New Delhi: ICICI Bank will revise credit card rules from November 15, 2024, on certain payment categories. From finance charges to fuel transactions, several revised rules will come into effect from mid-November. ICICI Bank credit card users will now have to adhere to spending limits on certain transactions. Moreover, reward accruals on payments to the government as well as educational fees will also undergo changes.
ICICI Bank credit cards offer different spending caps and privileges based on the credit cardholder category. Premium cards may have a higher threshold for certain transactions and waivers. Check the rules below for more details.
ICICI Credit card airport lounge access, utility bill payments, groceries
The bank is set to revise the rules for airport lounge access by hiking the minimum spending threshold to RS 75,000 in the previous calendar quarter from Rs 35,000 earlier. Utility and reward payments have been capped at Rs 80,000 on ICICI Bank credit cards. The lender has also introduced a ceiling of Rs 80,000 on insurance spends made using its credit cards.
ICICI Bank credit cards will impose a cap on rewards for grocery spending at Rs 40,000 on Rubyx, Sapphiro and Emeralde Visa cards. Other cardholders can earn a maximum of Rs 20,000 per month on grocery purchases using ICICI Bank credit cards.
ICICI Bank credit card fuel surcharge waiver
ICICI Bank credit card fuel surcharge waiver has been capped at Rs 50,000 per month. ICICI Bank Emeralde Mastercard Metal credit card users will enjoy a fuel surcharge waiver of up to Rs 1 lakh per month.
ICICI Bank has revised the overdue interest rate t0 3.75 per cent per month and 45 per cent per annum. Cash advance interest rates have been revised to 3.75 per cent per month and 45 per cent per annum.
The bank will also impose up to Rs 1,300 late payment charges on an outstanding amount of Rs 1,300. However, no late payment fee will be charged on an outstanding amount of less than Rs 100. A 1 per cent fee will be charged on utility payments worth more than Rs 50,000 and fuel transactions exceeding Rs 10,000.
Annual fee waiver
ICICI Bank Emeralde credit card users can get their annual fee waived if they spend Rs 10 lakh per annum from now on. This has been reduced limit from Rs 15 lakh earlier. However, the following transactions will not be counted for fee waivers:
- Rent payments
- Government transactions
- Educational fee payments
Further payments to educational institutions using ICICI Bank credit cards on third-party apps will invite a 1 per cent transaction fee. This fee will not be charged on direct point-of-sale (POS) machine payments or website-based payments, according to the bank. ICICI Bank supplementary credit card fee has been fixed at RS 199 per annum from the first year since the credit card’s issuance.
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