Bad news if you are an ICICI credit card user. The bank has made changes in various benefits and charges of 21 credit cards in different categories. Along with access to airport lounges, the bank has decided to introduce dynamic conversion fees. HDFC Bank and SBI Cards had already made some changes in the benefits of their credit cards in 2023. Following that, ICICI Bank has now implemented a similar policy.
Henceforth, for ICICI Bank credit card holders to avail airport lounge access, they will need to pay an increased charge of Rs. 35,000 in the preceding calendar year. For example, to qualify for complimentary lounge access in the April-June period of 2024, one must spend a minimum of Rs. 35,000 in the January-March period. Currently, ICICI Bank Coral Credit Card and ICICI Bank Expressions Credit Card are being utilized. If one uses the ICICI Bank Coral Credit Card or ICICI Bank Expressions Credit Card for supplementary lounge access, an additional expense of Rs. 5,000 in a preceding quarter is required to gain complimentary lounge access from April 1 onwards.
The 21 cards affected by the change in benefits are:
- ICICI Bank Coral Credit Card
- ICICI Bank NRI Secured Coral Visa Credit Card
- ICICI Bank Coral American Express Credit Card
- ICICI Bank Secured Coral Credit Card
- ICICI Bank Coral Contactless Credit Card
- ICICI Bank NRI Coral Credit Card
- LSENYU Coral Credit Card
- Coral Rubyx Credit Card
- MasterCard Coral Credit Card
- Expressions Credit Card
- Mine Credit Card by ICICI Bank Visa Card
- Mine Credit Card by ICICI Bank MasterCard
- ICICI Bank HPCL Super Saver Visa Credit Card
- ICICI Bank HPCL Super Saver MasterCard Credit Card
- MakeMyTrip ICICI Bank Platinum Credit Card
- ICICI Bank Manchester United Platinum Credit Card
- Chennai Super Kings ICICI Bank Credit Card
- Speeds ICICI Bank Credit Card
- ICICI Bank Parakram Select Credit Card
- ICICI Bank Business Blue Advantage Card
- ICICI Bank MakeMyTrip MasterCard Business Platinum Credit Card
- ICICI Bank Business Platinum Credit Card
Dynamic currency conversion fees
Dynamic currency conversion fees apply to every international transaction conducted in Indian currency, whether it is carried out in an overseas location or registered with businesses operating in India. A certain percentage of dynamic currency conversion fee must be paid along with the applicable taxes. These charges are applicable to all ICICI Bank credit cards.
For instance, if you purchase an item from a store in a foreign country using an ICICI Bank credit card and choose to convert the transaction amount to Indian currency at the point of sale using a POS machine, dynamic currency conversion fees will be applied. This change is expected to come into effect from February 1.
Changes in rewards
Using ICICI Bank credit cards for payments and loading e-wallets also accrues reward points. However, starting from February 1, Amazon Pay ICICI Bank Credit Card, along with all other ICICI Bank credit cards except for this, will no longer earn reward points for the mentioned transactions. The change will be effective from February 1 onwards.
Rewards will continue for utility bill payments using ICICI Bank credit cards.
Rewards points for utility bill payments will continue for all ICICI Bank credit cards. This includes transactions such as income tax payments, stamp duty, document registration, and property taxes, among others, related to government utility payments. This change will be applicable to all ICICI Bank credit cards from February 1.
