Charges on failure of auto-debit

If payment fails via NACH, ECS or Auto-debit, a charge of 2% will be levied on the bounce amount, with a minimum of Rs 450 and a maximum of Rs 5,000.

Minimum Amount Due (MAD)

How will MAD be calculated from now on

1% on all purchases and cash transactions,

Plus 100% EMI, including finance charges, charges and taxes.

The MAD amount will be limited to 100 or Total Amount Due (TAD), whichever is lower.

Dynamic Currency Conversion (DCC) Charges

On foreign trade or transactions with foreign merchants.

3.5% charge will be levied on regular cards.

2% charge on Privy League Signature (Paid), White Reserve and Kotak Infinite cards.

This charge will be waived on Kotak Solitaire card.

Charges on utility bills

A 1% charge will be levied on utility bill payments above the prescribed limit in each statement cycle. This charge will not be applicable on White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature and Myntra Kotak Credit Cards.

Charges on education payment

A 1% charge will be levied on educational payments made through third party apps. Premium card holders mentioned above will not have to pay this charge.

Charges on wallet loading

A 1% charge will be applicable on wallet loading above Rs 10,000 per statement cycle. This charge will not be applicable on some premium cards.

Charges on skill-based gaming

1% charge will be levied on skill-based online gaming transactions above Rs 10,000. This will also not apply to select cards.

Charges on fuel transactions

A 1% charge will be levied on fuel expenditure above the prescribed limit per cycle. This charge will not be applicable on IndianOil Kotak Card and other premium cards.

The post Credit Card New Charges: Kotak Mahindra Bank changes credit card charges! effective 1st June 2025 first appeared on Rightsofemployees.com.

Changes in late payment fees

Late payment charges will now be decided based on the outstanding amount.

₹101 to ₹500: ₹100

ICICI Bank has made several changes for its credit card users. These changes have come into effect from November 15, 2024. These changes include new rules related to finance charges, late payment fees, fuel, utility and education transactions. Apart from this, airport lounge access, reward limit and supplementary card fees will also be affected.

Changes in late payment fees

Late payment charges will now be decided based on the outstanding amount.

• ₹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

There will be no charge on balance up to ₹100.

Charges on education transactions

There will be no additional charge for paying international education and school or college fees through credit card. But if this payment is made through third-party apps, then a charge of 1% will be levied.

Changes in Rewards Policy

Monthly rewards limits have now been imposed on certain spends.

Entry-level and mid-range card holders will get rewards up to ₹40,000 on utility and insurance, and premium card holders will get rewards up to ₹80,000.

This limit on grocery is ₹20,000 for entry-level and mid-range card holders, and ₹40,000 for premium card holders.

Government transactions, rental payments and education expenses will no longer be eligible for milestone benefits or annual fee waiver.

Changes to airport lounge access

Now to get airport lounge access, one has to spend ₹ 75,000 in the last quarter. Spa service has been excluded from this benefit.

The annual fee waiver limit for Emerald card holders has been reduced from ₹ 12 lakh to ₹ 10 lakh. Apart from this, the fuel surcharge waiver limit has been increased to ₹ 1 lakh.

Interest Charges

If the payment is not completed by the due date, interest up to 3.8% per month (46% per annum) will be charged on the outstanding amount. These changes can directly affect the expenses and services of the users. Credit card holders will have to change their spending habits and follow the new terms.

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