ICICI Bank Credit Card rewards has been revised by the bank effective from November 15th. With this announcement credit card users can get more benefits from their ICICI Bank Credit Card.
ICICI Bank Credit Card terms and conditions have been updated with users getting more rewards from their credit cards. The bank made key changes in their credit card policy terms, the second time time year. This announcement has capped credit card rewards on utility, insurance, and everyday grocery transactions. The bank has also revised fuel surcharge waivers and added more benefits.
The new terms have doubled spending requirements for lounge access, and also added add-on charges for supplementary cards.
ICICI Bank Credit Card: More Spending for Lounge Access
ICICI Bank has increased the spending requirement to access airport lounge access. The initial spending to access the airport lounge has been doubled. Current credit cardholders will get complimentary airport lounge access only by spending Rs 75,000 in the preceding calendar quarter. It has been increased from previous Rs 35,000.
This policy doesn’t benefit the existing domestic travelers as they need to shell out much more money to get the complimentary lounge access benefits.
ICICI Bank Credit Card: Capping on Utility Payments & Insurance
Any credit card user pays utility bills such as electricity, water, gasoline and so on every month. This adds up to a substantial reward at the end of the year. This bonus has been capped, i.e. the rewards are fixed at a certain number, and whatever be one’s spending amount on these bills, they can’t get more than the pre-decided amount set by the credit card utility limit.
This is certainly a loss for exsisting ICICI Bank Credit Card users.
In the similar manner, the rewards from insurance one does in a year is also fixed to a certain amount . Credit Card users can’t avail more money for increasing their insurance spendings. All in all a loss for ICICI Bank Credit Card Users.
ICICI Bank Credit Card: Capping on Grocery & Departmental Store Spending
Just as one spends on utility and insurance bills, every month there are daily spends on food in the form of grocery and departmental products. These spendings have also been capped or curtailed to a fixed amount.
Credit card users won’t earn any extra awards on daily expenses like before. This is also a let down for ICICI Bank Credit Card users.
ICICI Bank Credit Card: Other Updates
As if the above spendings restriction were not enough, ICICI Bank Credit Card has implemented the following revised spending restrictions:
- No Fuel Surcharge Waiver
- Revised Spending Threshfold
- No Spa Facility at Airport
- Fees on Supplementary Card users
- Third Party Payments 1 percent surcharge
This is a pretty grim picture on ICICI Bank Credit Card Holders. It’s as if the bank knows that habituated credit card users are bound to use the card despite meagre awards.
ICICI Bank Credit Card: Takeaways
The revised policy is against the wellbeing of credit card users. There are no benefits from using ICICI Bank Credit Cards as compared to its contemporaries such as American Express or Citi Bank.
Before November 15th sets in, it would be wise to curb one’s spending habits and reduce one’s dependency of this bank’s credit card. It would be even better to switch to other better options available in the market.
Remember a Credit Card is a bane/ a liability if not used wisely. People often succumb to making credit card a liability instead of keeping it an asset.
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