ICICI Bank's New Credit Card Rules 2024: Major Changes Effective November 15

Starting November 15 , 2024, ICICI Bank is introducing new rules for its credit cards, affecting reward points, fees, and benefits. Here’s a quick rundown of what these changes mean for cardholders:

1. Reward Point Limits for Utilities and Groceries

• Utilities and Insurance: Rewards are capped at Rs. 80,000 per year.
• Groceries: Earn reward points up to Rs. 40,000 monthly at the current rate.

2. No Rewards for Government Transactions

• Reward points will no longer apply to government-related expenses.

3. Fuel Surcharge Waivers

• Monthly Limit: Fuel surcharge waivers apply only up to Rs. 50,000 monthly.
• Increased Limit: Premium cardholders get waivers up to Rs. 1,00,000 monthly. Spends beyond these limits won’t receive waivers.

4. Spa Benefits Removal

• Complimentary spa access through DreamFolks is discontinued.

5. Annual Fee Reversal and Exclusions

Updated Spend Threshold: The annual fee reversal threshold is now Rs. 10 lakh, reduced from Rs. 15 lakh.
Exclusions: Rent, government, and education payments won’t count toward the spend threshold for fee waivers or milestone benefits.

6. Fees for Third-Party and Large Transactions

• Education Payments: A 1% fee applies to education payments through third-party platforms.
• High-Value Utility Payments: Transactions over Rs. 50,000 will incur a 1% fee.
• High-Value Fuel Transactions: Fuel purchases exceeding Rs. 10,000 will also carry a 1% fee.

7. Supplementary Cardholder Fee

• Additional cards now come with a Rs. 199 annual fee, billed on the cardholder's anniversary month.

8. Updated Late Payment Charges

• Late payment penalties are set to follow a revised structure, encouraging timely payments.

9. Domestic Lounge Access Requirements

• Quarterly Spending Requirement: A minimum spend of Rs. 75,000 in a quarter grants complimentary lounge access in the following quarter.

10. Revolving Credit Interest Rate

• The interest rate for revolving credit and cash advances will rise to 3.75% per month (45% annually).

11. Foreign Transaction Mark-Up

• A new 2% markup applies to international transactions, allowing cardholders to enjoy global purchasing with a clear, revised fee.

These changes underscore ICICI Bank’s approach to refining its benefits, encouraging regular and responsible card use. Cardholders are advised to stay informed to maximize their benefits and avoid additional charges.