ICICI Financial institution’s New Credit score Card Charges: What You Want To Know Beginning Nov 15

New Delhi: ICICI Financial institution has introduced a number of updates to its bank card charges, which can take impact from November 15, 2024. These modifications will impression finance expenses, late fee charges, and transaction charges for training, utility, and gas funds. The financial institution says these updates are consistent with business traits and to deal with rising operational prices.

Finance Fees

From November 15, ICICI Financial institution will cost a month-to-month finance payment of three.75 per cent on any unpaid balances and money advances. This interprets to an annual fee of 45 per cent. This new fee will apply to bank card holders who carry a stability from month to month or take out money advances.

Late Cost Charges

The financial institution has additionally revised its late fee charges based mostly on the excellent stability. Right here’s how the costs will work:

– For balances between Rs 101 and Rs 500, the late payment will probably be Rs 100.

– For balances exceeding Rs 50,000, the payment will probably be Rs 1,300.

– No late charges will apply for balances beneath Rs 100.

– Charges on Training, Utility, and Gas Funds.

Extra Transaction Charges

ICICI Financial institution will introduce extra transaction charges for sure funds:

– Training funds made immediately to varsities or schools, together with worldwide training charges, won’t incur any further expenses. Nevertheless, a 1 per cent payment will probably be utilized to education-related funds made by means of third-party apps.

– Utility funds exceeding Rs 50,000 will entice a 1 per cent payment.

– Gas transactions over Rs 10,000 will even be topic to a 1 per cent payment.

Unchanged Charges

Some charges will stay unchanged below the brand new coverage. For instance:

– Money funds at financial institution branches will proceed to incur a Rs 100 payment per transaction.

– Gas surcharges and lease funds will hold the 1 per cent payment on transaction quantities, although some exemptions apply for Amazon Pay Playing cards.

– Curiosity on overdue balances and money advances will nonetheless be charged at a fee of three.8 per cent monthly (46 per cent yearly) if not paid in full.