ICICI Bank credit card adjusts rewards, fees and milestone benefits
ICICI Bank, India’s second largest bank by market capitalization, has announced significant changes to its credit card policies, affecting a range of services including airport lounge access, transaction fees, reward caps and add-on charges. These changes will be effective from November 15, 2024.
Major changes in credit card policies
Awards caps
Utility and Insurance Payments:
-Entry-level and mid-range cards: Rs. per month 40,000 in rewards.
-Premium Cards: Per month Rs. Awards up to 80,000.
Cost of Groceries:
-Entry-level cards: Rs. 20,000 cap.
-Premium Cards: Per month Rs. 40,000 limit.
Fuel Cost:
-Normal cap: Rs 50,000 monthly.
-Exception: Emerald Mastercard holders enjoy a cap of ₹1 lakh per month.
Introduction of new transaction fees
1% fee applicable on:
– Education payment through third-party platforms.
– Utility payments per month Rs. More than 50,000.
– Fuel payments above Rs 10,000.
Exclusion from Milestone Benefits
Certain transactions will no longer count towards milestone benefits or fee waivers:
– Payment of rent.
– Government transactions.
– Education payments.
Updated fee structure
Supplementary Card Fee: Rs. 199.
Late Payment Charges:
-Rs. 500 for balance up to Rs. 100.
-Rs. For balance above 50,000 Rs. 1,300.
Lounge access and membership arrangements
Free Airport Lounge Access:
– In the previous quarter at least Rs. 75,000 is required to be spent.
-Spa Services under DreamFox Membership: No longer offered.
Emerald Cardholders:
– Annual Fee Waiver Expenditure Threshold Rs. 12 lakhs reduced to Rs. 10 lakhs.
These changes require ICICI Bank credit cardholders to carefully review their spending patterns and adjust accordingly to avoid unexpected fees or reduced benefits.