ICICI Bank has announced several updates to the features and benefits of its credit cards, effective from April 1, 2024. The changes impact the earning of reward points, lounge access, and international transaction fees.
Free Airport Lounge Access Now Linked to Quarterly Spends
From April 1, 2024, ICICI Bank credit cardholders will need to spend a minimum of Rs. 35,000 in the previous quarter to avail of complimentary lounge access in the next quarter. This rule will apply to the following cards:
- ICICI Bank Coral Credit Card (all variants)
- ICICI Bank Expressions Credit Card
- MINE Credit Card (all variants)
- ICICI Bank HPCL SUPER SAVER (all variants)
- MakeMyTrip ICICI Bank Platinum Credit Card
- ICICI Bank Manchester United Platinum Credit Card
- Chennai Super Kings ICICI Bank Credit Card
- SPEEDZ ICICI Bank Credit Card
- ICICI Bank Parakram Select Credit Card
- ICICI Bank Business Blue Advantage Card
- ICICI Bank MakeMyTrip Mastercard Business Platinum Credit Card
The calendar quarters are January-March, April-June, July-September, and October-December.
Changes in Reward Points Earnings
From February 1, 2024, ICICI Bank credit cards will see the following changes:
- Rental payments and wallet loading will not earn reward points, except on Amazon Pay ICICI Credit Card
- Utility bill payments will include all government payments and continue to earn reward points
1% Fee on International Transactions
ICICI Bank will start charging a 1% Dynamic Currency Conversion (DCC) fee on all international transactions made in Indian currency. This will also apply to domestic transactions made to foreign merchants.
Our View
While ICICI Bank has reduced some benefits, the minimum spend requirement of Rs. 35,000 per quarter for lounge access is still reasonable. It remains to be seen if other banks will follow suit in reducing credit card features this year.
We would love to hear your views on these updates for ICICI Bank credit cards in the comments below.
