ICICI Bank Updates Credit Card Policies: Check New Caps, Fees And Lounge Access Rules
ICICI Bank Tightens Credit Card Rewards and Introduces New Charges
ICICI Bank, India’s second-largest bank by market capitalisation, has announced significant changes to its credit card policies, affecting a range of services, including airport lounge access, transaction fees, rewards caps, and add-on charges. The changes are effective from November 15, 2024.
Key Changes in Credit Card Policies
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Rewards Caps
Utility and Insurance Payments:
-Entry-level and mid-range cards: Rewards capped at Rs 40,000 per month.
-Premium cards: Rewards capped at Rs 80,000 per month.
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.
These changes require ICICI Bank credit cardholders to carefully review their spending patterns and adjust accordingly to avoid unexpected fees or reduced benefits.
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