Miss a Credit Card Payment? Late Fee to Increase From Next Month

ICICI Bank Credit Card Charges: Private lender ICICI Bank is ready to hike its costs on numerous providers pertaining to its bank card. In a message despatched to its bank card customers final week, the financial institution notified concerning the change. The hike in numerous bank card providers consists of that of late charges, mentioned the lender on its web site. This will probably be as much as as a lot as Rs 1,200, mentioned the financial institution. The ICICI financial institution, in its message to its bank card customers final week, have additionally included a hyperlink via which particulars of the brand new costs will be seen simply.

“Dear Customer, effective 10-Feb-22, the fee structure on your ICICI Bank Credit Card shall be revised. For more details on MITC, visit bit.ly/3qPW6wj,” mentioned the message despatched to ICICI financial institution bank card customers on Saturday.

The new guidelines are set to take impact from February 10, which is subsequent month. From this present day, ICICI financial institution bank card customers should pay a transaction cost on money advance, which has been revised. Customers must pay 2.50 per cent transaction payment on money advance, topic to a minimal of Rs 500. This applies for all bank cards. In case of examine return, the lender will cost 2 per cent of the overall quantity that’s due, topic to a minimal of Rs 500. The identical costs will apply for auto debit returns as nicely, the ICICI financial institution mentioned in its round.

Revised Late Payment Charges for ICICI Bank Credit Cards:

As of now, there isn’t a late payment in case the quantity is lower than Rs 100. The financial institution will cost you extra, with a rise in your due quantity. The most cost it’ll levy is Rs 1,200, the lender has notified. Here are the hiked costs for late fee in your ICICI Bank bank card —

Due quantity lower than Rs 100 – No cost levied

Due quantity between Rs 100 – Rs 500 – Rs 100 late payment

Due quantity between Rs 501 to Rs 5,000 – Rs 500 late payment

Due quantity between Rs 5,001 – Rs 10,000 – Rs 750 late payment

Due quantity between Rs 10,001 – Rs 25,000 – Rs 900 late payment

Due quantity between Rs 25,011 – Rs 50,000 – Rs 1000 late payment

Due quantity as much as Rs 50,000 – Rs 1,200 late payment

In addition to this, a flat cost of Rs 50 plus GST will probably be charged from the shoppers’ financial savings financial institution accounts, the financial institution has mentioned within the notification. However, these hiked costs should not relevant to ICICI Bank Emeraalde Credit Card, it added.

So, for those who can not pay your bank card dues inside the stipulated time, it’s suggested to not use your bank card any additional until you clear the fees. This will end in a rise in your curiosity costs. You can even convert your huge funds to equated month-to-month installments or EMIs to ease the burden.

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