Credit Card New Rules: Bank Credit Card New Rules: Using ICICI Bank’s credit card will now become more expensive than before. India’s second largest private sector bank, ICICI, has changed some new rules for its credit card holders. These changes have come into effect from 15 November 2024. These rules include reward cap, transaction fees, lounge access and extra charges
Credit Card New Rules: ICICI has made some changes in its credit card rules:
Rewards limit:
Utility and insurance payments:
Entry-level and mid-range cards: ₹40,000 per month.
Premium cards: ₹80,000 per month.
Grocery expenses:
Entry-level cards: ₹20,000 per month.
Premium cards: ₹40,000 per month.
Fuel expenses:
General limit: ₹50,000 per month.
Limit for Emerald Mastercard holders: ₹1 lakh per month.
New transaction charges:
1% charge will be levied on:
Education payments made on third-party platforms.
Utility payments above ₹50,000.
Fuel payments above ₹10,000.
Milestone benefits exclude those payments:
Now these payments will not be eligible for milestone benefits or charge waivers:
– Rental payments
– Government transactions
– Education payments
Revised charge structure:
– Supplementary card charge: ₹199
– Late payment charges:
– Dues up to ₹500: ₹100
– Dues above ₹50,000: ₹1,300
Changes in lounge access and membership:
Supplementary airport lounge access:
– Minimum spend requirement of ₹75,000 in the previous quarter.
Spa service:
– Will not be available now under Dreamfox membership.
Emerald cardholders:
The spending limit for annual charge waiver has been reduced from ₹12 lakh to ₹10 lakh. In view of these changes, ICICI Bank advises its credit card holders to re-review their spending plans and usage patterns to avoid unexpected charges and reduction in benefits.
