ICICI Bank Has Revised Credit Card Rewards, Lounge Access – starting Nov 15, ICICI bank will increase spend requirements for the lounge access, perks and implement a new fees and restrictions across various transactions on Credit Cards.
Some of the changes ICICI Bank has introduced on its credit card rewards include the following
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- 1 1. Increase in spend amount for lounge access
- 2 2. Spa benefit discontinued
- 3 3. Capping on earning reward points on insurance and utility spends
- 4 4. No reward points on government transactions
- 5 5. Capping on earning reward points on grocery spends
- 6 6. No fuel surcharge waiver beyond a specified amount
- 7 7. Exclusion of specified category transactions for annual fee reversal and milestone benefits
- 8 8. 1% fee on education payments via third parties
- 9 9. 1% fee on utility transactions beyond a specified amount
- 10 10. 1% fee on fuel transactions beyond a specified amount
- 11 11. Fee for add-on cards
- 12 12. Reduction in the threshold for annual fee waiver
- 13 13. Revision in late payment charges
1. Increase in spend amount for lounge access
2. Spa benefit discontinued
3. Capping on earning reward points on insurance and utility spends
4. No reward points on government transactions
5. Capping on earning reward points on grocery spends
6. No fuel surcharge waiver beyond a specified amount
7. Exclusion of specified category transactions for annual fee reversal and milestone benefits
8. 1% fee on education payments via third parties
9. 1% fee on utility transactions beyond a specified amount
10. 1% fee on fuel transactions beyond a specified amount
11. Fee for add-on cards
12. Reduction in the threshold for annual fee waiver
13. Revision in late payment charges
ICICI Bank has revised the late payment charges for credit cards as follows.
|
Outstanding amount |
Late payment charge |
|
Less than Rs. 100 |
Nil |
|
Rs. 101 to Rs. 500 |
Rs. 100 |
|
Rs. 501 to Rs. 1,000 |
Rs. 500 |
|
Rs. 1,001 to Rs. 5,000 |
Rs. 600 |
|
Rs. 5,001 to Rs. 10,000 |
Rs. 750 |
|
Rs. 10,001 to Rs. 25,000 |
Rs. 900 |
|
Rs. 25,001 to Rs. 50,000 |
Rs. 1,100 |
|
More than Rs. 50,000 |
Rs. 1,300 |
1. ICICI Bank credit cardholders will now need to spend Rs. 75,000 in the preceding quarter to avail of domestic airport lounge access in the subsequent quarter.
2 Some ICICI credit cards offered Spa access at domestic airports on the basis of the DreamFolks card.
3 Capping on earning reward points on insurance and utility spends:
4. For some credit cards, the earning of reward points has been capped on utility spends of up to Rs. 40,000/month, while for some credit cards, it has been capped to spends of up to Rs. 80,000/month. The Merchant Category Codes (MCC) for utility spends are 4899, 4900, 4901, and 3887.
5. No reward points on government transactions
The ICICI Bank Emeralde Mastercard Metal Credit Card will no longer earn reward points on Government-related spends.
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6. Capping on earning reward points on grocery spends
For some credit cards, the earning of reward points has been capped on grocery and departmental store spends of up to Rs. 20,000/month, while for some credit cards, it has been capped to spends of up to Rs. 40,000/month.