ICICI Bank Raises Credit Card Fees Effective February 10; Know the details
ICICI Bank credit card customers will incur increased fees for various credit card services, including late payment fees. These changes will come into effect from February 10, 2022. In the event of a returned check, the bank will now charge 2% of the total amount due with a minimum of Rs 500. Late payment fees vary according to the total amount due. Note that if your total amount due is less than Rs 100, the bank will not charge you. Whereas, for higher amounts, the fees continue to increase with the increase in the amount owed. The highest amount the bank will charge is Rs 1200 for an amount above Rs 50,000.
Major players in the market such as HDFC Bank, SBI Card and Axis Bank charge up to Rs. 1300 Rupees. 1300 and Rs. 1000 respectively for more than Rs 50,000 balance payment.
Here is the credit card fee comparison of major players like HDFC Bank, SBI Card and Axis Bank
SBI credit card fees
There will be no charge for less than Rs 500. Rs.400 on invoices up to Rs.501-1000, late payment charge for Rs.1,001-10,000 is Rs 1300. cash advance on SBI credit cards will be charged at 2.5 per cent on the amount of cash withdrawn or Rs 500, whichever is greater. The over limit fee is 2.5% or a maximum of Rs 600. A minimum of 2% or Rs 500 will be charged as an auto debit or check return fee.
HDFC credit card fees
There will be no charge on bills below Rs 100. There is a late charge of Rs 100 on a bill of Rs 100-500. Rs.500 on invoices up to Rs.501-5,000, Rs.600 late payment fee for Rs.5001-10000, Rs.800 on invoices of Rs.10001-25000, Rs.1100 on Rs.25,001 -50,000 and late payment fees for bills up to Rs.50000 1300 is Rs. Cash advance fees on HDFC credit cards will be levied at 2.5% on the cash amount withdrawn or Rs 500, whichever is greater. The over limit fee is 2.5% or a maximum of Rs 550. A minimum of 2% or Rs 450 will be charged as an auto debit or check return fee.
Axis Bank credit card fees
There will be no charge on bills below Rs 300. There is a late charge of Rs 100 on a bill of Rs 300-500. Rs.500 for invoices up to Rs.501-1000, late payment fee for Rs.1001-10000 is Rs 1000, whichever is higher. The over limit fee is 3% or maximum Rs.500. A minimum of 2% or Rs 450 will be charged as auto debit or check return fee. A maximum of 1,500 rupees will be charged.
What happens if you don’t pay your credit card bill on time?
Customers who don’t pay their bills on time are frowned upon by credit card companies. They send you email and SMS reminders when it’s time to pay. If you miss a payment, you’ll have to pay a penalty plus interest on the amount you owe. Additionally, interest-free financing is not available for purchases made the following month. The biggest loss is a tarnished credit history and a reduced credit score, both of which reduce your chances of getting credit in the future.
Read all the latest news, breaking news and updates on coronavirus here.