ICICI Bank Revises Credit Card Policies: New Rewards Caps, Fees, and Lounge Access Rules

ICICI Bank, India’s second-largest bank by market capitalization, has announced key updates to its credit card policies. Effective November 15, 2024, these changes will impact airport lounge access, transaction fees, rewards caps, and milestone benefits. Cardholders are advised to review these updates to understand how they may affect their usage.

Key Changes to ICICI Bank Credit Card Policies

Rewards Caps

• Utility and Insurance Payments

• Entry-level and mid-range cards: Rewards capped at ₹40,000/month.
• Premium cards: Rewards capped at ₹80,000/month.
• Grocery Spending

• Entry-level cards: Cap set at ₹20,000/month.
• Premium cards: Cap set at ₹40,000/month.
• Fuel Spending

• General cap: ₹50,000/month.
• Exception: Emeralde Mastercard holders enjoy a higher cap of ₹1 lakh/month.

New Transaction Fees Introduced

A 1% fee will now apply to the following:

• Education payments made via third-party platforms.
• Utility payments exceeding ₹50,000/month.
• Fuel payments exceeding ₹10,000.

Changes to Milestone Benefits

The following transactions will no longer contribute toward milestone benefits or fee waivers:

• Rental payments.
• Government transactions.
• Education payments.

Revised Fee Structure

• Supplementary Card Fee: ₹199.
• Late Payment Charges:
• ₹100 for balances up to ₹500.
• ₹1,300 for balances above ₹50,000.

Updates to Lounge Access and Membership Benefits

• Complimentary airport lounge access now requires a minimum quarterly spend of ₹75,000.
• Spa services under the Dreamfolks membership are discontinued.

For Emeralde Cardholders:

Annual fee waiver spending threshold reduced from ₹12 lakh to ₹10 lakh.

These updates signal a tighter approach by ICICI Bank in managing credit card benefits. Cardholders should assess their spending habits and revise their plans to avoid unexpected fees or reduced rewards.