ICICI Bank credit cardholders should be aware of upcoming changes to fees, including adjustments to finance charges, late payment fees, and transaction charges for education and fuel. Starting November 15, 2024, ICICI Bank will apply the following updates:
Key Updates to ICICI Bank Credit Card Fees
Finance Charges:
- New finance charges on credit and cash advances will be 3.75% per month (45% annually).
- This rate applies to overdue interest on unpaid balances and cash advances.
Late Payment Fees:
- Fees will now range from ₹100 for balances between ₹101-₹500, up to ₹1,300 for balances over ₹50,000.
- Balances under ₹100 remain exempt.
Educational Transactions:
- Payments directly to educational institutions are exempt from extra fees.
- A 1% fee will apply to educational payments made through third-party applications.
Utility and Fuel Transaction Fees:
- A 1% fee will be charged for utility payments over ₹50,000.
- Fuel purchases exceeding ₹10,000 will also incur a 1% fee.
Unchanged Fees:
- Cash payments at branches remain ₹100 per transaction.
- Fuel surcharge and fare payments remain at 1% of the transaction amount with specific Amazon Pay card discounts.
- Default interest rates on overdue balances and cash advances remain at a monthly rate of 3.8% (46% annually).
