ICICI Bank revises credit card charges; fuel, utility, rent payments affected

ICICI Bank Credit Card Charges: Are you using ICICI Bank credit card services? The bank has announced its new charges for credit card holders that will be applicable from Friday, November 15, 2024. The bank has revised the charges, including late payments, fuel payments, and utility payments.

How these changes will impact card holders using it for fuel transactions

In the new guidelines, the bank will charge 1 per cent of the transaction for fuel transactions if the amount exceeds Rs 50,000.

Education-related payments

Now, the bank will not charge if the payment is made directly to a school, college, or any international payment using a credit card. But if the payment is made by any unofficial or third-party gateway, the bank will charge.

How much do you have to pay on utility payments?

A fee of 1 per cent of the transaction amount will be charged for utility payment transactions exceeding Rs 50,000.

A 1 per cent transaction fee applies to utility payments if the amount exceeds Rs 50,000.

Meanwhile, the bank has not made any changes for several transactions such as fees on cash payment at branches, fuel surcharges, and rent-pay options.

Branch cash payments

When you make a cash payment at one of the bank's branches, the bank will charge Rs 100.

Fuel surcharge

When you make transactions for fuel, you have to pay a surcharge of 1 per cent of the transaction value or Rs 10, whichever is more. However, if you use your Amazon Pay Card for fuel transactions, this surcharge will be completely waived. If you buy fuel at an off-us terminal, the surcharge reversal won't include Goods and Services Tax (GST).

Dial-a-Draft transactions

For dial-a-draft transactions, credit card users have to pay a fee of 3 per cent of the draft value, with a minimum charge of Rs 300.

Rent payments/transactions

For rent payments made through ICICI Bank credit cards, a 1 per cent fee will be applicable on the transaction.

Here are other details for the rent payment charges:

• 1 per cent fee on all rent payments to merchants
• No reward points for transactions with Merchant Category Code 6513

Interest charges

Interest will be charged if the total amount due is not paid by the payment due date. The interest will be calculated on the total amount due and on all new transactions, excluding fees, charges, GST, and taxes until the previous outstanding amounts are paid in full.

Furthermore, interest will be levied on all cash advances from the transaction date until the payment date.

Payment default rule

In case of default, the interest rate may increase up to a maximum of 3.8 per cent/month, equivalent to 46 per cent per annum.