ICICI Bank is updating several credit card policies starting November 15, which may impact your usage and spending strategy. Here’s a rundown of the main changes:
Key Updates to Note
1. No Charges on Education Payments
- Education Fees: No charges will apply for paying international or school/college fees directly.
- Third-Party Payments: A 1% charge applies for education payments made via third-party channels.
2. Revised Late Payment Fees
Late payment charges will now vary based on the outstanding balance. Here’s the new structure:
- ₹101 to ₹500: ₹100
- ₹501 to ₹1,000: ₹500
- ₹1,001 to ₹5,000: ₹600
- ₹5,001 to ₹10,000: ₹750
- ₹10,001 to ₹25,000: ₹900
- ₹25,001 to ₹50,000: ₹1,100
- Above ₹50,000: ₹1,300
Note: No charge if the outstanding amount is ₹100 or less.
3. Additional Charges on Utility and Fuel Payments
- Utility Payments: 1% fee on utility payments exceeding ₹50,000.
- Fuel Transactions: 1% fee for fuel payments over ₹10,000.
4. Interest Rates on Overdue Payments
- Monthly overdue interest on extended credit and cash advances: 3.75%
- Annual interest rate: 45%
Tips to Manage Your ICICI Credit Card Wisely
- Plan education payments directly through the bank to avoid third-party fees.
- Pay on time to avoid steep late payment fees.
- Limit large utility and fuel transactions on credit to avoid the 1% charges.
For more details visit ICICI Bank Credit Card