ICICI Bank Credit Card: This news is important for those using ICICI Bank credit card. The bank has announced several updates regarding finance charges, late payment charges, additional transaction fees for education and additional transaction fees for fuel.
ICICI Bank Credit Card: ICICI Bank has announced several updates in its credit card fees, which are going to be effective from November 15, 2024. These changes include finance charges, late payment charges, additional transaction fees for education and additional transaction fees for fuel. These adjustments have been made at a time when ICICI Bank aims to streamline its charges in line with industry trends and align with rising operation costs.
From mid-November, 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%. This applies to overdue interest on unpaid balance and any cash advance on credit card.
Late Payment Fees
ICICI Bank has restructured its late payment charges based on the outstanding amount. The late payment fee will range from ₹100 for balances between ₹101 and ₹500 to ₹1,300 for amounts above ₹50,000. Balances below ₹100 remain exempt from any late payment charges.
Educational Transactions
Payments made directly to schools or colleges, including international education fees, will not attract any additional charges. However, a 1% fee will be applicable on education-related payments made through third-party applications. This change is aimed at offsetting the processing costs associated with external payment platforms.
Utility and Fuel Transaction Charges
A new 1% fee will be charged for utility payments if the transaction amount exceeds Rs 50,000. Fuel transactions above Rs 10,000 will also attract a 1% fee.
Some charges remain unaffected by the new policy. The fee for cash payments at bank branches will still be Rs 100 per transaction, while fuel surcharge and fare payments will retain a 1% fee on the transaction amount, with specific discounts on Amazon Pay cards. Additionally, interest charges will apply on all overdue balances and cash advances until the balance is paid in full. The maximum monthly rate in cases of default is 3.8% (46% annualised).
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