Big news for ICICI credit card holders! Up to Rs 1200 charge on card usage and Rs 500 penalty for cheque return
Big news for ICICI credit card holders! The nationalised Bank has revised charges for cc effective from February 10. The bank will now charge a transaction fee of 2.50% on on all credit card transactions, this subjects to a minimum of Rs 500.
Except ICICI Bank Emerald Credit Card, the bank has also revised late payment charges on credit cards. The late payment charges varies depending on the total amount due. However, the bank won’t charge those whose total amount due is less than Rs 100. On the contrary, for higher amounts, the charges increase with an increase in due amount. The highest amount that the bank will charge is ₹1200 for an outstanding amount of ₹50,000 or more.
For a due amount between Rs 100- Rs 500, Rs 100 will be charged.
For the due amount between Rs 501- Rs 5000, Rs 500 will be charged.
For due up to Rs 10,000, Rs 750 will be charged.
For due up to 25000, Rs 900 will be charged.
For due up to Rs 50,000, Rs 1000 will be charged.
Lastly, for due up to Rs 50,000, Rs 1200 will be charged.
Other nationalized banks such as HDFC Bank, SBI Card and Axis Bank have been charging up to Rs 1300 for over Rs 50,000 balance payments.
ICICI Bank has also introduced cheque charges incase of cheque returns. If there is a return of cheque or an auto-debit occurs, the lender will charge 2% of the total amount due to the account holder (minimum of Rs 500).