Latest ICICI Bank Credit Card's Reward Changes: No Cashback on Rent

[nikhilchauhan]

Big changes are coming to ICICI Bank's credit cards, and we're here to break it down for you. Starting from February 1, 2024, ICICI Bank is changing its credit card features and charges. This move follows a similar trend of changes by other banks like HDFC, IDFC First Bank, and SBI Card, mainly focusing on airport lounge access limitations in India.

Key Changes​

No More Rewards for Rent Payments and E-Wallet Loading​

Say goodbye to earning reward points on rent payments and loading your e-wallet. This change starts on February 1, 2024. But, there's an exception – the Amazon Pay ICICI Bank credit card is not affected by this change.

Introduction of Dynamic Currency Conversion (DCC) Fee​

Brace yourself for a new fee – the Dynamic Currency Conversion (DCC) fee. From February 1, 2024, a 1% fee plus taxes will be charged on all international transactions made in Indian currency at global locations or with merchants in India registered abroad. This applies across all ICICI Bank credit cards.

Expansion of Utility Payments for Reward Points​

Good news for those earning reward points. Utility payments, now including government transactions, will be part of the reward points category from February 1, 2024. A universal change has been made to all ICICI Bank credit cards.

Changes to Airport Lounge Access Criteria​

Starting April 1, 2024, the rules for complimentary airport lounge access are getting a twist. To enjoy one free lounge access in the next quarter, you'll need to spend a minimum of ₹35,000 in the previous calendar quarter. Just remember, you need to present your valid card and a valid air ticket or boarding pass for entry.

Airport Lounge Access Procedure​

• Holders of eligible cards must present their valid, unexpired cards along with a valid air ticket or boarding pass at the lounge entrance.
• A nominal amount of ₹2 will be charged on each eligible card presented at the entrance.
• Free access is generally limited to the cardholder; any accompanying guests may incur charges. Keep in mind that this program is managed by a third party and subject to their terms and conditions.

One important way to use your credit card wisely is to pay your balance in full each month. This can help you avoid interest charges and keep your credit score strong. Additionally, be sure to keep track of your spending and stay within your credit limit to avoid fees and potential damage to your credit score. Finally, take advantage of any rewards or benefits offered by your ICICI Bank credit card, such as cashback or points towards travel, to make the most of your spending. With these tips in mind, you can make your credit card work for you and help you achieve your financial goals.

 

[zack54]

Thank you for sharing valuable information.

In addition, ICICI card usually charge 1% of fee for paying rent. Although Hsbc and Citi does not charge any fee for the rent payments.