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 that 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 money. Unlike purchases at merchant establishments, the interest rate meter on cash withdrawals starts from day one. When traveling internationally, cash withdrawals in foreign currencies may incur additional transaction fees. This is an expensive option, so it’s best to avoid cash withdrawals except in an emergency. Also, don’t make too many small withdrawals. This can lead to high fixed costs.
Increase in late payment penalties
The bank 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 owed. 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 1,200 for an amount greater than 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 more if you don’t want to increase your interest payments because you don’t. no more interest-free days (no credit point end). Therefore, if you find repayment difficult, you can convert large transactions to EMI (Equivalent Monthly Payments) to facilitate repayment.
Experts suggest that if you are not able to repay all of the outstanding amount in one go, or even not able to convert transactions to IMEs, you can also take out a personal loan from any lender and pay off the entire outstanding credit card at once.