Rs 1200 Penalty For ICICI Bank Credit Card Users From This Date; Rs 500 For Cheque Return

Now, ICICI Bank credit card customers will have to pay more due to the increased charges of various services related to credit cards, including late payment fees. 

How Does This Affect ?

These new charges will come in effect from February 10, 2022. 

Besides this, now the bank will now charge 2 percent of the total amount due with a minimum of Rs 500 in case of cheque return. 

Basically, the late payment charges will vary according to the total amount due. 

It is noteworthy here that if the total amount due is less than Rs 100, then the bank will not charge anything in this case. 

On the other hand, for higher amounts the charges will keep on  increasing with increase in due amount. 

Moreover, the bank can charge a maximum of Rs 1200 for amounts over Rs 50,000.

Compared to ICICI, other key players such as HDFC Bank, SBI Card and Axis Bank have already been charging up to Rs. 1300, Rs. 1300 and Rs. 1000 respectively for over Rs 50,000 balance payment.

Let’s go through a comparison of the Credit Card Charges of leading players such as HDFC Bank, SBI Card, and Axis Banks

Charges For HDFC Credit Card 

• On bills below Rs 100, there will be no charge applicable.
• A late payment charge of Rs 100 will be charged on a bill of Rs 100-500. 
• Rs.500 will be charged on bills up to Rs.501-5,000, Rs.600 for Rs.5001-10000, Rs.800 on bills of Rs.10001-25000, Rs.1100 on Rs 25,001-50,000 and Late Payment Charges for bills up to Rs.50000 will be Rs 1300. 
• In case of cash advance, the consumer will be levied at 2.5 percent on the amount of cash withdrawn or Rs 500, whichever is higher. 
• In terms of over limit, it will be charged at 2.5 percent or a maximum of Rs 550.
• The auto debit or check return fee will be charged at a minimum of 2 per cent or Rs 450.

Charges For SBI Credit Card

• No charges will be applicable for less than Rs 500. 
• Charges of Rs.400 on bills up to Rs.501-1000, while late Payment Charges for Rs.1,001-10,000 is Rs 1300. 
• Same as HDFC, cash advance charge on SBI credit cards will be levied at 2.5 percent on the amount of cash withdrawn or Rs 500, whichever is higher. 
• Coming to overlimit charges, it is 2.5 percent or a maximum of Rs 600.
• In case of auto debit or check return fee, a minimum of 2 percent or Rs 500 will be charged.

Charges For Axis Bank Credit Card

• No charge will be applicable on bills below Rs 300. 
• Late payment charge of Rs 100 will be applicable on a bill of Rs 300-500, Rs.500 for bills up to Rs.501-1000, Rs 1000 for Rs.1001-10000. 
• In case of cash advance, charges will be levied at 2.5 per cent on the amount of cash withdrawn or Rs 500, whichever is higher. 
• Overlimit charge of 3 percent or maximum Rs.500 will be applicable. 
• Auto debit or check return fee of a minimum of 2 per cent or Rs 450 will be charged with a maximum of 1,500 rupees.

If You Fail to Pay Your Credit Card Bill on Time?

If customers do not pay their bills on time then they are frowned upon by credit card firms as they will get reminders by mail and SMS. 

In case of missing payment, the consumer will be charged a penalty as well as interest on the amount you owe. 

Moreover, the consumer will have to endure a tarnished credit history and reduced credit score, which will result in reducing your prospects of obtaining credit in the future.