ICICI Bank, a popular private bank in India, is introducing new rules for its credit card users starting from November 15, 2024.
These changes will impact fees on education payments, late payments, utility bills, and cash advances. Here’s a breakdown of the new guidelines and what they mean for you.
No Fees on Educational Transactions
Under the new rules, ICICI Bank will not charge fees on payments for international education or school and college fees when using their credit cards.
However, if these payments are made through third-party apps, a 1% fee will apply.
Updated Charges for Late Payments
ICICI Bank has also updated its late payment charges based on the outstanding amount:
Rs 101 to Rs 500: Rs 100 charge
Rs 501 to Rs 1,000: Rs 500 charge
Rs 1,001 to Rs 5,000: Rs 600 charge
Rs 5,001 to Rs 10,000: Rs 750 charge
Rs 10,001 to Rs 25,000: Rs 900 charge
Rs 25,001 to Rs 50,000: Rs 1,100 charge
Above Rs 50,000: Rs 1,300 charge
Note: No late fee will be applied if the outstanding amount is below Rs 100.
Charges on Utility and Fuel Payments
Additional fees will also apply to certain types of transactions:
Utility Payments: A 1% fee for payments over Rs 50,000.
Fuel Payments: A 1% fee for transactions above Rs 1,000.
Interest on Overdue Credit and Cash Advances
ICICI Bank will charge interest on overdue credit or cash advances as follows:
Monthly Rate: 3.75% for one month.
Annual Rate: 4.5%.
Stay Updated on New Fees
If you have an ICICI Bank credit card, keep these changes in mind as they will affect your charges from November 15, 2024.
Being aware of these updates will help you manage your payments effectively.
Keep These Changes in Mind
If you’re using an ICICI Bank credit card, be sure to remember these new charges and fees, which will start from November 15, 2024.
