New Delhi: ICICI Bank credit card rules will be changed effective November 15, 2024. The lender has hiked a range of fees on credit cards. ICICI Bank has capped utility and insurance bill payments at Rs 80,000 and Rs 40,000 at the current earn rate.
The lender has also capped rewards on grocery and departmental store spending at Rs 40,000 per month and Rs 20,000 per month, respectively.
Spending caps, annual fee waiver and fuel surcharge
ICICI Bank Emeraldw Private Metal Credit Card users will not be able to earn any points on government spending. Fuel surcharge waiver has been capped at Rs 50,000 by ICICI Bank. Further, fuel surcharge waiver has been removed in fuel spends exceeding Rs 1 lakh per month.
ICICI Bank credit card users will not be able to access spas since Dreamfolks cards have been discontinued. If you aim to max out on credit card psending, ICICI Bank has removed rent, government spending and education from the milestone calculation.
An annual fee waiver will be offered on annual spends worth Rs 10 lakh compared to Rs 15 lakh earlier. Educational payments made via third party websites will be charged 1 per cent per transaction. There will be no surcharge on payments made directly on the institution’s website.
ICICI Bank will charge a 1 per cwent surcharge on utility bill payments exceeding Rs 50,000. Fuel transactions greater than Rs 10,000 will be charged a surcharge fee of 1 per cent. If a cardholder seeks an add-on card they can earn Rs 199 per card. ICICI Bank credit card late payment fee structure is as follows:
S. No.
Range
Late fee
1
Less than Rs 100
Nil
2
Rs 101-500
Rs 100
3
Rs 501-1,000
Rs 500
4
Rs 1,001-5,000
Rs 600
5
Rs 5,001-10,000
Rs 750
6
Rs 10,001-25,000
Rs 900
7
Rs 25,001-50,000
Rs 1,100
8
More than Rs 50,000
Rs 1,300
Domestic lounge access, revolving credit rate and international transaction fee
ICICI Bank has laid down a Rs 75000 minimum spending threshold per calendar quarter for accessing domestic airport lounges in the next quarter. ICICI Bank has also set the revolving credit rate at 45 per cent per annum or 3.75 per cent. ICICI Bank is offering a competitive markup of 2 per cent per transaction on international trsnsactions.
ICICI Bank has changed the rules related to credit card fees, lounge access and 17 other features. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
