ICICI Bank has announced changes to its credit card benefits for the second time this year, taking away several key perks that customers have enjoyed. The new rules, which will come into effect on November 15, 2024, will impact benefits like rewards on utility bills, fuel surcharge discounts, and lounge access at airports. The bank has also introduced new transaction fees for specific payments, including school and college fees.
Higher Spending Limit for Lounge Access
One of the most significant changes is the increase in spending requirements for airport lounge access. Previously, customers needed to spend Rs 35,000 in a quarter to enjoy this benefit, but the new limit has been increased to Rs 75,000 per quarter. This change will apply to most of ICICI Bank’s credit cards, including co-branded cards, making it harder for customers to access this perk.
School-College Fee Payments to Attract Transaction Fees
ICICI Bank has also introduced a new 1% transaction fee for customers who pay school and college fees through third-party payment apps like Cred, Paytm, and MobiKwik. However, if payments are made directly through the school’s website or via a POS machine, this fee will not apply.
Reduced Rewards on Utility Bills and Insurance Payments
Customers can also expect reduced rewards on utility and insurance payments. For premium cardholders, rewards can be earned on up to Rs 80,000 worth of utility and insurance payments per month. For all other cardholders, this limit is capped at Rs 40,000. Additionally, if a utility payment exceeds Rs 50,000 in a month, a 1% transaction fee will be charged.
Grocery Spending Rewards Capped
In another blow to cardholders, rewards for grocery and departmental store purchases have also been capped. Premium cardholders can now earn rewards only on monthly spending up to Rs 40,000, while non-premium cardholders can earn rewards on a maximum of Rs 20,000 spent in these categories.
New Limits on Fuel Surcharge Discounts
The bank has also set new limits on fuel surcharge discounts. Now, customers can only get discounts on petrol and diesel purchases up to Rs 50,000 per month. The Emerald MasterCard Metal Credit Card is the only exception, with a higher limit of Rs 1 lakh. Additionally, the annual fee waiver on Emerald and Emerald Private Metal cards will now require spending Rs 10 lakh annually, down from the previous Rs 15 lakh.
Spa Access Discontinued on Dreamfox Card
For Dreamfox cardholders, ICICI Bank has discontinued spa access benefits. However, this perk will continue to be available on some other premium cards offered by the bank.
