Updated January 10th, 2024 at 12:34 IST
ICICI Bank revamps airport lounge access for 21 credit cards
ICICI revises lounge access: Rs 35,000 spending now required, up from Rs 5,000 on cards like Coral and Expressions.
Lounge access shift: ICICI Bank is set to implement changes to the airport lounge access benefits and reward points policies on 21 of its credit cards, effective April 1, 2024. The adjustments include a shift in the eligibility criteria for complimentary airport lounge access, with cardholders now required to spend Rs 35,000 in the preceding calendar quarter to qualify for one complimentary access. Previously, specific cards like the ICICI Bank Coral Credit Card and ICICI Bank Expressions Credit Card necessitated a minimum spending of Rs 5,000 or more in a quarter for lounge access benefits.
The revised criteria will be applicable to a range of ICICI Bank credit cards, including the ICICI Bank Coral American Express Credit Card, ICICI Bank LEADTHENEW Coral Credit Card, and others mentioned in the notification on the ICICI Bank website.
Currency conversion update
In addition to these changes, ICICI Bank has also adjusted the dynamic currency conversion fee. Starting February 1, a 1 per cent plus taxes dynamic currency conversion (DCC) fee will be levied on each international transaction conducted in Indian currency at an international location or with merchants in India but registered in a foreign nation. This fee applies to all ICICI Bank credit cards.
The bank emphasises that DCC simplifies the understanding of prices in the Indian currency but may involve additional mark-ups or charges imposed by merchants. Additionally, as of February 1, 2024, rent payments and e-wallet loading transactions will no longer accrue reward points on ICICI credit cards, excluding the Amazon Pay ICICI Bank credit card.
These adjustments align with similar modifications made by other banks, including HDFC Bank, IDFC First Bank, and SBI Card, in their respective airport lounge access benefits and reward points policies.
Published January 7th, 2024 at 16:30 IST