BackCredit card late fee: What HDFC Bank, SBI Card, ICICI Bank and Axis Bank charge
ICICI Bank has revised charges for credit cards effective from February 10
PremiumICICI Bank has revised its credit card charges with effect from 10 February. As per the communication to the customers by the bank, credit cardholders will have to pay a transaction charge on cash advance which has been revised to 2.50% on advanced amounts on all cards, subject to a minimum of ₹500. In case of cheque return, the bank will now charge 2% of the total amount due with a minimum of ₹500.
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. If your total amount due is less than ₹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 ₹1200 for an outstanding amount of ₹50,000 or more.
Other larger players in the market, like HDFC Bank, SBI Card and Axis Bank have been charging up to ₹1300, ₹1300 and ₹1000 respectively for over ₹50,000 balance payment.
Here is the comparison of the credit card charges of leading players like HDFC Bank, SBI Card, ICICI Bank and Axis Bank
As per the latest RBI data for the month of November, the number of credit cards has increased by 1.84 per cent as compared to October 2021. The increase was over 2 per cent in October ‘21 and 1.7 per cent in September ‘21. On the Credit card spending, there was a decline of 11.6 per cent month-on-month in November versus a gain of 25.79 per cent MoM in October.
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