ICICI Bank’s New Credit Card Charges Effective November 15, 2024: Key Updates for Cardholders

ICICI Bank has introduced several updates to its credit card charges, effective from November 15, 2024. These changes aim to refine fees associated with various transaction categories, including fuel, utility payments, and rent payments, while also maintaining certain exemptions for cardholders.

Key Revisions in ICICI Credit Card Charges

1. Fuel and Utility Transaction Charges:

• For fuel transactions exceeding Rs. 50,000, ICICI Bank now imposes a 1% charge on the transaction value. This fee applies only when payments are made through ICICI credit cards.
• Utility bill payments also incur a 1% fee for transactions above Rs. 50,000. However, any direct payments to schools, colleges, or international institutions remain exempt from these charges. Additional charges apply if these payments are made through unauthorized or third-party gateways.

2. Cash Payments at Bank Branches:

• ICICI Bank will now levy a Rs. 100 fee for credit card bill payments made in cash at any of its branches. Additionally, a surcharge of 1% or Rs. 10 (whichever is higher) applies to certain other transactions, though this fee is waived for fuel transactions made with the Amazon Pay ICICI card. Notably, the GST on these transactions is not reversed.

3. Dial-a-Draft Transactions:

• Credit cardholders will be charged 3% of the draft value for dial-a-draft services, with a minimum fee of Rs. 300.

4. Rent Payment Fees:

• A 1% transaction fee applies to rent payments made via ICICI Bank credit cards, impacting both the cardholder and the merchant receiving the rent payment. Additionally, transactions categorized under merchant code 6513 are not eligible for reward points.

Interest Rates and Additional Charges on Outstanding Balances

If a cardholder fails to pay their credit card bill by the due date, interest is applied to the total outstanding amount as well as new transactions (excluding fees, GST, and taxes) until the previous balance is cleared. Cash advances are subject to interest from the transaction date until payment is made. In cases of payment default, the interest rate can reach up to 3.8% per month, amounting to an annual rate of 46%.

These changes underscore ICICI Bank’s ongoing efforts to balance transaction convenience with regulatory charges, especially for high-value payments and alternative transaction types. Cardholders are encouraged to review these updates to manage their transactions and fees effectively.