ICICI Bank is set to roll out significant modifications to its credit card features and charges, effective February 1, 2024. The key alterations include the introduction of a Dynamic Currency Conversion (DCC) fee, adjustments to reward points for rent payments and e-wallet loading, and an expansion of utility payments eligible for reward points.
ICICI Bank Credit Card Key Details of the Changes:
- Introduction of Dynamic Currency Conversion (DCC) Fee:
- A notable change is the introduction of a 1% plus taxes Dynamic Currency Conversion (DCC) fee on all international transactions conducted in Indian currency.
- This fee is applicable to transactions both at international locations and with merchants in India registered in foreign nations.
- The DCC fee will be uniformly applied across all ICICI Bank credit cards.
- DCC facilitates real-time currency conversion, allowing customers to make credit card payments in Indian currency at international locations or to merchants in India registered in foreign nations.
- Changes in Reward Points for Rent Payments and E-Wallet Loading:
- Starting February 1, 2024, ICICI Bank will discontinue the accrual of reward points on rent payments and e-wallet loading transactions made using credit cards.
- An exception to this change is the Amazon Pay ICICI Bank credit card, which will retain its existing reward point structure, providing continued incentives for users.
- Expansion of Utility Payments for Reward Points:
- In a positive development, the scope of utility payments eligible for reward points will broaden to include government transactions, previously excluded.
- Effective February 1, 2024, this enhancement will be applicable across all ICICI Bank credit cards.
These changes signify ICICI Bank’s strategic adjustments to its credit card offerings, aiming to streamline features, enhance user experience, and align with evolving market dynamics. It is essential for ICICI Bank credit cardholders to be aware of these modifications to make informed financial decisions.