If you also use ICICI Bank’s credit card, then this news is for you. The bank has changed some new policies related to credit card, which include rules like finance charge, late payment charge, utility transaction and fuel transaction. Let us know what are the new rules related to credit card.

Finance charge

Changes have been made in the finance charge of ICICI Bank’s credit card. If you are over due or withdraw money in advance, then now you will have to pay different interest according to the month and year. In case of overdue, monthly interest has been fixed at 3.75% and annual interest at 45%. At the same time, the same interest rate will be applicable on the money withdrawn in advance.

Late payment charges

Changes have also been made in late payment charges. If there is an outstanding amount of Rs 101 to 500, then a late payment charge of Rs 100 will have to be paid. At the same time, if there is an outstanding amount of Rs 501 to Rs 1000, then a late payment charge of Rs 500 will have to be paid.

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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

Education transactions:

If you pay school or college fees with ICICI Bank credit card, there will be no charge on it. However, if you pay through a third-party app, a 1% transaction fee will be charged.

Utility payments:

If ICICI Bank credit card is used for utility payment exceeding Rs 50,000, 1% of the transaction amount will be charged.

Utility and insurance:

You can earn reward points on utility bills and insurance premiums. Earlier you had to spend up to Rs 80,000 for this, but now you will get reward points by spending just Rs 40,000.

Fuel surcharge:

Cardholders will be charged 1% of the fuel transaction if the amount exceeds Rs 10,000.

Grocery spending:

Now, even if you shop from grocery and departmental stores, you will get reward points. Earlier these points were available for spending Rs 40,000, but now you will get reward points for spending Rs 20,000 every month.