New Delhi: ICICI Bank has announced several updates to its credit card fees, which will take effect from November 15, 2024. These changes will impact finance charges, late payment fees, and transaction fees for education, utility, and fuel payments. The bank says these updates are in line with industry trends and to address rising operational costs.

Finance ChargesFrom November 15, ICICI Bank will charge a monthly finance fee of 3.75 per cent on any unpaid balances and cash advances. This translates to an annual rate of 45 per cent. This new rate will apply to credit card holders who carry a balance from month to month or take out cash advances. Late Payment FeesThe bank has also revised its late payment fees based on the outstanding balance. Here’s how the charges will work:- For balances between Rs 101 and Rs 500, the late fee will be Rs 100.- For balances exceeding Rs 50,000, the fee will be Rs 1,300.- No late fees will apply for balances below Rs 100.- Fees on Education, Utility, and Fuel Payments. Additional Transaction FeesICICI Bank will introduce additional transaction fees for certain payments:- Education payments made directly to schools or colleges, including international education fees, will not incur any extra charges. However, a 1 per cent fee will be applied to education-related payments made through third-party apps.- Utility payments exceeding Rs 50,000 will attract a 1 per cent fee.- Fuel transactions over Rs 10,000 will also be subject to a 1 per cent fee.

Unchanged FeesSome fees will remain unchanged under the new policy. For example:- Cash payments at bank branches will continue to incur a Rs 100 fee per transaction.- Fuel surcharges and rent payments will keep the 1 per cent fee on transaction amounts, though some exemptions apply for Amazon Pay Cards.- Interest on overdue balances and cash advances will still be charged at a rate of 3.8 per cent per month (46 per cent annually) if not paid in full.