2 weeks Ago
ICICI Bank has notified its credit card customers about the changes in finance charges, late payment charges, education transactions, utility transactions, fuel transactions. Here's a look at what changes for ICICI Bank credit card holders, according to the website. These below changes will come into effect November 15, 2024.
Finance Charges Overdue Interest on Extended Credit Interest on Cash Advances Monthly Rate Annual Rate Monthly Rate Annual Rate 3.75% 45% 3.75% 45% Late payment charges Outstanding Amount Late Payment Charge (INR) = ₹100 Nil ₹101 - ₹500 ₹100 ₹501 - ₹1,000 ₹500 ₹1,001 - ₹5,000 ₹600 ₹5,001 - ₹10,000 ₹750 ₹10,001 - ₹25,000 ₹900 ₹25,001 - ₹50,000 ₹1,100 ₹50,000 ₹1,300 Education Transactions Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
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Utility Transactions A fee of 1% of the transaction amount will be charged for utility payment transactions exceeding Rs 50,000. Fuel Transactions A fee of 1% of the transaction amount will be charged for fuel transactions exceeding Rs 10,000. Other charges which have not been revised Fee on cash payment at branches : Rs 100 per payment transaction Fuel surcharge: 1% of transaction value or Rs 10 whichever is higher.
This surcharge levied will be completely waived off for the fuel transactions made on Amazon Pay Card. On fuel purchase at Off-us terminals, the surcharge reversal will not include Goods and Services Tax. Dial-a-draft – transaction fee : 3% of the draft value amount, subject to a minimum fee of Rs 300.
Rent Pay Transactions (w.e.f.
Oct 20,2022) ***: 1% fee on transaction amount. ***All transactions towards payment of rent on any merchant will be levied 1% fee. No reward point will be extended for the transaction routed from 6513 MCC (Merchant Category Code).
Interest Charges: Interest will be charged if the Total Amount Due is not paid by the payment due date. Interest will be charged on the Total Amount Due and on all new transactions except Fees / charges and GST / Taxes (from the transaction date) till such time as the previous outstanding amounts are paid in full. In addition, interest will be levied on all cash advances from the date of the transaction until the date of payment The rate of interest may be changed at the sole discretion of ICICI Bank In case of default, interest charges may increase up to a maximum of 3.
8% per month (46% per annum)..
