ICICI Bank has informed credit card users of upcoming modifications to various fees related to finance, late payments, fuel, utility, and education transactions. These adjustments will impact rules for airport lounge access, reward caps, transaction fees, and charges for supplementary cardholders, effective from November 15, 2024, i.e. today.
Read More:- Rupee Falls 4 Paise to Close at All-time Low of 84.43 Against US Dollar
Education Transactions
International Education and School/College Fees: Payments made via credit card for international education or school/college fees will no longer incur any charges. However, a 1% fee will be applicable for education payments made through third-party apps.
Late Payment Charges
Under the new rules, late payment charges on ICICI Bank credit cards will be revised. Here is a breakdown of the late payment charges based on the outstanding amount:
Read More: Children’s Day 2024: 6 Govt Schemes To Secure Your Child’s Financial Future
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
Above Rs 50,000: Rs 1,300 charge
Note: There will be no late payment charge if the outstanding amount is up to Rs 100.
Caps on monthly spends
The bank has implemented new monthly limits on rewards for certain spending categories. Cardholders with entry-level and mid-range cards can now earn rewards up to Rs 40,000 per month for utility and insurance payments, while premium cardholders have a cap of Rs 80,000.
Read More: Car loan interest rates in November – Compare cheapest rates and EMIs for a Rs 5 lakh loan
Additionally, rewards for grocery spending are now capped at Rs 20,000 per month for entry-level and mid-range cardholders, and Rs 40,000 for premium cardholders.
No milestone benefits
The bank has updated its policy to exclude rental payments, government transactions, and education spending from qualifying towards milestone benefits or annual fee waivers. Cardholders are now required to modify their spending habits accordingly to meet the new criteria.
Airport lounge access changes
ICICI Bank has recently revised the eligibility criteria for complimentary airport lounge access. To qualify for this benefit, cardholders are now required to have a minimum spending of Rs 75,000 in the previous quarter. Please note that spa services under the Dreamfolks membership are no longer included.
For Emeralde cardholders, the spending threshold for annual fee waivers has been reduced from Rs 12 lakh to Rs 10 lakh per year. In addition, Emeralde cardholders can enjoy an increased fuel surcharge waiver of up to Rs 1 lakh.
Read More: Bad News For SBI Customers: Bank Hikes Lending Rates; Home Loan, Personal Loan EMIs Get Costlier
Interest Charges
If full payment is not received by the due date, interest will be applied. Interest will continue to accrue on any unpaid amounts until they are settled, on both the outstanding balance and any new transactions, excluding fees, charges, and taxes, from the transaction date onwards. Additionally, interest will be charged on cash advances from the transaction date until the payment date. ICICI Bank holds the sole authority to modify the interest rate, which may increase up to a maximum of 3.8% per month (46% annually) in the event of default.
