ICICI Bank has announced a revised reward points system for its credit cards with effect from November 15, along with several other changes. The bank has revamped its credit card portfolio for the second time this year.
The new terms include limiting rewards for utility, insurance and grocery spending, introducing add-on fees for additional cardholders. The lender has also changed the eligibility criteria for airport lounge access for certain cards.
The bank has announced the following significant changes in credit cards:
The spending limit for airport lounge access has increased
Free airport lounge access to ICICI Bank credit cardholders will now be offered at a higher cost. The bank revised the eligibility criteria for complimentary airport lounge access for a minimum spend of Rs 75,000 in the previous quarter.
ICICI Bank HPCL Super Saver Visa Credit Card, ICICI Bank MasterCard Coral Credit Card, ICICI Bank Rubix Visa Credit Card, ICICI Bank Safiro Visa Credit Card, ICICI Bank Adani One Signature Credit Card, McMyTrip ICICI Bank Platinum Credit Card and other ICICI Bank Credit Cards All will be eligible for this revised spending requirement to receive free domestic airport lounge access.
There is no concession on fuel surcharge
For credit cardholders, ICICI Bank has updated its fuel cost waiver policy. The bank now pays Rs. 1% will be charged on fuel transactions above 50,000.
Limiting incentives to pay for utilities and insurance
When ICICI Bank cardholders pay for utilities or insurance premiums, they get reward points. Now, now the bank has revised the spending limit to avail the rewards.
Customers with premium credit cards (such as ICICI Bank Rubix Visa, Safiro Visa, Emerald Visa and others) can save up to Rs. per month on utilities and insurance premiums. Can earn rewards for spending up to 80,000. On the other hand, the spending limit for other category cardholders has been kept at Rs 40,000 per month.
Ban on incentives for purchases at supermarkets and retail stores
Spending at department stores and grocery stores will also be limited to earning reward points. ICICI Bank Rubix Visa, Sephiro Visa, Emerald Visa and other premium credit cardholders get Rs. Up to 40,000 will be awarded. The monthly spending limit for all other cards has been capped at Rs 20,000.
Fees are applicable for supplementary cardholders
The bank will now charge an annual fee of Rs 199 for each supplementary credit card.
Revision of Expenditure Threshold
Credit card payments for rent, government and school expenses will not be included in the spending criteria for annual fee reversals and milestone benefits. This change applies to all credit cards of the bank. Additionally, the annual fee reversal barrier for ICICI Emerald and Emerald Private Metal Credit Cards has been reduced from Rs 15 lakh to Rs 10 lakh.
The airport spa has been closed
DreamFolks card holders will no longer have access to spa services. The following credit cards offer the service: Emirates ICICI Bank Emerald Credit Card, ICICI Bank Adani One Signature Credit Card, ICICI Bank Safiro Visa Credit Card and others.