Last Updated:
With effect from November 15, ICICI Bank has updated the fuel surcharge waiver while revising the spending limits for rewards on utility, insurance, and grocery transactions.
The spending limit for complimentary airport lounge access has also been increased.
ICICI Bank has announced a revised reward points system, along with several other changes, for its credit cards effective from November 15. The bank has revised its credit card portfolio for the second time this year.
The new conditions include a cap on rewards for utility, insurance, and grocery spending, the introduction of add-on fees for additional cardholders. The lender has also changed the eligibility criteria for airport lounge access for certain cards.
The bank has announced the following significant changes to credit cards:
Spending limit increased for airport lounge access
The free airport lounge access offered to ICICI Bank credit cardholders will now be offered against higher spending. The bank has revised the eligibility criteria for complimentary airport lounge access to a minimum spending of Rs 75,000 in the previous quarter.
The ICICI Bank HPCL Super Saver Visa Credit Card, ICICI Bank MasterCard Coral Credit Card, ICICI Bank Rubyx Visa Credit Card, ICICI Bank Sapphiro Visa Credit Card, ICICI Bank Adani One Signature Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card, and other ICICI Bank credit cards will all be eligible for this revised spending requirement to receive free domestic airport lounge access.
No waiver of the fuel surcharge
For credit cardholders, ICICI Bank has updated its fuel cost waiver policy. The bank will now charge 1% of the fuel transactions exceeding Rs 50,000 per month.
Limiting incentives for payments for utilities and insurance
When ICICI Bank cardholders pay for utilities or insurance premium, they receive reward points. Now, now the bank has revised the spending limit to receive rewards.
Customers with premium credit cards (such as the ICICI Bank Rubyx Visa, Sapphiro Visa, Emeralde Visa, and others) can receive rewards for spendings of up to Rs 80,000 every month on utilities and insurance premiums. On the other hand, the spending for other categories of cardholders has been capped at Rs 40, 000 per month.
Restricting incentives for buying at supermarkets and retail stores
Spending in department stores and grocery stores will also be limited to accrue reward points. ICICI Bank Rubyx Visa, Sapphiro Visa, Emerald Visa, and other premium credit cardholders will receive rewards for up to Rs 40,000 each month on groceries. The monthly spend limit for all other cards has been capped at 20,000.
Fees for supplementary cardholders have been implemented
The bank will now charge an annual fee of Rs 199 for every supplementary credit card.
Revision of the spending threshold
Credit card payments for rent, government, and school expenses will not be included in the expenditure criteria for yearly fee reversal and milestone benefits. This modification applies to all of the bank’s credit cards. Additionally, for ICICI Emerald and Emerald Private Metal credit cards, the annual fee reversal barrier has been lowered from Rs 15 lakh to Rs 10 lakh.
Airport spas have been discontinued
DreamFolks card holders will no longer have access to spa services. The following credit cards offered the service: Emirates ICICI Bank Emeralde Credit Card, ICICI Bank Adani One Signature Credit Card, ICICI Bank Sapphiro Visa Credit Card, and others.
