ICICI Bank has informed credit card users about many major 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 of airport lounge access, reward cap, transaction fees and fees for supplementary cardholders, which will be applicable from today, November 15, 2024.
There will no longer be any charges on credit card payments for international education and school/college fees. However, a 1 percent charge will be applicable on education payments made through third party apps.
late payment fee
Under the new rules, late payment charges on ICICI Bank Credit Cards will be changed. Whose information is as follows.
Rs 101 to Rs 500: Rs 100 fee
Rs 501 to Rs 1,000: Rs 500 fee
Rs 1,001 to Rs 5,000: Rs 600 fee
Rs 5,001 to Rs 10,000: Rs 750 fee
Rs 10,001 to Rs 25,000: Rs 900 fee
Rs 25,001 to Rs 50,000: Rs 1,100 fee
Above Rs 50,000: Rs 1,300 fee
No late payment fee will be charged if the outstanding amount is up to Rs 100.
New monthly limit on rewards
The bank has introduced a new monthly limit on rewards for certain spend categories.
Entry-level and mid-range cardholders can now earn up to Rs 40,000 in rewards per month on utility and insurance payments, while the limit is Rs 80,000 for premium cardholders. Additionally, the rewards 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 to exclude rental payments, government transactions and education expenses from qualifying for milestone benefits or annual fee waiver. Card holders will now have to change their spending habits to meet the new norms.
Changes to airport lounge entry
ICICI Bank has recently changed the eligibility criteria for complimentary access to airport lounges. Now cardholders will have to spend at least Rs 75,000 in the previous quarter to be eligible for this benefit. Spa services are no longer included in the membership.
The expenditure limit for annual fee waiver for Emerald cardholders has been reduced from Rs 12 lakh to Rs 10 lakh per annum. Additionally, Emerald cardholders can avail enhanced fuel surcharge waiver of up to Rs 1 lakh.
interest charge
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, from the date of transaction, excluding fees, charges and taxes on the outstanding amount and any new transactions. Additionally, interest on cash advances will be charged from the date of transaction to the date of payment. ICICI Bank has the sole right to modify the interest rate, which may increase up to a maximum of 3.8 per cent per month (46 per cent per annum) in case of default.
