ICICI Bank, India’s second-largest lender by market capitalization, has revealed significant updates to its credit card fee structure, which will take effect from November 15. These changes are designed to align with industry standards and improve transparency for cardholders.

Key Changes to Note on ICICI Bank Credit Cards

1. Finance Charges on Credit Card Transactions:

Beginning November 15, ICICI credit cardholders will incur a finance charge of 3.75% per month (45% annual percentage rate or APR) on overdue balances and cash advances.

2. Updated Late Payment Fees:

The bank has revised its late payment fees, which will depend on the outstanding balance:

• Up to Rs. 100: No fee

• Rs. 101 to Rs. 500: Rs. 100

• Rs. 501 to Rs. 1,000: Rs. 500

• Rs. 1,001 to Rs. 5,000: Rs. 600

• Rs. 5,001 to Rs. 10,000: Rs. 750

• Rs. 10,001 to Rs. 25,000: Rs. 900

• Rs. 25,001 to Rs. 50,000: Rs. 1,100

• Over Rs. 50,000: Rs. 1,300

These fees will only apply if the payment is not made by the due date.

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3. No Fees on Education Payments:

ICICI Bank will no longer charge fees for credit card payments made directly to educational institutions, including schools, colleges, and international universities. However, payments made through third-party apps will incur a nominal 1% fee.

4. New Charges on Utility and Fuel Transactions:

• Utility Payments: A 1% fee will apply to credit card transactions for utility bills (e.g., electricity, gas, and water) that exceed Rs. 50,000.

• Fuel Purchases: A 1% fee will be charged on fuel transactions over Rs. 10,000.These changes are intended to align ICICI Bank’s credit card offerings with current industry trends while providing greater clarity for cardholders.

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