ICICI credit card charges, benefits are changing from November 15
ICICI Bank cardholders will experience several key changes to their credit card benefits and fees starting November 15, 2024. These modifications focus on fuel surcharge waivers, airport lounge access eligibility, and late payment fees. The bank has been communicating these revisions to customers through SMSes and e-mails over the past few weeks. Here's all you need to know.
Changes to reward points and surcharge waivers
The bank has placed caps on reward points for utility and insurance spends at ₹80,000 each. For grocery and departmental store spends, customers will continue to earn rewards up to a cap of ₹40,000 per month. However, no rewards will be provided for government-related transactions made using the ICICI Bank Emeralde Private Metal Credit Card.
Fuel surcharge waivers and spa access discontinuation
ICICI Bank has also imposed limits on fuel surcharge waivers. For monthly fuel expenses of up to ₹50,000, the surcharge waiver will remain applicable. However, beyond this limit, no waiver will be given. The bank has also removed spa access that was previously provided through the DreamFolks card.
Exclusions and fees in annual fee reversal
The bank has removed rent, government, and education payments from the spend threshold for annual fee reversal and milestone benefits. The threshold for annual fee reversal has been reduced to ₹10 lakh per annum from ₹15 lakh earlier. A 1% fee will be levied on education payments through third-party apps, utility payment transactions over ₹50,000, and fuel transactions above ₹10,000.
New charges for add-on cards and late payments
ICICI Bank will now charge an annual fee of ₹199 for supplementary cardholders. This fee will be reflected in the card anniversary month statement. The bank has also revised its late payment charges with a new structure based on the outstanding amount. For instance, if the outstanding amount is between ₹101 and ₹500, a late payment charge of ₹100 will be applied. For an amount exceeding ₹50,000, a late payment charge of ₹1,300 will be applied.
Revised criteria for complimentary airport lounge access
The bank has updated the criteria for complimentary airport lounge access. Customers can now avail the facility by spending ₹75,000 in the previous calendar quarter. The spends made in one quarter will determine access for the next quarter. For example, to be eligible for lounge access in January-March 2025, customers need to spend at least ₹75,000 in October-December 2024. For international payments, a mark-up fee of 2% will be levied.
