ICICI Bank Credit Card New Rules Effective from November 15, 2024

ICICI Bank, India’s second-largest private sector bank, has introduced changes to its credit card policies, impacting reward structures, transaction fees, and benefits. These revisions will make using ICICI credit cards more expensive for some customers. Here's what you need to know:

1. Reward Caps Introduced

• Utility and Insurance Payments:
  • Entry-level & mid-range cards: ₹40,000/month limit.
  • Premium cards: ₹80,000/month limit.
• Grocery Purchases:
  • Entry-level cards: ₹20,000/month limit.
  • Premium cards: ₹40,000/month limit.
• Fuel Purchases:
  • General cards: ₹50,000/month limit.
  • Emerald Mastercard: ₹1 lakh/month limit.

2. New Transaction Charges

• 1% Charge Applicable On:
  • Education payments made via third-party platforms.
  • Utility payments exceeding ₹50,000/month.
  • Fuel purchases exceeding ₹10,000/month.

3. Payments Excluded from Milestone Benefits

The following transactions will no longer count toward milestone benefits or charge waivers:

• Rental payments.
• Government transactions.
• Education payments.

4. Revised Fee Structure

• Supplementary Card Fee: ₹199.
• Late Payment Charges:
  • Dues up to ₹500: ₹100.
  • Dues above ₹50,000: ₹1,300.

5. Changes to Lounge Access and Membership

• Complimentary Airport Lounge Access:
  • Requires a minimum spend of ₹75,000 in the preceding quarter.
• Spa Services:
  • No longer available under Dreamfox membership.
• Emerald Cardholders:
  • Annual charge waiver spending limit reduced from ₹12 lakh to ₹10 lakh.

What This Means for Customers

ICICI Bank advises cardholders to:

Review Spending Patterns: Be mindful of new caps on rewards and additional charges.

Optimize Benefits: Plan transactions strategically to maximize value from the card.

Consider Upgrading: Customers with high spending might benefit from premium cards that offer higher limits and perks.

These changes reflect the bank’s focus on aligning benefits with spending patterns, though they may reduce the value for casual users or those relying on milestone benefits.