If you also use credit card then this news is for you only. In case of late payment of credit card from ICCICI Bank, more charges will be charged than before. Other big banks are also preparing to increase the penalty for late credit card dues.
In the last few years, the number of credit card users has increased rapidly. If you also shop with credit card, then this news is for you. Many times there is a delay in paying the credit card bill due to some reason. In such a situation, it also spoils your budget.
Late fee hiked compared to earlier
But now ICICI Bank has increased the late fee charge for not paying the credit card on time. In such a situation, you need to be more careful than before while making the payment. ICICI Bank customers were informed about the increased charges through messages and e-mails.
Other banks may also increase charges
The message states that the increased fee has come into effect from February 10, 2022. Along with late payment, cash withdrawal from credit card is also going to be more expensive now than before. According to sources, other credit card issuing banks are also considering charging more for late payment than before. An announcement in this regard is expected from the banks soon.
Pockets will be looser than before
According to the message sent by ICICI Bank to the customers, if your outstanding is less than Rs 100, then you will not have to pay anything as late fee. But if you owe more than this, your pocket is sure to be looser than before.
These will be the new charges
If your balance is between Rs 100 to Rs 500, then Rs 100 will be charged on late payment. Similarly, there is a penalty of Rs 500 on arrears ranging from Rs 501 to Rs 5000. On the other hand, if there is an arrear of 5000 to 10000, the penalty is Rs 750. There will be a penalty of Rs 900 on the balance amount from 10001 to 25 thousand. On the other hand, arrears ranging from 25001 to 50 thousand will attract a fine of one thousand rupees and above that there is a penalty of 1200 rupees.
Cash withdrawal too expensive
For withdrawing cash from ATM through credit card, 2.5 percent of the total amount or Rs 500, whichever is higher, will have to be paid. At the same time, in case of check return and auto debit return, a minimum of Rs 500 will have to be paid. If the outstanding amount is more than 25 thousand then a penalty of two percent will be imposed. Apart from this, Rs 50 + GST will be payable separately on all the above charges.