Notice to ICICI Bank credit card users! Pay rent to cost more from this date

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Notice to ICICI Bank credit card users! Pay rent to cost more from this date

New Delhi: Credit cards are no longer just an option for obtaining emergency credit, but people today use them for a variety of purposes. From shopping online to booking tickets, there are myriad ways to get the most out of a credit card. Many people have now started to pay their rent by credit card, but it is expected to become more expensive.

People who pay their rent with an ICICI Bank credit card should know that the bank will now charge a 1% fee for paying rent by credit card. The new change will go into effect next month on October 20.
“Dear customer, starting October 20, 22, all transactions on your ICICI Bank credit card for payment of rent will be charged a 1% fee,” the private sector lender informed its customers via text message on Tuesday, 20 september.
This would affect tenants who use ICICI Bank credit cards to pay their rent through platforms such as Cred, RedGiraffe, Mygate, Paytm and Magicbricks, among others. These third-party service providers charge a convenience fee.

Credit card fees

Although credit cards are very useful and also offer many offers and discounts, you must remember that if you make your rent payment by credit card, pay your bill on time. If not done on time, your credit score will be affected.

Credit card holders should note that credit card interest tends to be higher. “…you get an interest-free repayment period, but at the same time, payment must be made within the specified time. Delaying payment of bills will further increase interest. You will end up paying more than you would have paid by just using your debit card or cash to pay rent,” the lender added in a blog post.

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