ICICI Bank Customers: Miss a Credit Card Payment? Late Fee to Increase From Next Month

ICICI Bank Customers: Miss a Credit Card Payment? Late Fee to Increase From Next Month

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ICICI Bank Credit Card Charges: Private lender ICICI Bank is set to hike its charges on various services pertaining to its credit card. In a message sent to its credit card users last week, the bank notified about the change. The hike in various credit card services includes that of late fees, said the lender on its website. This will be up to as much as Rs 1,200, said the bank. The ICICI bank, in its message to its credit card users last week, have also included a link through which details of the new charges can be seen easily.

“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,” said the message sent to ICICI bank credit card users on Saturday.

The new rules are set to take effect from February 10, which is next month. From this day, ICICI bank credit card users will have to pay a transaction charge on cash advance, which has been revised. Customers need to pay 2.50 per cent transaction fee on cash advance, subject to a minimum of Rs 500. This applies for all credit cards. In case of cheque return, the lender will charge 2 per cent of the total amount that is due, subject to a minimum of Rs 500. The same charges will apply for auto debit returns as well, the ICICI bank said in its circular.

Revised Late Payment Charges for ICICI Bank Credit Cards:

As of now, there is 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.

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