ICICI Bank has informed its credit card users about several major changes. The bank has announced changes in fees related to finance, late payment, fuel, utility and education transactions.
ICICI Bank has informed credit card users about many big changes. The bank has announced changes in fees related to finance, late payment, fuel, utility and education transactions. The bank has said that these adjustments will affect the rules for airport lounge access, reward cap, transaction fees and fees for supplementary cardholders, which will be effective from November 15, 2024, i.e. today.
There will no longer be any charge on payments made by credit card for international education and school / college fees. However, 1 percent fee will be applicable on education payments made through third-party apps.
Late payment charge
Under the new rules, the late payment fee on ICICI Bank credit card will be changed. The details of which are as follows.
Rs 101 to Rs 500: Rs 100 charge
Rs 501 to Rs 1,000: Rs 500 charge
Rs 1,001 to Rs 5,000: Rs 600 charge
Rs 5,001 to Rs 10,000: Rs 750 charge
Rs 10,001 to Rs 25,000: Rs 900 charge
Rs 25,001 to Rs 50,000: Rs 1,100 charge
More than Rs 50,000: Rs 1,300 charge
If the outstanding amount is up to Rs 100, then there will be no late payment charge.
New monthly limit on rewards
The bank has implemented a new monthly limit on rewards for certain spending categories.
Entry-level and mid-range cardholders can now earn rewards of up to Rs 40,000 per month for utility and insurance payments, while for premium cardholders this limit is Rs 80,000. Apart from this, the reward limit for spending on groceries is now Rs 20,000 per month for entry-level and mid-range cardholders and Rs 40,000 per month for premium cardholders.
The bank has changed its policy and excluded rental payments, government transactions and education spending from qualifying for milestone benefits or annual fee waivers. Card holders will now have to modify their spending habits to meet the new criteria.
Changes in Airport Lounge Access
ICICI Bank has recently changed the eligibility criteria for complimentary airport lounge access. Cardholders will now have to spend a minimum of Rs 75,000 in the previous quarter to qualify for this benefit. Spa services are no longer included under the membership.
The spending limit for annual fee waiver for Emerald cardholders has been reduced from Rs 12 lakh to Rs 10 lakh per annum. In addition, Emerald cardholders can enjoy an increased fuel surcharge waiver of up to Rs 1 lakh.
Interest Charges
If full payment is not received by the due date, interest will be charged. Interest will continue to accrue on any unpaid amount until it is settled, excluding fees, charges and taxes on the outstanding amount and any new transactions, from the date of transaction. Apart from this, interest will be charged on cash advances from the date of transaction to the date of payment. ICICI Bank has the sole authority to revise the interest rate, which can increase up to a maximum of 3.8 per cent per month (46 per cent per annum) in case of default.
