ICICI Credit Cards Unveil Major Changes Starting November 15: Key Details Inside

ICICI Bank has announced several significant updates to its credit card rewards program, which will take effect on November 15, 2024. Here’s a breakdown of the key changes:

Cardholders will now need to spend Rs 75,000 in the preceding quarter to qualify for domestic airport lounge access in the following quarter

Source : ICICI Bank

ICICI Bank has announced notable updates to its credit card reward program, set to take effect on November 15, 2024. Banks like HDFC Bank and Axis Bank have recently revamped their credit card benefits, and now it's ICICI Bank's turn to make significant changes. Providing a customer with good reward programs is one of the most crucial steps to keeping the customer happy and sticking to the bank.

Changes To ICICI Bank Credit Card Rewards Program

ICICI Bank has announced several significant updates to its credit card rewards program, which will take effect on November 15, 2024. Here’s a breakdown of the key changes:

Increased Spend Requirement for Lounge Access

Cardholders will now need to spend Rs 75,000 in the preceding quarter to qualify for domestic airport lounge access in the following quarter. For instance, to gain lounge access from January to March 2025, cardholders must spend Rs 75,000 between October and December 2024. This marks a substantial increase from the previous requirement of Rs 35,000.

Discontinuation of Spa Benefits  

The spa access benefit available at domestic airports through certain ICICI credit cards will be discontinued effective November 15, 2024.

Capping On Reward Points For Insurance And Utility Expenses

Some credit cards will cap reward points earned on utility expenses at Rs 40,000 per month, while others will have a limit of Rs 80,000 per month. This cap also applies to insurance premium payments, with similar thresholds for different card types. For details on specific credit cards, please refer to the ICICI Bank website.

No Reward Points On Government Transactions

The ICICI Bank Emeralde Mastercard Metal Credit Card will no longer allow the accumulation of reward points on government-related expenditures. The relevant Merchant Category Codes (MCC) include codes for various government transactions.

Capping On Grocery Spend Reward Points

For certain credit cards, the earning of reward points on grocery and departmental store purchases will be capped at Rs 20,000 or Rs 40,000 per month, depending on the card type.

Fuel Surcharge Waiver Limitations

The fuel surcharge waiver will apply only to monthly fuel purchases up to Rs 50,000. For the ICICI Bank Emeralde Mastercard Metal Credit Card, this limit is set at Rs 100,000 per month. The MCC for fuel transactions includes various codes relevant to fuel purchases.

Exclusion Of Specific Categories For Annual Fee Reversal And Milestone Benefits

Expenditures related to rent, government transactions, and education will not be counted toward the calculation of annual fee reversals or milestone benefits.

1 Percent Fee on Education Payments Via Third Parties 

No fee will be charged when making direct payments to educational institutions using an ICICI Bank credit card. This applies to both domestic and international education payments. However, a 1 per cent fee will be applied to the transaction amount if the payment is made through a third-party website or app.

1 Percent Fee On Utility Transactions Exceeding Rs 50,000/Month

Utility transactions exceeding Rs 50,000 monthly will be charged 1 per cent of the transaction amount.

1 Percent Fee On Fuel Transactions Exceeding Rs 10,000/Month

Similarly, for fuel purchases that surpass Rs 10,000 in a month, a 1 per cent fee on the transaction amount will be charged.

Fee for Add-On Cards

A fee of Rs 199 will be charged for each add-on or supplementary card. This charge will be reflected in the cardholder’s statement during the card's anniversary month.

Reduction in Threshold for Annual Fee Waiver

The spend threshold required to waive the annual fee for Emeralde credit cards has been lowered to Rs 10 lakhs, down from the previous threshold of Rs 15 lakhs. This applies to the ICICI Bank Emeralde Visa Credit Card, ICICI Bank Emeralde Credit Card, and ICICI Bank Emeralde Private Credit Card.

These changes aim to align the rewards program with the bank’s overall profitability while offering cardholders valuable benefits.