New Delhi, March 24 -- The battle for India's most rewarding credit card is heating up. As premium customers chase higher returns on travel and shopping, banks are stepping up with exclusive reward platforms.

HDFC's SmartBuy and Axis Bank's GrabDeals have long dominated the space. Now, ICICI Bank is upping the ante with iShop, its new rewards platform that levels the playing field.

From February, ICICI Bank introduced accelerated rewards-6X on flights, 12X on hotels, and 6X on vouchers-making all its credit cards more rewarding. The exact return varies by card type, as base reward rates differ, but the move significantly boosts its competitiveness in the premium segment.

At the top end, ICICI Bank is betting big on its super-premium Em...