ICICI CC 1% charge for rent payment

[Dexter]

I got this sms from ICICI. They will be charging 1% for rent payment.

 

[Abhishek012]

Nice move by ICICI, 👍👍

Hope all other banks soon follow this move.

 

[Dexter]

Nice move by ICICI, 👍👍

Hope all other banks soon follow this move.

But people with valid rent agreements should be excluded.

 

[CCgeek]

Seems like the beginning of the end for Rent payments on CC

 

[m1n8]

Received same msg few minutes ago!

 

[Paras Jain]

same for me

 

[amit]

But people with valid rent agreements should be excluded.

YES, but who will check that? who will take responsibilities of that? who is gonna spend money to fulfill the process? don't have answer of this or don't wanna solve this.
just a blanket ban on that.

 

[Bigde]

Received the same message today, I never used ICICI CC for rent payments anyways. However, many banks will certainly follow the suite as rent payment have been heavily abused by the CC users.

 

[techhdate]

how exactly does a bank get affected by rent payment?

 

[Nemesis]

1% won't deter rent payment makers who get good return.

 

[Rohit75]

Same msg received. Even HDFC rent payment attracts max 2500 rewards per statement period.

 

[Mvkreddy]

Dear Customer, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged a 1% fee.

so it will 1+ platform fee means mo use with the card any views from experts

 

[churn]

how exactly does a bank get affected by rent payment?

The reward points that they give out may be higher than the commission that they get form the transaction. But I wonder why ICICI?

 

[Slayer]

The reward points that they give out may be higher than the commission that they get form the transaction. But I wonder why ICICI?

True, just why ICICI

 

[Cierdo]

ICICI is the first to do it, others will follow soon. The way that people were revolving credit in the garb of rent payment was bleeding the banks, I guess they called bullshit on this stuff, finally.

 

[techhdate]

The reward points that they give out may be higher than the commission that they get form the transaction. But I wonder why ICICI?

so why not stop giving reward points for rent payment rather than charging extra?and doesn't rbi has a say in this? this is like having surcharge for petrol right ?