Credit Card: In the recent past, not only has the attitude of people towards credit cards changed, but banks are also taking away the benefits that are offered through them. ICICI Bank has taken a similar decision.
The bank has not only reduced the benefits on insurance, electricity-water bills, fuel surcharge and grocery purchases, but has also doubled the spending limit for using the airport lounge. This year, the bank has changed the rules of credit cards for the second time. The new rules are going to be implemented from November 15.
One percent transaction fee will be charged on paying school-college fees
ICICI Bank has earlier also changed the rules related to credit cards. Till now, to use the airport lounge, you had to spend Rs 35,000 in a quarter. Now this limit has been increased to Rs 75,000. This is a huge amount in a quarter. This rule will apply to almost all credit cards associated with ICICI Bank. These also include many co-branded cards. One percent transaction fee will be charged on paying school-college fees through third party payment apps like Cred, Paytm, Check and Mobikwik. However, if you make payment through the school-college website or POS machine, then there will be no fee.
Rewards received on making utility and insurance payments have reduced
Apart from this, you will get less rewards on making utility and insurance payments. Premium cardholders will be able to earn rewards by spending up to Rs 80,000 every month on utility and insurance payments. But, for other cardholders this limit will be only Rs 40,000. Even if the utility payment is more than Rs 50,000 in a month, one percent transaction fee will have to be paid. Also, capping has been imposed on the reward points received through grocery and departmental stores. Here premium cardholders will be able to get rewards only on spending up to Rs 40,000 every month and all other cardholders will be able to get rewards only on spending up to Rs 20,000.
ICICI Bank has also set a new limit for discount on fuel surcharge
ICICI Bank has also set a new limit for discount on fuel surcharge. Now you will be able to spend only Rs 50,000 on petrol and diesel every month. The discount limit has been fixed at Rs 1 lakh only on Emerald MasterCard Metal Credit Card. Apart from this, the annual fee on Emerald and Emerald Private Metal Card will now be available only after spending Rs 10 lakh instead of Rs 15 lakh. The spa access available on Dreamfox card has now been discontinued. However, this discount will continue on many other cards.
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