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ICICI Bank has announced several changes in the terms of its credit cards, which will be effective from November 15, 2024. This is the second time this year that the bank has changed its credit card offerings. These changes will impact airport lounge access, rewards caps and transaction fees, as well as add-on charges for complimentary cardholders.
prize rules
ICICI Bank has set limits on rewards in some of its categories. For utility and insurance payments, the bank has fixed the maximum spend at Rs 40,000 per month for entry and medium level cards and Rs 80,000 per month for premium cards.
Spending on groceries will also be capped at Rs 20,000 per month for entry and mid-tier cardholders, while premium cardholders can spend up to Rs 40,000 per month before reaching the rewards cap. .
Additionally, the fuel spend limit for most cards will now be Rs 50,000 per month. However, Emerald MasterCard Metal Credit Card is excluded from this, allowing fuel transactions up to Rs 1 lakh, qualifying for surcharge waiver.
transaction fee
ICICI Bank will also levy a 1% transaction fee on certain types of spends. This fee will be applicable on education payments made through third party platforms, utility payments above Rs 50,000 per month and fuel payments above Rs 10,000 per month.
will not be considered
Rent payments, government transactions and education expenditure will no longer be considered while calculating eligibility for milestone benefits or annual fee waiver. This means that cardholders will have to adjust their spending strategies if they want to qualify for these features.
new fee structure
The bank has also changed its fee structure. Now a charge of Rs 199 will be levied on the supplementary card. Apart from this, late payment charges have also been changed and now a charge of Rs 100 will be levied on balance up to Rs 500 and Rs 1,300 on balance above Rs 50,000. At the same time, the finance charge on the outstanding balance of the credit card will be 3.75 percent per month or 45 percent per annum.
Changes to airport lounge entry
ICICI Bank has made changes to its complimentary airport lounge access feature. To avail this facility, cardholders will now have to spend at least Rs 75,000 in the previous quarter.
Spa services previously available through DreamFolks membership will no longer be available. However, the good news is that Emerald, Emerald Visa and Emerald Private cardholders will benefit from a reduction in the spending requirement for the annual fee waiver, which has been reduced from Rs 12 lakh to Rs 10 lakh. Emerald cards also offer a higher fuel surcharge waiver limit of Rs 1 lakh, which sets them apart from other cards in the ICICI portfolio.
