Credit card new rules: Many financial rules have changed this month, which could directly impact the pockets of the general public. Now, the rules related to ICICI Bank’s credit cards are also being updated. If you use an ICICI Bank credit card, this news is important for you. Let’s take a look at the changes to ICICI Bank’s credit card rules.
No charge on education transactions
There will now be no charge for making payments via credit card for international education or school/college fees. However, a 1% fee will apply for education payments made through third-party apps.
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Change in late payment charges:
Late Payment Charges on ICICI Bank Credit Cards – New Rates Explained
If you miss paying your credit card bill on time, be prepared to pay higher charges under the new rules. Here’s a breakdown of the late payment charges based on the outstanding amount:
-Rs 101 to Rs 500: Rs 100 charge
-Rs 501 to Rs 1,000: Rs 500 charge
-Rs 1,001 to Rs 5,000: Rs 600 charge
-Rs 5,001 to Rs 10,000: Rs 750 charge
-Rs 10,001 to Rs 25,000: Rs 900 charge
-Rs 25,001 to Rs 50,000: Rs 1,100 charge
-Above Rs 50,000: Rs 1,300 charge
Note: There will be no late payment charge if the outstanding amount is up to Rs 100.
Changes in other charges:
If you make utility payment of more than Rs 50,000 through credit card, then you will have to pay a charge of 1%.
Fuel transactions above Rs 10,000 will also attract a 1% charge.
Overdue interest on extended credit and cash advances will be charged at 3.75% for one month, while the annual interest rate will be 45%.
So if you use an ICICI Bank credit card, plan your payments and transactions keeping these changes in mind.
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