In addition to lowering incentives for services like insurance, meals, lounge access, fuel surcharge waivers, and late payment fees, ICICI Bank has changed the cost of its credit cards.
Through SMS, ICICI Bank notified cardholders of these developments.
ICICI Bank Changes Credit Card Fee Structure
While some cards have a restriction of Rs. 40,000, reward points for utility costs are limited to Rs. 80,000.
The monthly maximum for reward points on purchases at supermarket and department stores is Rs. 40,000, with some cards having a lower cap of Rs. 20,000.
With the exception of government related expenses, you will still get reward points for using your ICICI Bank Emeralde Private Metal Credit Card.
Waivers for fuel surcharges are only valid up to Rs. 50,000 or Rs. 1,00,000 per month, depending on the card; they do not apply above these amounts.
The DreamFolks card is no longer used to access spas.
Rent, government service, and educational payments are no longer eligible for milestone benefits and yearly fee reversal.
The annual threshold for fee reversal has been lowered from Rs. 15 lakh to Rs. 10 lakh.
Education Fee Payment Transactions Done Through Third Party Applications Subject To 1% Fee
Payments for education done through third-party applications are subject to a 1% transaction fee; this does not include payments made directly to schools or colleges.
There is a one percent transaction fee for utility payments over Rs. fifty thousand.
A 1% transaction fee is also applied to fuel transactions over Rs. 10,000.
The yearly cost for add-on or supplementary cards is now Rs. 199, and it is shown on the card anniversary statement.
Depending on the amount owed, revised late payment fees are applied as below:
Outstanding Amount Late Payment Charge (INR) <= Rs. 100 Nil
Rs. 101 – Rs. 500: Rs. 100
Rs. 501 – Rs. 1,000: Rs. 500
Rs. 1,001 – Rs. 5,000: Rs. 600
Rs. 5,001 – Rs. 10,000: Rs. 750
Rs. 10,001 – Rs. 25,000: Rs. 900
Rs. 25,001 – Rs. 50,000: Rs. 1,100
> Rs. 50,000: Rs. 1,300
To receive free membership to the airport lounge, you must have spent Rs. 75,000 during the preceding quarter.
The current monthly finance costs for cash advances and revolving credit for retail purchases are 3.75% (45%) annually.
The foreign exchange markup has been changed to 2%.
