If you also have an ICICI Bank credit card, then this news is important for you. One day later i.e. from November 15, 2024, the rules of ICICI Bank credit card are going to change and there are many rules in it which are going to benefit you.

Know which rules changed

1. No charges on educational transactions
2. Change in charges levied on late payment of card fees
3. New types of charges on utility and fuel payments

No charges on educational transactions using ICICI Bank credit cards 

From now on, no charges will be levied for paying international education or school-college fees through credit card. However, if you make such fees or educational transactions through third party apps, you will have to pay a fee of 1 percent.

Change in late payment charge from November 15

From now on, the charges will change if you pay ICICI Bank credit card bill late. Know about them-

– Rs 101 to Rs 500 – Charge Rs 100
– Rs 501 to Rs 1,000 – Charge Rs 500
– Rs 1,001 to Rs 5,000 – Charge Rs 600 – Rs 5,001
to Rs 10,000 – Charge Rs 750 –
Rs 10,001 to Rs 25,000 – Charge Rs 900 –
Rs 25,001 to Rs 50,000 – Charge Rs 1100 –
More than Rs 50,000 – Charge Rs 1300

Special thing- It is important to note that if the outstanding amount is up to Rs 100, then there will be no late payment fee on it.

Other charges levied on utility and fuel payments

If you make utility payments of more than Rs 50,000 using a credit card, you will have to pay a charge of 1 per cent.

If you make a fuel payment transaction of more than Rs 1000, you will have to pay one percent charge on it.

Overdue interest on extended credit and cash advances will be charged at 3.75 per cent for one month while the annual interest rate on this will be 4.5 per cent. 

Note: If you are using ICICI Bank credit card, then you will have to take care of all these changed charges and fees.

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SBI Card has announced these important changes for its credit card users, which have come into effect from November 1, 2024. ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from November 15, 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fine. Now there will be no reward on government transactions and if the fuel expenditure is more than Rs 1,00,000 per month then surcharge waiver will not be available.

SBI card new rules

SBI has decided to charge 1% extra on payment of utility bill if the amount exceeds Rs 50,000 in the statement cycle. However, no additional charge will be levied on bills less than Rs 50,000. Apart from this, the finance charge has been increased to 3.75% for all unsecured credit cards, which will not be applicable on Shaurya and Defense Credit Cards. The validity of reward points of SBI card has been changed. Now these reward points will be valid for a limited time only, so it will be necessary to use them on time. If you have made a purchase through EMI with your credit card, then some additional charges may be levied on it. Therefore, it is important to get complete information related to the new charges before making any big purchase.

Change in rules of ICICI Bank Credit Card

Private sector bank ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from November 15, 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fines. Now there will be no reward on government transactions and there will be no surcharge waiver if fuel expenses are more than Rs 1,00,000 per month.

ICICI Bank has changed the reward point redemption process for its credit cards. Reward point redemption in some categories will be different from before and there may be some limits on it. Interest rates have been changed for purchases made on EMI. ICICI Bank has said that the new interest rates may vary depending on the type of card and transaction.

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Rewards rules

ICICI Bank has imposed caps on rewards across some of its categories. For utility and insurance payments, the bank has set a maximum spend limit of Rs 40,000 per month for entry and medium level cards and Rs 80,000 per month for premium cards.

Grocery spends will also be capped, with entry and medium level cardholders capped at Rs 20,000 per month, while premium cardholders can spend up to Rs 40,000 per month before hitting the rewards cap.

Apart from this, fuel spends will now be capped at Rs 50,000 per month for most cards. However, the Emerald Mastercard Metal credit card, which allows fuel transactions of up to Rs 1 lakh while qualifying for surcharge waivers, has been excluded.

ICICI Bank will also charge a 1% transaction fee on certain types of expenses. This fee will be applicable on education payments made through third party platforms, utility payments of more than Rs 50,000 per month and fuel payments of more than Rs 10,000 per month.

These will not be considered

Rent payments, government transactions and education spending will no longer be considered while calculating eligibility for milestone benefits or annual fee waiver. This means that if cardholders want to qualify for these perks, they will have to make adjustments in their spending strategies.

New fee structure

The bank has also changed its fee structure. Now a fee of Rs 199 will be charged on the supplementary card. Apart from this, late payment charges have also been changed and now a fee of Rs 100 will be charged on a balance of up to Rs 500 and up to Rs 1,300 on a balance of more than Rs 50,000. Meanwhile, finance charges on outstanding credit card balance will remain at 3.75% per month or 45% annually.

Changes in airport lounge access

ICICI Bank has made changes to its complimentary airport lounge access feature. To avail this benefit, cardholders will now have to spend at least Rs 75,000 in the previous quarter.

Spa services previously available through Dreamfolks membership will no longer be available. However, the good news is that Emerald, Emerald Visa and Emerald Private cardholders will benefit from a reduction in the spending requirement for annual fee waiver, which has been reduced from Rs 12 lakh to Rs 10 lakh. Emerald cards also offer higher fuel surcharge waiver limits of Rs 1 lakh, which sets them apart from other cards in the ICICI portfolio.

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ICICI Bank Blocked Credit Card: The country’s largest private sector bank ICICI Bank has blocked 17000 credit cards. The bank has taken this step after the credit card data of 1700 customers was leaked. The bank has blocked the credit cards of all those customers whose data has been accessed by unauthorized persons. For the convenience of the customers, the bank has also released the list of customers whose credit cards have been blocked. Along with this, the bank has also said that it will issue a new card for these customers.

Customer complained about data leakage

The leak of bank credit card data has come to light after a customer complained. The customer had shared information about this on social media. Expressing apprehensions about data security on iMobile Pay App, he wrote that information like credit card number and CVV is visible in the credit card app. Card information of many unknown people was visible in this app. After this, concerns about the data security of the bank had increased among the customers.

The bank took these steps

After receiving information about the data leak, ICICI Bank has accepted the matter and said that in the recent few days, it has accepted that the credit card data of about 17,000 new customers has been leaked. But, the bank has also assured that not a single case of misuse of this data leak has come to light. Along with this, the bank said that if any customer suffers financial loss due to this, the bank will also give compensation to him. ICICI Bank said that customers should keep an eye on their credit card statements. If you notice any wrong transaction in your card, you can immediately block your card and get a new card issued.

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