Best SEBI registerd RA firm ICICI Bank updates credit card charges: Cardholders need to know THESE changes that take effect from November 15

These updates, which take effect from November 15, 2024, will impact ICICI Bank credit card holders in several key areas. Here’s a detailed look at the upcoming changes and how they will a affect card holder

ICICI Bank updates credit card charges: What cardholders need to know by November 15

ICICI Bank updates credit card charges: What cardholders need to know by November 15

ICICI Bank announced several updates to its credit card fees, set to begin on November 15, 2024



The changes cover finance charges, late payment fees, and additional transaction fees for education, utilities, and fuel. These adjustments come as ICICI Bank aims to streamline its charges in line with industry trends and to align with rising operational costs.

Finance Charges Starting mid-November, finance charges on extended credit and cash advances for ICICI Bank credit cardholders will now be applied at a monthly rate of 3.75%, equating to an annual rate of 45%. This applies to overdue interest on unpaid balances and any cash advances on the credit card.

ICICI Bank has restructured its late payment charges based on the outstanding balance. Charges will range from ₹100 for balances between ₹101 and ₹500, up to ₹1,300 for amounts exceeding ₹50,000. Balances under ₹100 remain exempt from any late fees.

Education Transactions Payments made directly to schools or colleges, including international education fees, will not incur additional charges. However, a 1% fee will apply to education-related payments made through third-party applications. This change is intended to offset processing costs associated with external payment platforms.

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Utility and Fuel Transaction Fees

For utility payments, a new 1% fee will be charged if the transaction amount exceeds ₹50,000. Fuel transactions over ₹10,000 will also incur a 1% fee.

Unchanged Fees and Other Charges Some charges remain unaffected by the new policy. The fee for cash payments at bank branches will still be ₹100 per transaction, while fuel surcharges and rent payments retain a 1% fee on transaction amounts, with specific exemptions on Amazon Pay Cards. Additionally, interest charges will continue to apply to all overdue balances and cash advances until the balance is paid in full, at a maximum monthly rate of 3.8% (46% annually) in cases of default.

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These updates from ICICI Bank follow similar recent adjustments made by SBI Card, which raised its own finance charges to 3.75% per month starting November 1, 2024.

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