ICICI Bank Changes Credit Card Rules Again: What You Need to Know! - Everything You Need To Know 

In a surprising move, ICICI Bank has announced significant changes to its credit card rules, impacting many customers. This is the second time this year that the bank has revised its credit card policies. The new rules, set to take effect on November 15, come as a shock to many users who rely on the benefits provided by their credit cards.

Key Changes to Credit Card Rules

The updated rules involve reductions in rewards and the introduction of new transaction fees. One of the most notable changes is in the usage of airport lounges. Previously, customers needed to spend ₹35,000 in a quarter to access these lounges. Now, that limit has been raised to ₹75,000, making it significantly more difficult for regular users to enjoy this benefit.

Transaction Fees on Fee Payments

Another change affects school and college fee payments. Users will now incur a 1% transaction fee when paying fees through third-party payment apps like Paytm or Mobikwik. However, if payments are made directly through the educational institution’s website or via a POS machine, this fee will not apply. This change could lead to unexpected costs for parents trying to manage their budgets during the school year.

Reduced Rewards on Utility and Insurance Payments

In addition to increased fees, the bank is cutting down the rewards offered for utility and insurance payments. Premium cardholders can earn rewards on utility payments only if they spend up to ₹80,000 monthly. For other cardholders, the limit is only ₹40,000. If utility payments exceed ₹50,000 in a month, a 1% transaction fee will also apply.

Moreover, the rewards points system for grocery and departmental store purchases will now have caps. Premium cardholders can only earn rewards on monthly spending up to ₹40,000, while other users can earn rewards only on ₹20,000 in spending.

Fuel Surcharge Discounts Adjusted

ICICI Bank has also revised the fuel surcharge discounts. Now, customers can claim discounts only if they spend up to ₹50,000 on fuel each month. The limit is set higher at ₹1 lakh only for holders of the Emerald Mastercard metal credit card. Additionally, the annual spending requirement for the Emerald and Emerald Private metal cards has been reduced from ₹15 lakh to ₹10 lakh.

The End of Spa Access for DreamFox Cardholders

Furthermore, ICICI Bank has decided to eliminate spa access benefits for holders of the DreamFox card. However, other cards will still maintain this benefit.

Customer Reactions

The changes have left many customers feeling disappointed and frustrated. Many users depend on the benefits provided by their credit cards to manage their expenses effectively. The increased spending limits and additional transaction fees can lead to higher costs for customers who were previously enjoying these rewards.