Home Business ICICI Bank Credit Card Rules Change From THIS Date: 1% Fee On...

ICICI Bank Credit Card Rules Change From THIS Date: 1% Fee On Education Payments, No Rewards For Government Transactions; Check Reduced Benefits

12
0
ICICI Bank Credit Card Rules Change From THIS Date: 1% Fee On Education Payments, No Rewards For Government Transactions; Check Reduced Benefits


ICICI Bank Credit Card Rules: ICICI Bank has introduced significant changes to its credit card rules, impacting millions of cardholders. The updates include modifications to reward points, transaction fees, and benefits across various card categories. The new rules will come into effect from November 15, 2024. After the new rules, the bank has taken away several benefits and services from its credit card holders. 

ICICI Bank has not only reduced benefits on insurance, utility bills, fuel surcharges, and grocery purchases, but also doubled the spending limit for using airport lounges. Notably, ICICI Bank sent its credit card customers an SMS informing them about the changes. 

ICICI Bank Credit Card New Rules

The bank has changed several rules regarding credit card usage. The transaction fee for paying school and college fees through credit cards has also been increased. The new rules will apply to all credit cards of the bank. 

Under the new rules, if school or college fees are paid using ICICI credit cards through third-party payment apps like CRED, Paytm, Cheque, or MobiKwik, a 1 per cent transaction fee will be charged. However, if you want to avoid this fee, you can make payments directly on the school/college website or through a POS machine.

ICICI Bank Credit Cards Benefits Reduced 

The bank has not only increased the transaction fees but also removed several benefits. The bank has reduced the rewards earned on utility and insurance payments made through credit cards.

The reward points for utility and insurance payments have also been reduced. For premium cardholders, the limit for reward points is Rs 80,000 per month, while for other cardholders, this limit is Rs 40,000. 

ICICI Bank has also imposed a cap on reward points earned for grocery and departmental store payments through credit cards. Adding further, the bank has decided to implement new limits on fuel surcharge waivers. Moreover, credit card holders will still earn reward points on your ICICI Bank Emeralde Private Metal Credit Card purchases, except for government-related transactions.

Furthermore, the spa access through the DreamFolks card is now discontinued.

SBI Bank Credit Card Rules: 

SBI Card has recently announced a hike in fees for certain credit card transactions, including adjustments to the fee structure for utility bill payments and finance charges. From November 1, 2024, finance charges on unsecured SBI Credit Cards will increase to 3.75% per month, excluding Shaurya and Defense cards. 

Adding further, a 1 per cent fee will be applied to utility payments exceeding ₹50,000 in a billing cycle, starting December 1, 2024. The implementation dates for these changes differ.

HDFC Bank Credit Card Rules

HDFC Bank has updated its loyalty program for select credit cards, while IDFC FIRST has introduced significant changes to its credit card payment terms, including adjustments to the minimum amount due (MAD) and payment due date. These revised regulations will come into effect on September 1, 2024. 



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here