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ICICI Financial institution has revised its bank card costs with impact from 10 February. As per the communication to the shoppers by the financial institution, credit score cardholders should pay a transaction cost on money advance which has been revised to 2.50% on superior quantities on all playing cards, topic to a minimal of ₹500. In case of cheque return, the financial institution will now cost 2% of the entire quantity due with a minimal of ₹500.
The financial institution additionally revised late cost costs for all its bank cards besides ICICI Financial institution Emerald Credit score Card. Late cost costs fluctuate with the entire quantity due. In case your complete quantity due is lower than ₹100, then the financial institution won’t cost you. Whereas for increased quantities the fees hold growing with a rise in due quantity. The best quantity that the financial institution will cost is ₹1200 for an excellent quantity of ₹50,000 or extra.
Different bigger gamers out there, like HDFC Financial institution, SBI Card and Axis Financial institution have been charging as much as ₹1300, ₹1300 and ₹1000 respectively for over ₹50,000 stability cost.
Right here is the comparability of the bank card costs of main gamers like HDFC Financial institution, SBI Card, ICICI Financial institution and Axis Financial institution
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As per the newest RBI knowledge for the month of November, the variety of bank cards has elevated by 1.84 per cent as in comparison with October 2021. The rise was over 2 per cent in October ‘21 and 1.7 per cent in September ‘21. On the Bank card spending, there was a decline of 11.6 per cent month-on-month in November versus a achieve of 25.79 per cent MoM in October.
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