ICICI Bank has made many changes for its credit card users. These changes have come into effect from November 15, 2024. These changes include new rules related to finance charges, late payment fees, fuel, utility and education transactions. Apart from this, airport lounge access, reward limit and supplementary card fees will also be affected.
ICICI Bank has made many changes for its credit card users. These changes have come into effect from November 15, 2024. These changes include new rules related to finance charges, late payment fees, fuel, utility and education transactions. Apart from this, airport lounge access, reward limit and supplementary card fees will also be affected.
Change in late payment fees
Late payment charge will now be decided on the basis of outstanding amount.
- ₹101 to ₹500: ₹100
- ₹501 to ₹1,000: ₹500
- ₹1,001 to ₹5,000: ₹600
- ₹5,001 to ₹10,000: ₹750
- ₹10,001 to ₹25,000: ₹900
- ₹25,001 to ₹50,000: ₹1,100
- More than ₹50,000: ₹1,300
- There will be no charge on balance up to ₹100.
Charges on education transactions
There will be no additional charge for payment of international education and school or college fees through credit card. But if this payment is made through third-party apps, then a charge of 1% will be levied.
Change in reward policy
- Now a monthly reward limit has been imposed on some expenses.
- Entry-level and mid-range card holders will get rewards up to ₹ 40,000 and premium card holders will get rewards up to ₹ 80,000 on utility and insurance.
- This limit on grocery is ₹ 20,000 for entry-level and mid-range card holders and ₹ 40,000 for premium card holders.
- Government transactions, rental payments and education expenses will no longer be eligible for milestone benefits or annual fee waiver.
Change in airport lounge access
Now to get airport lounge access, one has to spend ₹ 75,000 in the previous quarter. Spa service has been excluded from this benefit.
The annual fee waiver limit for Emerald card holders has been reduced from ₹12 lakh to ₹10 lakh. Apart from this, the fuel surcharge waiver limit has been increased to ₹1 lakh.
Interest charge
If the payment is not completed by the due date, interest up to 3.8% per month (46% per annum) will be charged on the outstanding amount. These changes can directly affect the expenses and service of the users. Credit card holders will have to change their spending habits and follow the new terms.
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