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ICICI Bank Tightens Credit Card Rewards and Introduces New Charges
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ICICI Bank Adjusts Credit Card Rewards, Fees, and Milestone Benefits
ICICI Bank, India’s second-largest financial institution by market capitalisation, has actually introduced considerable modifications to its bank card plans, impacting a variety of solutions, consisting of flight terminal lounge accessibility, purchase charges, benefits caps, and add-on fees. The modifications work from November 15, 2024.
Key Changes in Credit Card Policies
Rewards Caps
Utility and Insurance Payments:
-Entry- degree and mid-range cards: Rewards topped at Rs 40,000 each month.
-Premium cards: Rewards topped at Rs 80,000 each month.
Grocery Spending:
-Entry- degree cards: Cap at Rs 20,000 each month.
-Premium cards: Cap at Rs 40,000 each month.
Fuel Spending:
-General cap: Rs 50,000 month-to-month.
-Exception: Emeralde Mastercard owners delight in a cap of 1 lakh each month.
Introduction of New Transaction Fees
1% cost related to:
-Education settlements using third-party systems.
-Utility settlements surpassing Rs 50,000 each month.
-Fuel settlements surpassing Rs 10,000.
Exclusions from Milestone Benefits
Certain purchases will certainly no more count in the direction of turning point advantages or cost waivers:
-Rental settlements.
-Government purchases.
-Education settlements.
Updated Fee Structure
Supplementary card cost: Rs 199.
Late repayment fees:
-Rs 100 for equilibriums as much as Rs 500.
-Rs 1,300 for equilibriums over Rs 50,000.
Lounge Access and Membership Adjustments
Complimentary flight terminal lounge accessibility:
-Requires a minimal invest of Rs 75,000 in the previous quarter.
-Spa solutions under Dreamfolks subscription: No much longer used.
Emeralde Cardholders:
-Annual cost waiver investing limit decreased from Rs 12 lakh to Rs 10 lakh.
These modifications need ICICI Bank credit score cardholders to very carefully evaluate their investing patterns and readjust appropriately to stay clear of unforeseen charges or decreased advantages.
