ICICI Bank Announced Major Changes in Credit Card Charges
From 10th February ICICI Bank has revised charges related to credit card usage.
Now for all the cash advanced ICICI will charge the transaction fees of 2.50% on all credit cards, resulting in the minimum fee of Rs.500.
Bank has revised the late payment charges for all the credit cards except ICICI Bank Emerald Credit Card. The final chargeable amount will vary according to the total pending amount.
If the total due amount is less than Rs.100 then the bank will not charge you.
Another change is that for high pending amounts the charges will continuously rise with the increase in the total due amount.
The maximum amount bank will charge is set to Rs.1200 for the due amount of Rs.50000 or more.
Also read:Credit Card Necessity: RBI’s Latest Discussion With NBFCs
Now, let’s compare the credit card charges of ICICI Bank with some elite players like HDFC & SBI Cards.
Credit Card Charges for SBI Cards users:
- No charges are there for the amount of less than Rs.500
- If your billed amount is between Rs.501 and Rs.1000 then the applicable charge is Rs.400.
- Late payment charges for the amount between Rs.1001 and Rs.10000 are Rs.1300
- SBI charges 2.5% for the Cash advanced for the amount of Rs.500 and higher.
- 2.5% or maximum amount of Rs.600 will be charged on over limits.
Credit Card Charges for HDFC card users:
- If the billed amount is less than Rs.100, no charges are applicable.
- On the Billed amount is between Rs.100-500 then the late payment charge of Rs.100 will be applicable.
- Chargeable amounts for different due amounts are:
- For bills upto Rs.501-5000 charge is Rs.500.
- If the billed amount ranges between Rs.5001-1000 then the chargeable amount is Rs.600.
- For the bills of Rs.10001-20000, the amount of Rs.800 will be charged.
- HDFC charges 2.5% for the withdrawn amount or Rs.500, Whichever will be higher.
- 2.5% or the maximum amount of Rs.550 is applicable in terms of over limit.