ICICI Bank Credit Card Charges: The ICICI Bank has hiked charges on credit cards for its customers. The new rule has already come into effect. In case of cheque return, the bank is now charging 2 per cent of the total amount due with minimum of Rs 500. Late payment charges vary with total amount due. In this case, you should that if your total amount due is less than Rs 100, then the bank will not charge you. While, for higher amounts the charges keep increasing with increase in due amount. The highest amount that bank will charge is Rs 1200 for amount over Rs 50,000, the ICICI Bank said.
The ICICI Bank had last month notified its customers about the changes. “Dear Customer, effective 10-Feb-22, the fee structure on your ICICI Bank Credit Card shall be revised. For more details on MITC, visit bit.ly/3qPW6wj,” it said in a message to users.
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The new rules have come into effect on February 10, Thursday. Key players in the market, like HDFC Bank, SBI Card and Axis Bank have been charging up to Rs 1,300, Rs 1,300 and Rs 1000 respectively for over Rs 50,000 balance payment, according to their respective websites.
Before this, there was no late fee in case the amount is less than Rs 100. The bank will charge you more, with an increase in your due amount. The maximum charge it will levy is Rs 1,200, the lender has notified. Here are the hiked charges for late payment on your ICICI Bank credit card —
Due amount less than Rs 100 – No charge levied
Due amount between Rs 100 – Rs 500 – Rs 100 late fee
Due amount between Rs 501 to Rs 5,000 – Rs 500 late fee
Due amount between Rs 5,001 – Rs 10,000 – Rs 750 late fee
Due amount between Rs 10,001 – Rs 25,000 – Rs 900 late fee
Due amount between Rs 25,011 – Rs 50,000 – Rs 1000 late fee
Due amount up to Rs 50,000 – Rs 1,200 late fee
In addition to this, a flat charge of Rs 50 plus GST will be charged from the customers’ savings bank accounts, the bank has said in the notification. However, these hiked charges are not applicable to ICICI Bank Emeralde Credit Card, it added.
So, if you cannot pay your credit card dues within the stipulated time, it is advised not to use your credit card any further till you clear the charges. This will result in an increase in your interest charges. You can also convert your big payments to equated monthly installments or EMIs to ease the burden.
ICICI Bank Cheque Charges
Apart from increasing credit card late fee charges, the ICICI bank will also levy a fee of 2 per cent of the total amount due for auto debit and cheque return. The minimum amount for this is Rs 500, the bank has said.
