ICICI Bank has recently announced significant devaluation changes to its credit cards, following a trend among other banks. These adjustments, which impact all ICICI Bank credit cards from the basic Platinum Chip to the super-premium Emeralde Private, are some of the most substantial in recent times. While restrictions like caps on utility bill payments or rewards for certain categories are becoming standard across credit card issuers in India, the changes introduced by ICICI Bank will directly affect cardholders across the board. These include modifications to late payment fees, airport lounge access, limits on bill payments, and fuel surcharge waivers, all of which will come into effect on November 15, 2024.
One of the most notable changes is the increased spending requirement for airport lounge access, which has been raised to ₹75,000 per quarter. All ICICI Bank credit cardholders (except Emeralde and Emeralde Private Metal cardholders) will now need to meet this spending threshold in the previous quarter to qualify for complimentary lounge access in the following quarter. This move is expected to reduce the number of people accessing airport lounges, as many may find the spending requirement too high.
Lounge Access Requirement:
To gain free airport lounge access, ICICI Bank cardholders, apart from those holding the super-premium Emeralde and Emeralde Private Metal cards, must now spend ₹75,000 in the preceding quarter. This also includes the new Adani One co-branded credit cards, leaving many customers disappointed by the high spending threshold.
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Discontinuation of Spa Access:
The spa access benefit, previously available through DreamFolks for cards such as the ICICI Bank Sapphiro Visa Credit Card, ICICI Bank Emeralde Credit Card, and several others, will be discontinued. This benefit was available on various premium cards but will no longer be offered.
Add-On Cardholder Fees:
ICICI Bank will now charge a ₹199 annual fee for add-on credit cardholders across all cards, a surprising move as supplementary cards are often provided for free by many issuers.
1% Fee on Third-Party Education Payments:
From November 15, a 1% fee will be applied to third-party education payments made through platforms like CRED using ICICI Bank credit cards. However, direct payments to schools, colleges, and international education payments will remain unaffected.
Changes to ICICI Emeralde and Emeralde Private Credit Cards:
The spend threshold to waive the annual fee for ICICI Emeralde and Emeralde Private cards has been reduced from ₹15 lahks to ₹10 lahks per year. Additionally, the foreign exchange markup for these cards has been increased to 2% for international transactions. Furthermore, the ICICI Bank Emeralde Mastercard Metal Credit Card will no longer earn reward points for government-related transactions.
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