lower income if they have significant ICICI FD or investment relationships. The bank looks at total relationship value.
Lounge Access
4 domestic lounge visits per quarter using Priority Pass. Decent but not exceptional.
International lounges: Priority Pass with limited network. Not as comprehensive as Infinia or Magnus.
Lounge access is a secondary benefit. Don't get this card for lounges.
Insurance Benefits
- Air accident cover: Rs 1 crore
- Travel insurance: Included
- Purchase protection: Standard
Nothing exceptional. Every card in this fee range offers similar insurance.
Foreign Currency Markup
3.5% on international transactions. Average for Indian cards. Not a good card for foreign spending.
The Honest Math
Let's calculate the break-even point.
Annual fee: Rs 23,600
Benefits needed to break even:
- Fuel vouchers (25% discount): Rs 94,400 fuel spend required
- That's Rs 7,867 per month
If you spend less than Rs 7,867 on fuel monthly and don't use other iShop benefits, the card loses money.
For heavy iShop users:
- Rs 10,000/month fuel at 25%: Rs 30,000 annual savings
- Rs 5,000/month retail at 10%: Rs 6,000 annual savings
- Regular spend rewards (Rs 2 lakh): Rs 2,000 (at 1%)
- Total annual value: Rs 38,000
- Net after fee: Rs 14,400 profit
The card works for active voucher users. It doesn't work for passive holders.
My Personal Take
Times Black is a working person's card, not a trophy card.
It rewards effort. Check iShop regularly. Buy vouchers strategically. Track expiry dates. Optimize redemptions.
If you want a card that just works without thinking, get HDFC Regalia or Axis Vistara. They give predictable returns without voucher hunting.
If you're willing to put in 30 minutes per month managing your benefits, Times Black can deliver 15-25% effective returns on specific categories. That's exceptional value.
The Devaluation Bet
Every card review carries an implicit bet: will benefits stay stable?
With Times Black, I'm betting iShop benefits remain above 15% on fuel and major retail categories. Below that threshold, better alternatives exist.
ICICI has shareholders to answer to. They won't maintain loss-leading benefits forever. The trend suggests continued benefit reduction.
My prediction: Times Black remains worthwhile through 2026 for active users. Beyond that, evaluate annually.
Verdict
Get Times Black if you'll actively use iShop and spend significantly on fuel. Skip it for general spending or passive reward collection.
Rating: 7/10 for active users, 4/10 for passive users.
FAQs
Q: Can I get Times Black fee waived? A: Not through spend. Some users report relationship managers offering fee waivers for existing high-value ICICI customers, but this is not standard policy.
Q: How long do iShop vouchers take to deliver? A: Digital vouchers: Instant to 24 hours. Physical vouchers: 7-14 days. Always choose digital when available.
Q: Does Times Black have a spending limit? A: Yes, like all credit cards. Starting limits typically Rs 3-5 lakhs. Can be increased based on income proof and repayment history.
Q: Can NRIs apply for Times Black? A: Yes, but the process is more complex. NRI applicants typically need an ICICI NRI banking relationship first.
Q: Is Times Black better than Emeralde Private Metal? A: EPM has a Rs 1 lakh+ fee and better benefits. For most users, Times Black offers better fee-to-value ratio. EPM is for ultra-high-net-worth individuals.