ICICI Bank has announced several changes to its credit card terms, effective November 15. They include changes to reward points, transaction fees, and benefits for different card categories. This announcement marks the second revision to ICICI’s credit card offerings this year.
Key changes to credit card terms
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Increased spending requirement for airport lounge access
Cardholders will have to now spend ~75,000 in the preceding calendar quarter to qualify for complimentary airport lounge access, up from ~35,000.
Caps on rewards for utility and insurance payments
You will keep earning reward points on utility spends up to ~80,000 and insurance spends up to ~80,000 at the current earn rate.
You will keep earning reward points on utility spends up to ~40,000 and insurance spends up to ~40,000 at the current earn rate.
Caps on rewards for grocery spending
Spending on groceries and in departmental stores will now have a limit for earning reward points.
Premium credit cardholders, such as those with ICICI Bank Rubyx Visa, Sapphiro Visa, Emeralde Visa, and others, can earn rewards on grocery purchases up to ~40,000 per month. For all other cardholders, the limit is set at ~20,000 per month.
Revised fuel surcharge waiver policy
The bank will waive fuel surcharges on transactions of up to ~50,000 per month across its entire credit card range. However, for the exclusive Emeralde Mastercard Metal Credit Card, this waiver limit extends to transactions up to ~1 lakh per month.
Spend threshold for annual fee reduction to 10 lakh
The spend threshold for annual fee reversal on the Emeralde card has been reduced from ~ 15 lakh to ~10 lakh per annum.
Exclusions from spending thresholds
Payments made towards rent, government transactions, and education will no longer count towards annual fee waivers and milestone benefits.
Charges for supplementary cardholders
An annual fee of ~199 will be charged for supplementary cardholders starting from the card’s anniversary month.
If school or college fees are paid using ICICI credit cards through third-party payment apps such as CRED, Paytm, Cheque, or MobiKwik, a 1 per cent transaction fee will apply. To avoid this fee, you can make payments directly via the school/college website or through a POS machine.
SBI Card has also recently announced an increase in fees for specific credit card transactions, including changes to the fee structure for utility bill payments and finance charges. Effective November 1, 2024, finance charges on unsecured SBI Credit Cards will rise to 3.75 per cent per month, with the exception of Shaurya and Defense cards.
Additionally, starting December 1, 2024, a 1 per cent fee will be imposed on utility bill payments that exceed ~50,000 within a billing cycle. Note that the implementation dates for these changes vary.
HDFC Bank has revised its loyalty program for select credit cards, while IDFC FIRST has introduced significant changes to its credit card payment terms, including adjustments to the minimum amount due (MAD) and payment due dates. These updated regulations will come into effect on September 1, 2024.
First Published: Oct 14 2024 | 4:52 PM IST
