ICICI Bank revises credit card perks, doubles minimum spend for lounge access to Rs 75,000

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ICICI Bank has announced another round of changes to its credit card terms, set to take effect from November 15. This marks the bank's second revision of the credit card portfolio this year. The new terms include more than doubling the spending requirement for airport lounge access, a cap on rewards for utility, insurance, and grocery spending, and introduction of add-on charges for supplementary cardholders.

Some other terms are in line with other banks, which have introduced charges on educational transactions using third-party platforms, charges for large utility bill payments and more.

Here are key changes announced by the bank for credit cards:

Spending criterion on airport lounge access

ICICI Bank credit cardholders will get complimentary airport lounge access by spending Rs 75,000 in the preceding calendar quarter, up from Rs 35,000 now. It means that spending made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. For instance, to be eligible for complimentary lounge access in the January-March 2025 quarter, you need to spend a minimum of Rs 75,000 in the October-December 2024 quarter and similarly for the following quarters. “To get complimentary lounge access, this is a very high spending requirement,” says Sumanta Mandal, founder, TechnoFino, a firm that tracks credit card trends.

This updated spending criterion to avail complimentary domestic airport lounge access will be applicable on several ICICI Bank credit cards which include ICICI Bank HPCL Super Saver Visa Credit Card, ICICI Bank MasterCard Coral Credit Card, ICICI Bank Rubyx Visa Credit Card, ICICI Bank Sapphiro Visa Credit Card, ICICI Bank Adani One Signature Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card and others.

Also read | Why are banks cutting down on free airport lounge visits?

Capping on rewards for utility and insurance payment transactions

Currently, cardholders earn reward points for utility and insurance payment transactions. However, a cap will be introduced on the rewards earned from these transactions.

Premium credit cardholders (ICICI Bank Rubyx Visa, Sapphiro Visa, Emeralde Visa, and others) will earn rewards on up to Rs 80,000 monthly spend on utility and insurance. For all other cards, the cap is Rs 40,000 monthly spend.

Capping on rewards for grocery and departmental store spending

Grocery and departmental store spending will also be capped for earning reward points.

Premium credit cardholders (ICICI Bank Rubyx Visa, Sapphiro Visa, Emeralde Visa, and others) will earn rewards on up to Rs 40,000 monthly spend on grocery. For all other cards, the cap is Rs 20,000 monthly spend.

No fuel surcharge waiver

ICICI Bank has revised its fuel surcharge waiver policy for credit cardholders. The bank will waive fuel surcharges on transactions up to Rs 50,000 per month for its entire credit card portfolio. For the exclusive Emeralde Mastercard Metal Credit Card, the waiver limit increases to spending up to Rs 1 lakh per month.

Also read | ICICI Bank, MakeMyTrip launch co-branded credit card for travel. Should you get one?

Spending threshold revised

The spending threshold for annual fee reversal and milestone benefits will exclude rent, government, and education payments made via credit cards. This change applies to all credit cards of the bank.

Further, the threshold for annual fee reversal is reduced to Rs 10 lakh per annum from Rs 15 lakh for ICICI Emeralde and Emeralde Private Metal credit cards.

Spa facility at airports discontinued

The spa access provided through the DreamFolks card is being discontinued. The facility was available on the following cards: ICICI Bank Sapphiro Visa Credit Card, ICICI Bank Emeralde Credit Card, ICICI Bank Adani One Signature Credit Card, Emirates ICICI Bank Emeralde Credit Card and others.

Fees introduced for supplementary cardholders

The bank has introduced an annual fee of Rs 199 for supplementary cardholders. These charges will be levied in the card anniversary month statement.

1 percent charge for using third-party payment apps for educational and utility transactions

Payment for an educational expense using ICICI Bank credit cards through third-party payment apps such as CRED, Paytm, Cheq, MobiKwik and others will also incur a 1 percent fee on the transaction amount. However, if you make educational transactions through college or school websites or their POS machines using ICICI Bank credit cards, there will be no charges.

Also, the ICICI Bank will levy a surcharge of 1 percent of the transaction amount for utility payment transactions exceeding Rs 50,000 in a month through its credit cards.