Customers have been notified by private sector lender ICICI Bank of the impending modifications to the ICICI Bank Credit Card, which will take effect on November 15, 2024.
The following new regulations will take effect for ICICI Credit Card customers on November 15:
1. Capping for utilities and insurance
At the current earn rate, you will still be able to accrue reward points for utility and insurance purchases up to Rs. 80,000 and Rs. 80,000, respectively.
At the current earn rate, you will still be able to accrue reward points for utility and insurance purchases up to Rs. 40,000 and Rs. 40,000, respectively.
2. Capping for groceries
At the existing earn rate, you will continue to get reward points for monthly grocery and department shop purchases up to Rs. 40,000.
3. No incentives for government transactions
With the exception of purchases connected to the government, you will still get reward points for using your ICICI Bank Emeralde Private Metal Credit Card.
4. Fuel surcharges beyond INR 50K are not waived
gasoline surcharge waivers are only available for gasoline expenditures up to Rs. 50,000 per month; surcharge waivers are not available for expenditures over this amount.
5. Fuel surcharges are not waived for purchases over INR 100,000.
Fuel surcharges are waived for fuel expenditures up to Rs. 1,000,000 per month; surcharges above this amount are not eligible for the waiver.
6. Termination of Spa Services
The rationale for the spa access that was given The DreamFolks card is now being phased out.
7. Exclusion from the expenditure threshold for rent, government, and education
Rent, government, and school payments made with a credit card will not be included in the spend threshold for yearly fee reversal and milestone incentives.
8. The annual fee reduction level of 10L
Previously set at Rs. 15 lakh annually, the spend requirement for the yearly fee reversal has been lowered to Rs. 10 lakh annually.
9. A 1% cost for using a third party to pay for education
Payments made directly to the school or college, including credit card payments for foreign education, will not incur fees. However, payments for education made through third-party apps will include a fee equal to 1% of the transaction value.
10. A 1% fee for utility transactions over $50,000
Utility payment transactions over Rs 50,000 will incur a fee equal to 1% of the transaction value.
11. A 1% charge for fuel transactions over $10,000
For fuel transactions over Rs. 10,000, 1% of the transaction value will be charged as a fee.
12. Additional Cost: INR 199
With an annual cost of Rs. 199, which will be charged on the card anniversary month statement, supplemental cardholders will receive additional perks.
13. Modification of Late Payment Fees
In accordance with the new structure, late payment fees will be updated.
<- Rs. 100 = Nil, Rs. 101 - Rs. 500 = Rs. 100, Rs. 501 - Rs. 1,000 = Rs. 500, Rs. 1,001 - Rs. 5,000 = Rs. 600, Rs. 5,001 - Rs. 10,000 = Rs. 750, Rs. 10,001 - Rs. 25,000 = Rs. 900, Rs. 25,001 - Rs. 50,000 = Rs. 1,100, > Rs. 50,000 = Rs. 1,300
14. Access to a domestic lounge costs INR 75K each quarter
You can get free membership to the airport lounge if you spent Rs. 75,000 during the previous quarter. Access for the following calendar quarter will be unlocked by spending in the previous one. You must spend at least Rs. 75,000 in the Oct., Nov., and Dec., 2024 quarter, and likewise in the subsequent quarters, in order to be eligible for free lounge access in the Jan., Feb., and Mar., 2025 quarter.
15. 45% Revolving Rate
The revolving credit facility's finance fees for cash advances and retail transactions would be increased to 3.75% monthly (45% annually).
16. Forex markup of 2%
With a new markup fee of 2%, you can still take advantage of the convenience of using your credit card for foreign transactions.
