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Credit Card: In recent times, not only has people's attitude towards credit cards changed, but banks are also snatching away the benefits provided by it. ICICI Bank has also taken a similar decision. The bank has not only reduced benefits on insurance, electricity-water bills, fuel surcharges and grocery shopping, but has also doubled the spending limit for using airport lounges. The bank has changed the credit card rules for the second time this year. The new rules are going to come into effect from November 15.
One percent transaction fee will be charged on payment of school-college fees
Even before this, ICICI Bank has changed the rules related to credit card. Till now, to use the airport lounge, you had to spend Rs 35 thousand in a quarter. Now this limit has been increased to Rs 75 thousand. This is a huge amount in one quarter. This rule will be applicable to almost all credit cards affiliated with ICICI Bank.
These also include many co-branded cards. One percent transaction fee will be charged on paying school-college fees through third party payment apps like Cred, Paytm, Check and MobiKwik. However, if you make payment through school-college website or POS machine, no fee will be charged.
Rewards received on utility and insurance payments are reduced
Plus, you'll also get lower rewards on utility and insurance payments. Premium cardholders will be eligible to earn rewards by spending up to Rs 80,000 per month on utility and insurance payments. But, for other cardholders this limit will be only Rs 40 thousand. If the utility payment exceeds Rs 50 thousand in a month, one percent transaction fee will have to be paid. Apart from this, capping has also been imposed on reward points available through grocery and departmental stores. Here the premium cardholder gets Rs 40 thousand every month.
ICICI Bank has also set a new limit for discount on fuel surcharge.
ICICI Bank has also set a new limit for discount on fuel surcharge. Now you will be able to spend only Rs 50 thousand on petrol and diesel every month. The discount limit on Emerald MasterCard Metal Credit Card has been capped at Rs 1 lakh only. Apart from this, the annual fee on Emerald and Emerald Private Metal cards will now be available only on spending Rs 10 lakh instead of Rs 15 lakh. Spa access available on the DreamFox Card has now been discontinued. However, this discount will continue on many other cards.