icici credit card: ICICI Bank increases credit card fees from February 10

ICICI Bank, in a message to its credit card customers sent on Saturday, said it had raised fees for various credit card services, including late payment fees. “Dear customer, effective February 10, 22, the fee structure on your ICICI Bank credit card will be revised. For more details on MITC, visit bit.ly/3qPW6wj,” the message to its credit card customers said. ICICI Bank credit.

The latest fee structure on ICICI Bank credit cards will be applicable from February 10, 2022.

From February 10, 2022, ICICI Bank credit card customers will be required to pay a cash advance transaction fee has been revised to 2.50% on amounts advanced on all cards, subject to a minimum of Rs 500. In case of return of check, the bank will now charge 2% of the total amount due with a minimum of Rs 500.

What is a cash advance?

Cash advance is the ability to use your credit card to withdraw cash. Unlike purchases at merchants, the interest rate meter on cash withdrawals begins on day one. When traveling internationally, cash withdrawals in foreign currencies may incur additional transaction fees. This is an expensive option, so cash withdrawals are best avoided except in an emergency. Also, don’t make too many small withdrawals. This can lead to high fixed loads.

Increase in late fees

The bank has also revised late payment fees for all of its credit cards except the ICICI Bank Emerald credit card. Late payment fees vary depending on the total amount due. Note that if your total amount due is less than Rs 100, the bank will not charge you. Whereas, for higher amounts, the fees continue to increase with the increase in the amount owed. The highest amount the bank will charge is Rs 1200 for an amount above Rs 50,000.

What if you are unable to make payments by the due date?

If you haven’t paid off your credit card bill by the due date, it’s best to avoid using your credit card further if you don’t want to increase your interest payments since you don’t have more interest-free days (no end point credit). Therefore, if you find repayment difficult, you can convert large transactions to EMIs (equivalent monthly installments) to facilitate repayment.

Experts suggest that if you are unable to repay the entire outstanding amount at once, or even if you cannot even convert transactions to EMI, you can also take out a personal loan from n’ any lender and pay the entire outstanding credit card amount at once.

David R. Brewer