MakeMyTrip ICICI Credit Card Review 2026 — 0.99% Forex & myCash Maths
MakeMyTrip ICICI credit card review 2026: 0.99% forex markup savings, 6% myCash on hotels, MMTBLACK perks, limitations, and vs HSBC TravelOne for travellers.
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# MakeMyTrip ICICI Credit Card Review 2026 — 0.99% Forex & myCash Maths
ICICI Bank and MakeMyTrip launched their co-brand in October 2024 with a headline number that actually matters abroad: 0.99% forex markup on international transactions — versus 3.5% on most Indian cards. On Rs 1 lakh of foreign hotel and flight charges, that gap is roughly Rs 2,962 in markup savings before you count myCash earn on MakeMyTrip bookings. This is why the card entered the conversation next to HSBC TravelOne after Axis Atlas devaluation — not because it beats every card on everything, but because it attacks forex + MMT loyalty in one product.
The limitation is equally important: myCash only works on MakeMyTrip. Book Cleartrip, Booking.com, or a hotel direct and you earn standard ICICI reward points at lower effective value — not 6% myCash. As of May 2026, treat this as a MakeMyTrip-first travel card, not a universal travel card.
Quick Verdict: Best for travellers who already book hotels and flights on MakeMyTrip and spend Rs 50,000+ internationally per year. Skip if you shop around OTAs or need flexible cashback. Compare HSBC TravelOne for airline miles and broader lounge networks.
Quick Glance — MakeMyTrip ICICI Credit Card
| Feature | Details |
|---|---|
| **Launch** | October 2024 (ICICI Bank + MakeMyTrip) |
| **Annual fee** | **[verify current fee with ICICI]** — typically Rs 2,500–3,500 range |
| **Forex markup** | **0.99%** + GST on international transactions |
| **Standard card forex** | 3.5% + GST (benchmark) |
| **myCash — hotels (MMT)** | **6%** myCash on hotels via MMT app/website |
| **myCash — flights etc.** | **3%** on flights, holidays, cabs, buses (MMT) |
| **myCash value** | **1 myCash = Re 1** on MakeMyTrip platform |
| **myCash redemption** | **MMT bookings only** — not bank account |
| **myCash expiry** | **[verify current policy with MakeMyTrip]** — often 12–24 months |
| **MMTBLACK Gold** | Complimentary membership (upgrades, early check-in, late checkout, priority support) |
| **Network** | Mastercard and RuPay variants |
| **Domestic lounge** | Included — **[verify visit count with ICICI]** |
| **Non-MMT spend** | Standard ICICI reward points (lower than myCash path) |
| **Key differentiator** | Lowest mainstream forex + high MMT earn |
Forex Markup — The Core Maths (Mandatory)
Standard premium card: 3.5% forex + 18% GST on markup portion.
| International spend | Standard card extra cost | MMT ICICI extra cost | **You save** |
|---|---|---|---|
| Rs 1,00,000 | Rs 3,500 + Rs 630 GST ≈ **Rs 4,130** | Rs 990 + Rs 178 GST ≈ **Rs 1,168** | **~Rs 2,962** |
| Rs 2,00,000 | ~Rs 8,260 | ~Rs 2,336 | **~Rs 5,924** |
| Rs 5,00,000 | ~Rs 20,650 | ~Rs 5,840 | **~Rs 14,810** |
🟣 IMPORTANT NOTE: Savings are on markup + GST, not zero foreign exchange risk. Underlying Visa/Mastercard exchange rate still applies. Dynamic currency conversion (pay in INR abroad) remains a trap on any card.
🟢 TIP: For pure forex with no MMT loyalty, also compare Scapia (0% forex) and Best Zero Forex Cards.
myCash Earn — Hotels vs Flights
| Booking type | myCash earn | Rs 50,000 booking value |
|---|---|---|
| Hotel on MMT | 6% | **Rs 3,000 myCash** |
| Flight on MMT | 3% | **Rs 1,500 myCash** |
| Off-platform hotel | Standard ICICI RP | **[verify rate — typically <6% effective]** |
Redemption limits: myCash typically offsets 50–100% of booking value per transaction — [verify current MakeMyTrip terms]. You may still pay taxes/fees in cash.
🟡 WARNING: myCash is locked to MakeMyTrip. A Rs 40,000 Bali hotel on Booking.com earns no 6% myCash — you pay 3.5% forex on a normal card or use MMT ICICI with 0.99% forex but without 6% earn unless MMT prices compete.
MMTBLACK Gold — Soft Benefits Worth Counting
| Perk | Practical value |
|---|---|
| Room upgrades | Depends on availability — Rs 500–2,000/night when it hits |
| Early check-in / late checkout | Convenience + occasional room cost saved |
| Priority support | High value during IRCTC-style travel chaos |
| Partner offers | Seasonal — do not capitalise fully |
Assign Rs 2,000–5,000/year if you book 4+ hotel nights on MMT; Rs 0 if you never activate membership.
What This Card Actually Delivers — Real Numbers
Profile A — MMT-heavy domestic traveller
| Spend | myCash earn | Annual myCash |
|---|---|---|
| Rs 60,000 hotels (6%) | 6% | Rs 3,600 |
| Rs 40,000 flights (3%) | 3% | Rs 1,200 |
| **Total MMT** | **Rs 4,800** |
Fee [verify ICICI] — if Rs 2,999, net Rs 1,800+ before lounge/forex.
Profile B — International + MMT mix
| Spend type | Amount | Benefit |
|---|---|---|
| International (forex save) | Rs 2,00,000 | **~Rs 5,924** vs 3.5% card |
| MMT hotels India | Rs 80,000 | **Rs 4,800** myCash |
| MMT flights | Rs 50,000 | **Rs 1,500** myCash |
| **Total annual upside** | **~Rs 12,200+** |
Profile C — Wrong customer (no MMT, no foreign travel)
| Spend | Value |
|---|---|
| Domestic retail on ICICI base RP | Low effective % |
| Forex save | Rs 0 |
| myCash | Rs 0 |
| **Verdict** | **Skip card** |
Fee payback (forex only): Rs 2,962 save on Rs 1L intl ≈ covers one year of Rs 2,500–3,000 fee. Add myCash for MMT users.
Non-MMT Spending — Do Not Ignore
| Channel | What you earn |
|---|---|
| Amazon, Swiggy, rent | Standard ICICI reward points |
| Redemption | iShop miles / vouchers — see [ICICI Sapphiro](/blog/icici-sapphiro-credit-card-review-2026) redemption logic |
Use MMT ICICI as travel wallet, not daily driver, unless ICICI base earn beats your alternate cards.
Who Should Get This Card
Get it if:
- You book most hotels/flights on MakeMyTrip anyway
- Rs 1 lakh+ international spend/year on this card
- You will redeem myCash before expiry on planned trips
- You value MMTBLACK perks on 3+ hotel stays/year
- You compared MMT total price vs Booking.com including forex + earn
Skip it if:
- You OTA-shop — Cleartrip sales beat locked myCash
- Scapia 0% forex fits better with no MMT loyalty (zero forex guide)
- You need airline mile transfers — HSBC TravelOne / Axis Atlas post-devaluation maths
- You carry balance — travel cards still charge 42%+ APR on revolvers
MakeMyTrip ICICI vs HSBC TravelOne — Mid-Fee Travel 2026
| Feature | MMT ICICI | HSBC TravelOne |
|---|---|---|
| Forex markup | **0.99%** | ~3.5% (standard) |
| Hotel earn | **6% myCash (MMT only)** | Reward points + accelerators |
| Flight earn | **3% myCash (MMT)** | Points + transfer partners |
| Lounge | Domestic (verify count) | Strong lounge program |
| Flexibility | Locked to MMT | Broader travel redemptions |
| Best for | MMT-loyal + forex saver | Mile chasers + lounge users |
Bottom line: MMT ICICI wins forex + MMT stack. TravelOne wins miles flexibility + lounges if you do not live on MakeMyTrip.
Application & Eligibility
- ICICI existing customers often get pre-approved flows
- CIBIL 750+ typical for co-brands
- Pick RuPay if you want UPI link; Mastercard for international acceptance breadth
Booking Workflow — Maximising myCash Without Overpaying
| Step | What to do |
|---|---|
| 1 | Price same hotel on MMT, Booking.com, and hotel direct — include **forex + myCash** in total |
| 2 | Book **hotels on MMT** with this card for **6% myCash** |
| 3 | Book **flights** when MMT sale beats airline site after 3% myCash |
| 4 | Redeem accumulated myCash on next trip **before expiry** |
| 5 | Use **MMTBLACK** filters for free breakfast / upgrade eligible rooms |
🟡 WARNING: A hotel Rs 500 cheaper on another OTA with no forex on domestic booking can beat MMT's 6% myCash on a small room night — run total landed cost, not headline earn rate.
myCash vs Standard ICICI Points — Decision Tree
| Your next purchase | Use |
|---|---|
| MakeMyTrip hotel | MMT ICICI → **myCash 6%** |
| MakeMyTrip flight | MMT ICICI → **myCash 3%** |
| Amazon / Swiggy | Different card — Sapphiro/base RP weak vs category cards |
| International non-MMT merchant | MMT ICICI for **0.99% forex** only |
| Cleartrip / direct airline | Not myCash — compare [TravelOne](/blog/hsbc-travelone-credit-card-review-2026) miles |
GST on Forex Markup — Why Rs 2,962 Is Not the Full Story
ICICI charges GST on the forex markup portion (18%), not on the full transaction. That is why Rs 1 lakh international spend shows Rs 990 markup + Rs 178 GST rather than a flat 0.99% of Rs 1,00,000 in all line items. When comparing cards, always compare landed cost on your statement, not brochure percentages alone.
| Spend | 3.5% card all-in (approx.) | MMT ICICI all-in (approx.) |
|---|---|---|
| Rs 50,000 | ~Rs 2,065 | ~Rs 584 |
| Rs 1,00,000 | ~Rs 4,130 | ~Rs 1,168 |
| Rs 3,00,000 | ~Rs 12,390 | ~Rs 3,504 |
Frequently asked questions
No — annual fee applies [verify amount with ICICI]. Fee waiver may exist at spend threshold — check MITC.
No. myCash redeems on MakeMyTrip bookings at Re 1 = 1 myCash typically.
Earn structure applies to eligible MMT transactions — forex is still 0.99% markup. Confirm international MMT hotel MCC in MITC.
Scapia saves more on pure forex (0%). MMT ICICI wins if you book large MMT hotel packages with 6% myCash that exceed forex delta — run both totals.
Expiry applies — [verify MakeMyTrip policy]. Set calendar reminder before points lapse. --- Internal links: HSBC TravelOne Review · Best Zero Forex Cards · Best Credit Card for Travel India · Axis Atlas Devaluation Before applying, verify current benefits directly with ICICI Bank and MakeMyTrip as reward structures change frequently — check the latest MITC on the bank's official website.