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ICICI Bank updates credit card charges: If you have an ICICI Bank credit card, then prepare to pay new fees from November 15. The bank announced several changes. The changes include finance fees, late payment fees and additional transaction fees for education, utilities and fuel, according to a report from Livemint. ICICI Bank is making these adjustments to rationalize its fees in line with industry trends and to meet rising operational costs.

Financial charges

From November 15, finance charges on loans and cash advances extended to ICICI Bank credit cardholders will now be charged at a monthly rate of 3.75 percent, which equates to an annual rate of 45 percent. This applies to late payment interest on unpaid balances and any cash advances on credit cards.

Late fees

ICICI Bank has restructured its late fees based on the outstanding amount. As per the new change, the fee for a balance between Rs 101 and Rs 500 will be Rs 100. Similarly, for amounts above Rs 50,000, the late payment fee will be up to Rs 1,300. Balances below 100 rupees will be waived from any late fees.

Education-related operations

Payments made directly to schools or colleges, including international education fees, will not incur additional charges. Yes, if you make payments through third-party apps, a 1 percent fee will be applicable on those payments. The purpose of this change is to offset the processing cost associated with external payment platforms.

Transaction fees for utilities and fuel

According to the report, for utility payments, a new 1 percent fee will be charged if the transaction amount is more than Rs 50,000. Similarly, a 1 percent fee will be charged if the fuel transaction is greater than Rs 10,000.

Fees and other charges unchanged

There is no change in some fees. Charges for cash payments at bank branches will still be Rs 100 per transaction, while fuel surcharge and fare payments will continue to be charged at 1 per cent of the transaction amount. Additionally, interest charges on all overdue balances and cash advances will continue to apply until the balance is paid in full. In the event of default, the maximum monthly rate will be 3.8 percent (46 percent per year).

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