ICICI Bank updates credit card charges: If you have an ICICI Bank credit card, then get ready to pay new charges from November 15. The bank has announced several changes. The changes include finance charges, late payment charges and additional transaction charges for education, utilities and fuel, according to a news report by Livemint. ICICI Bank is making these adjustments to streamline its fees in line with industry trends and to address increasing operational costs.
Finance charges
Starting from November 15, finance charges on loans and cash advances extended to ICICI Bank credit cardholders will now be applied at a monthly rate of 3.75 per cent, which is equivalent to an annual rate of 45 per cent. This applies to overdue interest on unpaid balances and any cash advances on credit cards.
Late payment charge
ICICI Bank has restructured its late payment charge based on the outstanding amount. As per the new change, the fee for a balance between Rs 101 to Rs 500 will be Rs 100. Similarly, for amounts above Rs 50,000, the late payment charge will be up to Rs 1,300. Balances less than rs 100 will be exempt from any late payment charge.
Education-related transactions
Payments made directly to schools or colleges, including international education fees, will not attract additional charges. Yes, if you make payments through third-party applications, a 1 per cent fee will be applicable on such payments. The purpose of this change is to compensate for the processing cost associated with external payment platforms.
Utility and fuel transaction charges
According to the report, for utility payments, a new fee of 1 per cent will be charged if the transaction amount is more than Rs 50,000. Similarly, a 1 per cent fee will be charged if the fuel transaction is more than Rs 10,000.
Unchanged fees and other charges
There are no changes in some charges. The fee for cash payments at bank branches will still be Rs 100 per transaction, while fuel surcharge and fare payments will continue to be charged at 1 per cent on the transaction amount. Additionally, interest charges on all overdue balances and cash advances will continue to apply until the balance is paid in full. In cases of default, the maximum monthly rate will be 3.8 per cent (46 per cent annually).
