ICICI Bank's revised credit card perks will disappoint cardholders
In a major move, ICICI Bank has announced a slew of changes to its credit card terms, effective from November 15. This is the second revision of the bank's credit card portfolio this year. The new terms include more than doubling the spending requirement for airport lounge access, a limit on rewards for utility, grocery spending, and insurance, and the introduction of add-on charges for supplementary cardholders.
Spending requirement raised for airport lounge access
Earlier, cardholders had to spend ₹35,000 in the previous calendar quarter to unlock airport lounge access. Now, they have to spend at least ₹75,000 in the previous calendar quarter to be eligible for the benefit in the next quarter. Sumanta Mandal, founder of TechnoFino - a firm that tracks credit card trends - said of this change, "To get complimentary lounge access, this is a very high spending requirement."
Cap on reward points
The bank has also introduced a cap on rewards earned from utility and insurance payment transactions. Premium credit cardholders (such as ICICI Bank Rubyx Visa, Sapphiro Visa, Emeralde Visa, etc.) will earn rewards on up to ₹80,000 monthly spend on utility and insurance. For all others, the cap is ₹40,000 monthly spend. Additionally, premium credit cardholders will earn rewards on up to ₹40,000 monthly spend on grocery. For all others, the cap is ₹20,000 monthly spend.
ICICI Bank revises fuel surcharge waiver policy
ICICI Bank has revised its fuel surcharge waiver policy for credit cardholders. The bank will waive fuel surcharges on transactions up to ₹50,000 per month for its entire credit card portfolio. For exclusive Emeralde Mastercard Metal Credit Card, the waiver limit increases to spending up to ₹1 lakh per month.
Spa facility at airports discontinued, charges for supplementary cardholders
The bank has also ended the spa access offered via the DreamFolks card. The facility was previously offered on several cards including ICICI Bank Sapphiro Visa Credit Card, ICICI Bank Emeralde Credit Card, etc. Separately, ICICI Bank has also introduced an annual fee of ₹199 for supplementary cardholders. These charges will be levied in the card anniversary month statement.
ICICI Bank imposes charge for using 3rd-party payment apps
Payment of an educational expense via ICICI Bank credit cards through third-party payment apps like CRED, Paytm, Cheq, MobiKwik etc. will also attract a 1% fee on the transaction amount. However, if you make educational transactions via college/school websites or their POS machines using ICICI Bank credit cards, there would be no charges.
