ICICI Bank revises credit card perks, doubles minimum spend for lounge access to Rs 75,000

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Last Comment 2024-11-15

2024-11-15

ICICI Bank has announced another round of changes to its credit card terms, set to take effect from November 15. This marks the bank's second revision of the credit card portfolio this year. The new terms include more than doubling the spending requirement for airport lounge access, a cap on rewards for utility, insurance, and grocery spending, and introduction of add-on charges for supplementary cardholders.

Some other terms are in line with other banks, which have introduced charges on educational transactions using third-party platforms, charges for large utility bill payments and more.

Here are key changes announced by the bank for credit cards:

Spending criterion on airport lounge access

ICICI Bank credit cardholders will get complimentary airport lounge access by spending Rs 75,000 in the preceding calendar quarter, up from Rs 35,000 now. It means that spending made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. For instance, to be eligible for complimentary lounge access in the January-March 2025 quarter, you need to spend a minimum of Rs 75,000 in the October-December 2024 quarter and similarly for the following quarters. “To get complimentary lounge access, this is a very high spending requirement,” says Sumanta Mandal, founder, TechnoFino, a firm that tracks credit card trends.

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