Attention ICICI Bank Credit Card Users: You Will Pay 1% Fee For Paying Rent From Oct 20

The tenants. who use credit cards to pay rent via credit cards through platforms like Cred, RedGiraffe, Mygate, Paytm and Magicbricks, will be severely impacted by the move from the bank.

ICICI Bank Credit Card Latest Update: Not just for getting emergency credit, but people today use credit cards for various purposes. From online shopping to booking tickets, many ways are there to make the most of the credit card. Several people have now started paying rent using credit cards, however, it is set to get costlier now. If you are one among them paying rent using an ICICI Bank credit card, then you must know that the bank will now charge 1 per cent as a fee for paying rent via credit cards. The new change will come into effect next month on October 20.

“Dear Customer, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged a 1 per cent fee,” the private sector lender informed its customers via SMS on Tuesday, September 20.

The move from the bank would affect the tenants who use ICICI Bank credit cards to pay rent through platforms like Cred, RedGiraffe, Mygate, Paytm and Magicbricks, among others.

Credit card charges

Even as the credit cards are of great use and also provide many offers and discounts, the users must note that if you make your rent payment through credit card, pay your bill on time. If not done on time, your credit score will be impacted.

Another thing the credit card holders also should note that the interest on the credit card tends to be on the higher side.

“You get an interest-free repayment period but at the same time payment needs to be within the specified period. Delaying bill payments will further add to the interest. You will ultimately end up paying more than what you would have paid by simply using your debit card or cash to pay the rent,” the lender added in a blog post.

Who will be impacted?

The tenants. who use credit cards to pay rent via credit cards through platforms like Cred, RedGiraffe, Mygate, Paytm and Magicbricks, will be severely impacted by the move from the bank.

To pay rent using credit card via Paytm, a tenant has to add the landlord’s bank account details or Unified Payment Interface (UPI) number under the recipient option. Then he or she can pay the rent through his or her credit card.