⚠️ICICI Bank revises credit card perks, doubles minimum spend 🚀
ICICI Bank has announced a new set of changes to its credit card terms, effective from November 15. This marks the bank’s second update to its credit card policies this year. Key changes include more than doubling the minimum spending requirement for airport lounge access, setting limits on rewards for utility, insurance, and grocery expenses, and introducing additional charges for supplementary cardholders.
These changes align with industry trends, as other banks have also started imposing fees on educational payments via third-party platforms and on large utility bill payments.
Here are the key updates for ICICI Bank credit cards:
Airport Lounge Access Spending Requirement
ICICI Bank credit cardholders can now access complimentary airport lounges by spending ₹75,000 in the previous calendar quarter, up from the previous requirement of ₹35,000. This means spending in one calendar quarter unlocks lounge access for the following quarter. For example, to qualify for complimentary lounge access from January to March 2025, you need to spend at least ₹75,000 from October to December 2024, and similarly for future quarters. Sumanta Mandal, founder of TechnoFino, notes, “This is a very high spending requirement for complimentary lounge access.”
Capping on Rewards for Utility and Insurance Payments
Currently, ICICI Bank credit cardholders earn reward points on utility and insurance payments. However, a cap will now be applied. Premium cardholders (ICICI Rubyx Visa, Sapphiro Visa, Emeralde Visa, etc.) can earn rewards on up to ₹80,000 in monthly utility and insurance spending. For all other cards, the cap is ₹40,000 monthly.
Capping on Rewards for Grocery and Departmental Store Spending
Reward points for grocery and departmental store spending will also be capped. Premium cardholders can earn rewards on up to ₹40,000 monthly for grocery purchases. For all other cards, the cap is ₹20,000 monthly.
Fuel Surcharge Waiver
ICICI Bank has updated its fuel surcharge waiver policy. For most cardholders, fuel surcharge waivers apply on transactions up to ₹50,000 per month. However, holders of the exclusive Emeralde Mastercard Metal Credit Card receive waivers on fuel surcharges for spending up to ₹1 lakh per month.
Revised Spending Threshold
ICICI Bank has updated the spending threshold criteria for annual fee reversals and milestone benefits, now excluding rent, government, and education payments made with credit cards. This applies to all ICICI credit cards. For the Emeralde and Emeralde Private Metal cards, the annual fee reversal threshold is reduced from ₹15 lakh to ₹10 lakh.
Airport Spa Facility Discontinued
Spa access through the DreamFolks card, previously available for Sapphiro Visa, Emeralde, Adani One Signature, Emirates ICICI Emeralde, and other credit cards, will be discontinued.
New Fees for Supplementary Cardholders
An annual fee of ₹199 will now apply to supplementary cardholders, charged on the card anniversary month.
1% Fee for Educational and Utility Payments via Third-Party Apps
A 1% fee will be charged for educational payments made through third-party apps like CRED, Paytm, Cheq, and MobiKwik using ICICI Bank credit cards. Payments made directly through school or college websites or POS machines will not incur this fee.
FAQs on ICICI Bank Credit Card Policy Changes
1. What is the new spending requirement for complimentary airport lounge access?
The minimum spend required to qualify for complimentary airport lounge access is now ₹75,000 per calendar quarter, increased from ₹35,000. Spending during one quarter will provide lounge access in the next quarter.
2. Are there limits on rewards for utility and insurance payments?
Yes, reward points for utility and insurance payments are capped. Premium cardholders (e.g., Rubyx Visa, Sapphiro Visa, Emeralde Visa) can earn rewards on up to ₹80,000 in monthly spending, while all other cardholders have a ₹40,000 monthly cap.
3. Is there a cap on reward points for grocery and departmental store spending?
Yes, grocery and departmental store reward points are capped at ₹40,000 per month for premium cardholders and ₹20,000 for all other cards.
4. Has the fuel surcharge waiver policy changed?
Yes, the fuel surcharge waiver applies to transactions up to ₹50,000 per month for most ICICI cards. For the Emeralde Mastercard Metal Credit Card, the limit is ₹1 lakh per month.
5. What are the changes to the spending threshold for fee reversal and milestone benefits?
Annual fee reversals and milestone benefits will no longer include rent, government, and education payments. For the Emeralde and Emeralde Private Metal cards, the annual fee waiver threshold has been reduced from ₹15 lakh to ₹10 lakh.
6. Has airport spa access been discontinued?
Yes, spa access via the DreamFolks card is no longer available. This change impacts cards like the Sapphiro Visa, Emeralde, Adani One Signature, and Emirates ICICI Emeralde credit cards.
7. Is there a new fee for supplementary cardholders?
Yes, a fee of ₹199 per year will apply to supplementary cardholders. This fee will appear on the statement for the card anniversary month.
8. Is there a fee for using third-party apps for educational and utility transactions?
A 1% fee applies for educational payments made through third-party apps (e.g., CRED, Paytm, Cheq, MobiKwik) using ICICI Bank credit cards. However, payments made directly on school or college websites or via their POS machines do not incur this charge.