ICICI Bank has updated its credit card fees and reduced rewards across various categories, including insurance, groceries, airport lounge access, and fuel surcharge waivers. Additionally, there has been a significant and unexpected adjustment in the minimum spending requirement for airport lounge access. The new minimum spend is now set at Rs 75,000 per quarter.

As a result, ICICI Bank credit card holders (excluding ICICI Bank Emeralde and ICICI Bank Emeralde Private Metal cardholders) will have to make purchases worth Rs 75,000 in the previous quarter (Oct-Nov-Dec 2024) in order to qualify for complimentary airport lounge access in the next quarter (Jan-Feb-Mar 2025).

Moreover, ICICI Bank has also sent its credit card customers an SMS informing them about these changes. Now, let’s explore other changes for ICICI Bank credit card customers as per the SMS sent by the bank.

Spa Access Discontinued

ICICI Bank is discontinuing the complimentary spa service offered through the DreamFolks card. Thus, cardholders will no longer be able to avail this benefit.

No Rewards for Government Transactions

ICICI Bank Emeralde Private Metal credit cardholders can still earn reward points, but government related transactions will no longer be eligible for this benefit.

Exclusions from Spend Thresholds

Rent, government, and education-related transactions are now excluded from the spend threshold calculations for annual fee waivers and milestone benefits.

Grocery Spend Caps

You can continue earning reward points on grocery and departmental store purchases. However, Bank has now capped this at Rs 40,000 or Rs 20,000 per month, depending on your specific credit card.

1% Fee on Third-Party Education Payments

Education payments made directly to schools or colleges, including international ones, will remain fee-free. However, a 1% fee will be charged for payments made through third-party apps.

1% Fee on Utility and Fuel Payments

A 1% fee will apply for utility payments exceeding Rs 50,000 and fuel transactions over Rs 10,000 in a single transaction.

Fuel Surcharge Waiver Limits

Fuel surcharge waivers now apply to monthly fuel spends of Rs 50,000 or Rs 1,00,000, based on your card. Hence, any amount beyond that will not be eligible for the waiver.

Utility and Insurance Spend Caps

You will keep earning reward points on utility and insurance payments. However, ICICI Bank has capped them at Rs 80,000 or Rs 40,000 per month, based on your credit card type.

Revised Annual Fee Waiver Threshold

The annual spend threshold for reversing the annual fee has been lowered to Rs 10 lakh per year, down from the previous requirement of Rs 15 lakh per year.

New Structure for ICICI Bank Late Payment Charges

Outstanding Amount	Late Payment Charge (INR)
<= Rs. 100	Nil
Rs 101 – Rs 500	Rs 100
Rs 501 – Rs 1,000	Rs 500
Rs 1,001 – Rs 5,000	Rs 600
Rs 5,001 – Rs 10,000	Rs 750
Rs 10,001 – Rs 25,000	Rs 900
Rs 25,001 – Rs 50,000	Rs 1,100
> Rs 50,000	Rs 1,300

To view the complete list of new changes to the ICICI Bank credit card effective from November 15, 2024, click here.

Also Read: SBI Card Revises Credit Card Charges Effective from November 1, 2024

Additional Add-On Fee

ICICI Bank will charge supplementary cardholders an annual fee of Rs 199 in the statement during the card’s anniversary month, offering them access to additional benefits.

Revolving Rate at 45%

The finance charges for using the revolving credit facility, including retail transactions and cash advances, are now 3.75% per month, or 45% annually.

Forex Mark-Up Fee at 2%

Additionally, ICICI Bank has revised the foreign currency mark-up fee for international transactions to 2%, making it easier to use your credit card abroad.

FAQs

1. What are the new NPCI rules for RuPay cardholders?

NPCI has introduced tier-based airport lounge access for select RuPay cardholders. Access will now depend on the card tier (Classic, Platinum, Select, etc.) and usage patterns.

2. Which RuPay cardholders are eligible for lounge access?

Eligibility is based on the card tier. Premium RuPay cardholders (Platinum, Select, and above) will have priority access, while Classic cardholders may have limited or no access.

3. How does the tier-based system work?

The tier-based system categorizes cardholders into groups (e.g., Classic, Platinum, Select) based on their card type and spending. Higher-tier cardholders enjoy more lounge access benefits.

4. Will existing lounge access benefits change?

Yes, existing benefits may change. Cardholders should check their card’s updated terms and conditions to understand their new lounge access privileges.

5. Are there any fees for lounge access under the new rules?

Some cardholders may need to pay a fee for lounge access, depending on their card tier and usage. Premium cardholders may continue to enjoy free access.

6. How can I check my RuPay card’s tier and lounge access eligibility?

You can check your card’s tier and lounge access eligibility by logging into your card’s mobile app, visiting the issuer’s website, or contacting customer support.

7. Will these rules apply to all RuPay cards?

Yes, the new rules will apply to all RuPay cards, but the specific benefits will vary based on the card tier and issuer.

8. Can I upgrade my RuPay card to a higher tier for better lounge access?

Yes, you can request an upgrade to a higher-tier RuPay card from your card issuer, subject to eligibility and approval.

9. When will these new rules come into effect?

The new tier-based lounge access rules are expected to roll out soon. Cardholders will be notified by their card issuer about the exact implementation date.

10. What should I do if I face issues with lounge access under the new rules?

If you face any issues, contact your card issuer’s customer support or the NPCI helpline for assistance. Ensure you carry your card and relevant documents for verification.

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