ICICI Bank, India’s second-largest private sector bank, has updated the rules for its credit card holders, making it more expensive to use their cards.
These changes took effect on November 15, 2024. The new rules cover areas such as reward caps, transaction fees, lounge access, and extra charges.
Limits on Rewards and Payments
ICICI Bank has set new monthly limits for certain types of spending:
Utility and Insurance Payments
Entry-level and Mid-range Cards: ₹40,000
Premium Cards: ₹80,000
Grocery Expenses
Entry-level Cards: ₹20,000
Premium Cards: ₹40,000
Fuel Costs
General Limit: ₹50,000
Emerald Mastercard Holders: ₹1 lakh
New Transaction Charges
ICICI Bank has introduced a 1% transaction fee on specific payments:
Education payments made on third-party platforms
Utility payments above ₹50,000
Fuel payments above ₹10,000
Additionally, certain payments will no longer count toward milestone benefits or charge waivers, including:
1) Rental payments
2) Government transactions
3) Education payments
Revised Fees and Lounge Access
ICICI Bank has revised several charges:
Supplementary Card Charge: ₹199
Late Payment Charges
1) For balance up to ₹500: ₹100
2) For dues above ₹50,000: ₹1,300
Lounge Access: To access complimentary airport lounges, a minimum spending of ₹75,000 in the previous quarter is required.
Additionally, Spa Service (Dreamfox) will no longer be available as a subscription for cardholders.
Emerald Cardholders: The annual charge waiver spending limit has been reduced from ₹12 lakh to ₹10 lakh.
ICICI Bank has advised credit card holders to carefully review their spending habits to avoid unexpected charges and a reduction in benefits.
