In a move to enhance its credit card offerings, ICICI Bank is gearing up for significant changes in the airport lounge access benefits and reward points policies on 21 of its credit cards, effective April 1, 2024. These adjustments, including modified eligibility criteria for lounge access, are designed to provide a more tailored and streamlined experience for cardholders.
Changes in Lounge Access Criteria:
The key shift revolves around the eligibility criteria for complimentary airport lounge access. Under the new guidelines, cardholders will be required to spend a minimum of Rs 35,000 in the preceding calendar quarter to qualify for one complimentary lounge access. This replaces the previous criteria, such as the requirement of a Rs 5,000 spending in a quarter for specific cards like the ICICI Bank Coral Credit Card and ICICI Bank Expressions Credit Card.
The updated 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 as mentioned in the official notification on the ICICI Bank website.
Currency Conversion Fee Adjustment:
In addition to the changes in lounge access, ICICI Bank has also revised the dynamic currency conversion fee. Starting February 1, 2024, a 1% plus taxes dynamic currency conversion (DCC) fee will be imposed on each international transaction conducted in Indian currency at an international location or with merchants in India but registered in a foreign nation. The bank emphasizes the need for cardholders to be aware of additional mark-ups or charges imposed by merchants with DCC.
Furthermore, as of the same date, 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 changes align with similar modifications made by other banks, including HDFC Bank, IDFC First Bank, and SBI Card, demonstrating a broader industry trend in refining airport lounge access benefits and reward points policies.
