Private lender ICICI Bank Ltd. is set to implement a host of changes to its credit card fees. The new ICICI Bank credit card rules will come into effect from Nov. 15. The bank has updated its finance charges, late payment fees, utility charges, transactions on education and more. These changes come as the lender looks to streamline its credit card charges as per the industry standards.
If you are an ICICI Bank credit card holder, here is all you need to know about the updated rules.
Finance Charges
The finance charges on ICICI Bank credit cards are set to change from Nov. 15. The finance charges on extended credit and cash advances will be applied at a rate of 3.75%. This equals an annual rate of 45%. The finance charges will be applied to overdue interest on unpaid balances as well as any cash advances on your credit card.
Late Payment Fees
The late payment fees of ICICI Bank credit cards have also been changed. According to the new ICICI Bank credit card rules, the charges will be up to Rs 1,300 on outstanding balances. Here is a breakdown of the late payment fees, based on different outstanding amounts.
Less than or equal to 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.
Utility And Fuel
ICICI credit card holders will now have to pay a 1% fee for utility transactions if the amount exceeds Rs 50,000. For fuel transactions over Rs 10,000, a 1% fee will also apply.
Education Transactions
ICICI Bank will now charge zero fees for making payments via its credit card directly to schools or colleges, including those abroad. However, customers will have to pay a 1% fee if they are making education-related payments from a third-party app.
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