Business News Desk – 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 15 November 2024 i.e. today. There will be no charges on credit card payments for international education and school/college fees. However, 1 percent fee will be applicable on education payments made through third party apps.
late payment charge
Under the new rules, late payment fees on ICICI Bank credit cards will be changed. Whose information is as follows.
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 charged
Rs 5,001 to Rs 10,000: Rs 750 charged
Rs 10,001 to Rs 25,000: Rs 900 charged
Rs 25,001 to Rs 50,000: Rs 1,100 charge
Above Rs 50,000: Rs 1,300 charge
If the outstanding amount is up to Rs 100, there will be no late payment fee. The bank has introduced new monthly limits on rewards for certain spend categories. Entry-level and mid-range cardholders can now earn up to Rs 40,000 per month for utility and insurance payments, while it will be Rs 100 for premium cardholders. 1,300. The limit is Rs 80,000. Additionally, the reward 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 and excluded rental payments, government transactions and education expenses from eligibility for milestone benefits or annual fee waiver. Cardholders will now have to change their spending habits to meet the new norms.
Changes in airport lounge access
ICICI Bank has recently changed the eligibility criteria for complimentary airport lounge access. To qualify for this benefit, cardholders now have to spend a minimum of Rs 75,000 in the previous quarter. Spa services are no longer included in the membership. The spending 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 enjoy 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 advance 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.
