Updated on: Jan 10, 2022 | 12:14 PM IST

ICICI Bank, in a message to its credit card customers sent on Saturday, has stated that it has increased charges for various services related to credit cards, including late payment fees. “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,” stated the message to its ICICI Bank credit card customers.

The latest fee structure on ICICI Bank Credit Cards will be applicable from February 10, 2022.

From February 10, 2022, ICICI Bank credit card customers will have to pay a transaction charge on cash advance has been revised to 2.50% on advanced amounts on all cards, subject to a minimum of Rs 500. In case of cheque return, the bank will now charge 2% of the total amount due with a minimum of Rs 500.

What is a cash advance?

A cash advance is the facility of using your credit card to withdraw cash. Unlike purchases at merchant establishments, the interest rate meter on cash withdrawals starts from day one. During international travel, foreign exchange cash withdrawals could attract an additional transaction fee. This is a costly option so it is best to avoid cash withdrawals, except in an emergency. Also, don’t make too many small withdrawals. That can lead to high fixed charges.

Late payment fees hike

The bank also revised late payment charges for all its credit cards except ICICI Bank Emerald Credit Card. Late payment charges vary with the total amount due. Note that if your total amount due is less than Rs 100, then the bank will not charge you. While for higher amounts the charges keep increasing with an increase in due amount. The highest amount that the bank will charge is Rs 1200 for the amount over Rs 50,000.

What to do if you are unable to make payments before the due date?

If you have failed to repay your credit card bill by the due date, it is best to avoid further use of your credit card if you do not want to increase your interest payments since you have run out of interest-free days (credit-free period). Hence, if you find repayment difficult, you can convert big-ticket transactions into EMIs (equated monthly installments) for ease of repayment.

Experts suggest if you are not able to repay the entire outstanding at one go, or not even able to convert transactions into EMIs, then you can also take a personal loan from any lender and pay the entire credit card outstanding amount in one go.