ICICI Bank, India's second-largest bank by market cap, has recently announced that it will change the charges for some services on credit cards for customers. These changes will come into effect from tomorrow i.e. November 15, 2024.
Finance charges now at a monthly rate of 3.75%
From November 15, finance charges on extended credit and cash advances for ICICI Bank credit cardholders will now be applicable at a monthly rate of 3.75%, which is equivalent to an annual rate of 45 percent. This applies to overdue interest on unpaid balances and any cash advance on credit cards.
Late payment fee
ICICI Bank has restructured its late payment charges based on the outstanding amount. In simple words, from now on, the charges will change if the ICICI Bank credit card bill is paid late.
Rs 101 to Rs 500 - Rs 100 charge
Rs 1,001 to Rs 5,000 - Rs 600 charge
Rs 5,001 to Rs 10,000 - Rs 750 charge
Rs 10,001 to Rs 25,000 - Rs 900 charge
Rs 25,001 to Rs 50,000 - Rs 1100 charge
More than Rs 50,000 - Rs 1300 charge
1% extra charge on utility bill payment
Paying utility bills with ICICI Bank credit card is going to be expensive. A 1% extra charge will be levied on utility bill payments of more than Rs 50,000 in a statement cycle through some credit cards of ICICI Bank. These rules will apply to some cards of ICICI Bank.
Apart from this, these changes will be made.
Only spending up to Rs 40,000 on some cards in one statement/billing cycle at grocery and departmental stores will earn reward points as per the current rate.
Only spending up to Rs 20,000 on some cards in one statement/billing cycle at grocery and departmental stores will earn reward points as per the current rate.
There will be no charge on payments made directly to schools or colleges through some cards. However, if you make education payments through third-party apps, an extra charge of 1 percent of the transaction amount will be levied.
