Credit Card: In the recent past, not only has the attitude of people changed regarding credit cards, but banks are also taking away the benefits available through them. ICICI Bank has taken a similar decision. The bank has reduced the benefits on insurance, electricity-water bills, fuel surcharge, and grocery purchases and doubled the spending limit for using the airport lounge. This year, the bank changed the rules for credit cards for the second time. The new rules are going to come into effect from November 15.
One Percent Transaction Fee Will Be Charged On Paying School-College Fees
ICICI Bank has also changed the rules related to credit cards earlier. To use the airport lounge, you have to spend Rs 35,000 in a quarter. Now, this limit has been increased to Rs 75,000. This is a huge amount in a quarter. This rule will apply to almost all credit cards associated with ICICI Bank. These also include many co-branded cards.
A one-percent transaction fee will be charged for paying school-college fees through third-party payment apps like Cred, Paytm, Cheque, and Mobikwik. However, there will be no fee if you pay through the school-college website or POS machine.
Rewards On Making Utility and Insurance Payments Have Reduced
Apart from this, fewer rewards will be received for utility and insurance payments. Premium cardholders can earn rewards by spending up to Rs 80 thousand every month on utility and insurance payments. But, this limit will be only Rs 40 thousand for other cardholders. A one percent transaction fee must be paid even if the utility payment is more than Rs 50 thousand monthly.
Also, reward points received through grocery and departmental stores have been capped. Premium cardholders will be able to get rewards only for spending up to Rs 40 thousand every month, and all other cardholders will get rewards only for spending up to Rs 20 thousand.
ICICI Bank Has Also Set A New Limit For Discount On Fuel Surcharge
ICICI Bank has also set a new limit for discounts on fuel surcharges. Now you can spend only Rs 50,000 on petrol and diesel every month. The discount limit has only been fixed at Rs 1 lakh on ICICI Bank Emeralde Private Metal Credit Card. The annual fee on Emeralde and Emeralde Private Metal Card will now be available only after spending Rs 10 lakh instead of Rs 15 lakh. The spa access available on the Dreamfox card has now been discontinued. However, this discount will continue on many other cards.
