ICICI Bank Updates Credit Card Policies: New Caps, Fees & Lounge Rules
ICICI Bank Tightens Credit Card Rewards and Introduces New Charges
ICICI Bank, the second-largest bank in India based on market capitalisation, has recently unveiled notable revisions to its credit card regulations. These updates encompass adjustments to services such as access to airport lounges, transaction fees, limits on rewards, and additional charges. The implementation of these modifications will commence on November 15, 2024.
Key Changes in Credit Card Policies
Rewards Caps
Utility and Insurance Payments:
Rewards for entry-level and mid-range cards are limited to a maximum of Rs 40,000 per month.
Rewritten version:
– Exclusive cards: Earnings limited to a maximum of Rs 80,000 monthly.
Grocery Spending:
-Entry-level cards: Cap at Rs 20,000 per month.
-Premium cards: Cap at Rs 40,000 per month.
Fuel Spending:
-General cap: Rs 50,000 monthly.
-Exception: Emeralde Mastercard holders enjoy a cap of ₹1 lakh per month.
Introduction of New Transaction Fees
1% fee applied to:
-Education payments via third-party platforms.
-Utility payments exceeding Rs 50,000 per month.
-Fuel payments exceeding Rs 10,000.
Exclusions from Milestone Benefits
Certain transactions will no longer count towards milestone benefits or fee waivers:
-Rental payments.
-Government transactions.
-Education payments.
Updated Fee Structure
Supplementary card fee: Rs 199.
Late payment charges:
-Rs 100 for balances up to Rs 500.
-Rs 1,300 for balances above Rs 50,000.
Lounge Access and Membership Adjustments
Complimentary airport lounge access:
-Requires a minimum spend of Rs 75,000 in the previous quarter.
-Spa services under Dreamfolks membership: No longer offered.
Emeralde Cardholders:
-Annual fee waiver spending threshold reduced from Rs 12 lakh to Rs 10 lakh.
It is essential for ICICI Bank credit card users to thoroughly analyze their spending habits and make necessary adjustments to prevent any unforeseen charges or diminished perks.
