If you have an ICICI Bank credit card, then get ready to pay new charges from November 15. The bank has announced several changes in charges. The changes include finance charges, late payment fees and additional transaction fees for education, utilities and fuel. According to Livemint news, from November 15, finance charges on extended loans and cash advances for ICICI Bank credit cardholders will now be implemented at a monthly rate of 3.75%, which is equivalent to an annual rate of 45%. This applies to overdue interest on unpaid balances and any cash advance on credit cards.
late payment charge
ICICI Bank has restructured its late payment charges based on the outstanding amount. As per the new change, the charge for balance between ₹101 to ₹500 will be ₹100. Similarly, for amounts above ₹50,000, the late payment charge will be up to ₹1,300. Balance amount less than ₹100 will be exempted from any late payment charge.
education related transactions
Payments made directly to schools or colleges, including International Education Fees, will not incur additional charges. Yes, if you make payment through third party application then 1% charge will be applicable on such payments. The purpose of this change is to compensate for the processing costs associated with external payment platforms.
Utility and Fuel Transaction Charges
According to the news, for utility payments, if the transaction amount is more than ₹ 50,000, a new charge of 1% will be levied. Similarly, if fuel transactions exceed ₹10,000, there will be a 1% charge.
Unchanged Fees and Other Charges
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