ICICI Bank has made changes to its fee structure and reduced rewards for several credit cards, affecting services such as insurance and grocery purchases. Moreover, customers will no longer incur fuel surcharges.
The changed rates are effective from November 15, 2024.
ICICI Bank sent an SMS to its credit card customers informing them about the changes. Here is a look at what changes for ICICI Bank credit card customers as per the SMS sent by the bank.
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- Utility/Insurance Capping
You will continue to earn reward points for utility spends up to Rs. 80,000, insurance spends up to Rs. 80,000, at the current earn rate
You will continue to earn reward points for utility spends up to Rs. 40,000, insurance spends up to Rs. 40,000, at the current earn rate.
- Grocery Capping
You will continue to earn reward points for grocery & departmental store spends up to Rs.40,000 per month, at the current earn rate.
You will continue to earn reward points for grocery & departmental store spends up to Rs.20,000 per month, at the current earn rate.
- No rewards on government transactions
You will continue to earn reward points on your ICICI Bank Emeralde Private Metal Credit Card spends, excluding for government related spends.
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- No fuel surcharge waiver beyond INR 50K
Fuel surcharge waivers on fuel spends up to Rs. 50,000 only per month, surcharge waiver will not be applicable for spends beyond this limit.
- No fuel surcharge waiver for spends beyond INR 100K
Fuel surcharge waivers on fuel spends up to Rs. 1,00,000 per month, surcharge waiver will not be applicable for spends beyond this limit.
- Spa Discontinuation
The Spa access provided basis DreamFolks card is now being discontinued.
- Rent/government/education exclusion in spend threshold
The spend threshold for annual fee reversal and milestone benefits will exclude rent, government, and education payments made via credit card.
- Spend threshold for Annual Fee reduction to 10L
The spend threshold for the reversal of the annual fee has been revised to Rs. 10 Lakh per annum, reduced from the current criteria of Rs. 15 lakh per annum.
- 1% fee on education payment via third party
No fee will be charged for payments made directly to school or college including international education payments from your credit card. However, a fee of 1% of the transaction amount will be charged for education payments made through thirdparty apps.
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- 1% fee on utility transaction >50K
A fee of 1% of the transaction amount will be charged for utility payment transactions exceeding Rs. 50,000
- 1% fee for fuel transaction>10K
A fee of 1% of the transaction amount will be charged for fuel transactions exceeding Rs. 10,000.
- Add-on Fee INR 199
Supplementary cardholders will enjoy enhanced benefits with an annual fee of Rs. 199, which will be levied in the card anniversary month statement.
- Late Payment Charges Change
Late payment charges will be revised according to the new structure.
Late payment charges – NEW STRUCTURE
Outstanding Amount Late Payment Charge (INR)
<= Rs. 100 Nil
Rs. 101 – Rs. 500: Rs. 100
Rs. 501 – Rs. 1,000: Rs. 500
Rs. 1,001 – Rs. 5,000: Rs. 600
Rs. 5,001 – Rs. 10,000: Rs. 750
Rs. 10,001 – Rs. 25,000: Rs. 900
Rs. 25,001 – Rs. 50,000: Rs. 1,100
> Rs. 50,000: Rs. 1,300
- INR 75K quarter spend for domestic lounge access
You can enjoy complimentary airport lounge access by spending Rs. 75,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Jan-Feb-Mar, 2025 quarter, you need to spend a minimum of Rs.75,000 in the Oct-Nov-Dec, 2024 quarter and similarly for the following quarters.
- Revolving Rate @45%
Finance charges for the revolving credit facility on retail transactions and cash advances will be revised to 3.75% per month (45% per annum)
- Mark up on Forex @2%
You can continue enjoying the convenience of using your Credit Card for international transactions with a revised mark-up fee of 2%.
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Other banks have changed rules for credit cards
SBI Card also recently announced raising fees for certain credit card transactions. These changes involve adjustments to the fee structure for utility bill payments and finance charges. It’s important to note that the effective dates for these changes differ. SBI Card has revised the finance charges to 3.75% p.m. on all unsecured SBI Credit Card. However, this is not applicable to Shaurya, Defense. This is effective from November 1, 2024. If the total amount of utility payments made in a billing period exceeds Rs.50,000, a 1% fee will be applied. This is applicable from December 1, 2024.
HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.
