Metrobank ICON World Elite MC: A Review

Metrobank quietly launched the ICON credit card, an invite-only card targeting their ultra-high-net-worth clients.

So quietly, in fact, that there wasn’t any official buzz around it. No big announcements. No rollout campaign. Some people just received it.

As someone with no banking relationship with Metrobank, I obviously wouldn’t be able to get one. And realistically, I don’t think my net worth qualifies either. Possible TRB requirements? 25M or even 50M.

Nevertheless, I managed to scoop up some details. Here’s what we know about the card so far.

What’s the Metrobank ICON?

Spend-to-Miles Ratio: PHP 15.00 per mile on dining and shopping (local and foreign, in-store or online), PHP 50.00 per mile on other spends

Annual Fee: PHP 28,000 (principal), PHP 14,000 (supplementary, free for the first 2) 

Lounge Access: Unlimited for the cardholder, 4 guest passes annually (via Mastercard Travel Pass)

Airlines Partner: PAL Mabuhay Miles, Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer Miles

Other notes/features/benefits:

• 1% forex fee
• PHP 6,500.00 card replacement fee
• 2 complimentary airport transfers annually (via Mastercard Travel Pass)
• One night additional free stay with minimum nights requirement varying by property
• 24/7 ICON priority hotline and concierge
• Complimentary golf access
• Travel insurance of up to USD 500,000.00 for international travels and USD 100,000.00 for local travels
• Purchase protection of up to USD 3,000.00 per item or USD 20,000.00 annually and e-commerce purchase protection of up to USD 1,000.00 per year

At a glance, the ICON looks good. But once you break it down further, the story becomes a bit different.

Cashback And Miles

If you prefer seeing a direct deduction on your credit card bill, you can redeem 20,000 points for PHP 2,000 cash credit.

• Standard spend ROR: 0.50% (1 point per PHP 20).
• Accelerated spend ROR: 1.67% (3.3x points on dining/shopping).

Note: The rate of return (ROR) on credit cards is typically measured by rewards—cash back, points, or miles—against the cost of fees and interest.

If you choose to convert your points into air miles (such as Mabuhay Miles, KrisFlyer, or Asia Miles), your ROR potential skyrockets.

• Estimated ROR: 5.00% to 8.33%

Using a conservative mile valuation of PHP 0.75 to PHP 1.00 (especially for business class redemptions and long-haul flights), your points are effectively 3x to 5x more valuable when used for travel than for cash.

That said, you do have to be mindful of where you use your card for the points multiplier as these are the only MCC (Merchant Category Codes) that qualify:

Note: 5399 is the last Merchant Category Code under Shopping. You can check actual MCCs of PH merchants here.

The Verdict?

The ICON is premium, no doubt about that. But when you put it side by side with UnionBank’s Reserve credit card, the gap isn’t as wide as the PHP 16,000.00 annual fee difference suggests.

When it comes to accelerated earning, the Reserve is leagues ahead, covering a wider range of MCCs, including fast food dining. Even BDO’s Diners Club Premiere, with an annual fee of just PHP 4,500.00, gets you PHP 15.00/mile on dining transactions.

And for non-dining, non-shopping transactions? There are plenty of better options, especially those in the PHP 30.00/mile club.

Additionally, many of ICON’s lifestyle perks are derived from Mastercard’s Priceless program, rather than being exclusive to Metrobank.

At the end of the day, if you do bank with Metrobank and get invited to this card, then congratulations! I would love to know if this is a card that you’d consider getting and using. At this level though, the ICON still needs to prove what sets it apart, and why I should make the switch. If I can actually afford to.