ICICI Bank charged me annual fees on my credit card even after meeting reversal criteria

[theglobalinvestor]

Keep up the good fight!

May also be worth pinning a link to this from the icici cards section.

 

[magneto]

Update:
Today, I filed a case against ICICI Bank at my district consumer court. I have submitted all the PDF copy of all email communications, the old MITC of ICICI Emeralde credit card, and the new MITC of ICICI Bank credit cards (where they have removed the term "subsequent year") dated 2nd November 2023, via an advocate. I have claimed almost 2 Lakhs as compensation and fees reversal.
One interesting thing I noticed is that ICICI Bank literally changed their MITC terms for 3 credit cards (Emeralde Private Metal, Emeralde Private & Emeralde Card) recently after I escalated this matter to ICICI bank officials and RBI.

New MITC terms:
View attachment 35387

Old Emeralde Card MITC terms was:
View attachment 35388

In both cases, they rejected my request. But if they were correct, then why did they change their fees reversal terms on the MITC PDF? Isn't it funny? 😄
I'll keep you guys posted here.

I waited so long for an update on this!!

 

[D7162]

Update:
Today, I filed a case against ICICI Bank at my district consumer court. I have submitted all the PDF copy of all email communications, the old MITC of ICICI Emeralde credit card, and the new MITC of ICICI Bank credit cards (where they have removed the term "subsequent year") dated 2nd November 2023, via an advocate. I have claimed almost 2 Lakhs as compensation and fees reversal.
One interesting thing I noticed is that ICICI Bank literally changed their MITC terms for 3 credit cards (Emeralde Private Metal, Emeralde Private & Emeralde Card) recently after I escalated this matter to ICICI bank officials and RBI.

New MITC terms:
View attachment 35387

Old Emeralde Card MITC terms was:
View attachment 35388

In both cases, they rejected my request. But if they were correct, then why did they change their fees reversal terms on the MITC PDF? Isn't it funny? 😄
I'll keep you guys posted here.

RBL did same, they removed pdf of world Safari card from their website after i complained to rbi

 

[Harry1]

Wow, didn't know we can complain against RBI too🤣.

 

[makman]

Think about this. If annual fee is charged in advance for the 2nd year and only reversed on meeting spend criteria at year completion, then at least 1 year annual fees is always in banks custody as they will charge the same fees at start of 3rd year (immediately after 2nd years fee reversal). What a crazy logic and manipulation is that!

 

[Yugi]

I think what happened was that ICICI changed the MITC but forgot to update the PDF on their website. Now when you have complained about it, they realised and changed that PDF. Without the change in the MITC they wouldn't have changed the IT system to bill you annual fee in the start of the year. I don't think just because they wrongly billed one customer they would go ahead and change MITC for everyone.

In any case you are correct as the MITC at the time of your charge was still the old one, you can get the compensation. Coming to Consumer court most of the times ICICI won't even send their lawyers to fight a case for Rs 12.5k, you will get a favourable resolution in 2-3 years of time. Not sure court will award 2 Lakh penalty to ICICI. But yeah, on your part you can post this on Twitter and other social media platforms to bring awareness.

 

[Arnal07]

I don't understand the logic of Icici bank for joining and annual fees.I thought joining fees are one time fees and 1st yr,2nd yr etc annual fees are different.I got the icici expression cc last yr(2022) oct.They charged me 500+gst on the 1st month statement.Now, in oct 2023 statement, I see 1st year annual fees reversal and then 2nd year annual fees charge.I have spent more than 1.5lakh from 2022 oct to 2023oct.I was never charged 1st year annual fees.I was only charged Joining fees(oct 2022) and 2nd yr annual fees(oct 2023).Then why they reversed 1st yr annual fees?

 

[nit54]

I have an ongoing dispute with Axis Bank for magnus annual fees. I asked them to close the card once fees were charged but they are asking to pay the full annual fees even to close the card. I escalated to nodal officer and MD desk but no response over 1 month, except automated replies. In the meantime they charged interest on the annual fees inspite of asking to close the card. Axis is doing daylight robbery.

Finally filed a complaint with ombudsman but reading online that Axis bank doesn't even resolve cases filed with ombudsman. There are open cases for 1-2 months. I am worried about the cumulative interest which will keep adding or other option I have to pay the fees and forget to get any money back. Pathetic service from Axis.

 

[vaibhav111vaibhav111 is verified member.]

I have an ongoing dispute with Axis Bank for magnus annual fees. I asked them to close the card once fees were charged but they are asking to pay the full annual fees even to close the card. I escalated to nodal officer and MD desk but no response over 1 month, except automated replies. In the meantime they charged interest on the annual fees inspite of asking to close the card. Axis is doing daylight robbery.

Finally filed a complaint with ombudsman but reading online that Axis bank doesn't even resolve cases filed with ombudsman. There are open cases for 1-2 months. I am worried about the cumulative interest which will keep adding or other option I have to pay the fees and forget to get any money back. Pathetic service from Axis.

You should have paid and then fight. First interest and then cibil will be affected. And did you email Axis to cancel or said over call over cs?

 

[nit54]

You should have paid and then fight. First interest and then cibil will be affected. And did you email Axis to cancel or said over call over cs?

I had put an email request. They temporarily cancelled and asked to pay to fully cancel the card. The escalation to nodal officer was open for 1 month and until then they added interest. Cibil is not affected as only small amount was due last time.

I had not paid because I knew after payment they will never even respond, forget refund. I was thinking if I pay the fees then might use for the full year instead of wasting money.

Any chance they will waive off the interest amount now if I clear?

 

[vaibhav111vaibhav111 is verified member.]

I had put an email request. They temporarily cancelled and asked to pay to fully cancel the card. The escalation to nodal officer was open for 1 month and until then they added interest. Cibil is not affected as only small amount was due last time.

I had not paid because I knew after payment they will never even respond, forget refund. I was thinking if I pay the fees then might use for the full year instead of wasting money.

Any chance they will waive off the interest amount now if I clear?

See for My friend who have burgundy, his select cc was charged for 2nd year fees cause he got select first and then 6 month later opened burgundy and didn't paid fees got interest charged after complaining to his rm and to tagging axjs at every social media he could find got refund twice. First through complain and them through rm. In his case he have a existing relationship.

 

[nit54]

See for My friend who have burgundy, his select cc was charged for 2nd year fees cause he got select first and then 6 month later opened burgundy and didn't paid fees got interest charged after complaining to his rm and to tagging axjs at every social media he could find got refund twice. First through complain and them through rm. In his case he have a existing relationship.

Thanks. I have already complained on email 2 days back about the interest. Will call and escalate. Sadly don't have any relationship with the bank.

 

[ak7550]

I wanna know a few things here:
In such cases, when u r dealing with RBI and consumer court to find justice the credit card bill payment due date has already been gone right.
In such cases, what should we do ? Should we pay the due as per the statement before due date and wait for the bank of understand their fault and refund it back in the statement or we should not pay the unethically charges attached by the bank ?

Any suggestion here, I previous had faced same type of issues. As an owner of a lot of premium cards, I feel like sooner or later I will also face similar issues.

 

[telescope]

I wanna know a few things here:
In such cases, when u r dealing with RBI and consumer court to find justice the credit card bill payment due date has already been gone right.
In such cases, what should we do ? Should we pay the due as per the statement before due date and wait for the bank of understand their fault and refund it back in the statement or we should not pay the unethically charges attached by the bank ?

Any suggestion here, I previous had faced same type of issues. As an owner of a lot of premium cards, I feel like sooner or later I will also face similar issues.

Usually it's better to pay then fight. Otherwise even if you win, you'll have to fight another battle to correct the cibil entry.

 

[sandesh]

Any update on the case? @TechnoFino

 

[peregrine0falcon]

I got hooked and now have to wait for season 2.

 

[RAMESH BABU N]

My understanding is this.

ICICI gave it FYF.
(meaning they will not be bothered whether you spend or not in the first year).
You spent 15L on it. Don't know why.

They charged - in advance - as per their MITC - for 2nd year. And, are willing to reverse it if you spend 15L in 2nd year. Right ?

So, spend 15L in 2nd year n get reversal.
Simple.

Where is the need to fight ?

MISMATCH of understanding.
They are talking of 2nd year (n SUBSEQUENT anniversary years).
You are talking about 1st year (n PREVIOUS anniversary years).

Starting points are different in their n your understanding. For them, it was from 2nd year start onwards. For you, it was from 1st year start onwards.

 

[peregrine0falcon]

My understanding is this.

ICICI gave it FYF.
(meaning they will not be bothered whether you spend or not in the first year).
You spent 15L on it. Don't know why.

They charged - in advance - as per their MITC - for 2nd year. And, are willing to reverse it if you spend 15L in 2nd year. Right ?

So, spend 15L in 2nd year n get reversal.
Simple.

Where is the need to fight ?

MISMATCH of understanding.
They are talking of 2nd year (n SUBSEQUENT anniversary years).
You are talking about 1st year (n PREVIOUS anniversary years).

Starting points are different in their n your understanding. For them, it was from 2nd year start onwards. For you, it was from 1st year start onwards.

Ohhhh, this makes sense and is logical and you are right sometimes languages used in banking T&C is quite subjective and based on POV.

 

[Adith]

My understanding is this.

ICICI gave it FYF.
(meaning they will not be bothered whether you spend or not in the first year).
You spent 15L on it. Don't know why.

They charged - in advance - as per their MITC - for 2nd year. And, are willing to reverse it if you spend 15L in 2nd year. Right ?

So, spend 15L in 2nd year n get reversal.
Simple.

Where is the need to fight ?

MISMATCH of understanding.
They are talking of 2nd year (n SUBSEQUENT anniversary years).
You are talking about 1st year (n PREVIOUS anniversary years).

Starting points are different in their n your understanding. For them, it was from 2nd year start onwards. For you, it was from 1st year start onwards.

I'm confused on how this is correct.

It clearly says spend 15L in anniversary year and get the fees waived for subsequent years.

He got his credit card in 2022 ( assumption). 1st year fee is free. 2022 is anniversary year , so he spends 15L in 2022 for few waiver in subsequent year i.e 2023 .

What ICICI did is charge him fees in 2023 and tell him that he needs to do 15L in 2023 for it to be waived .

This makes sense only if the fees they charged in 2023 is actually 2024 fees , then it's the same logic of 15L expense in 2023 for fee waiver of 2024 .

But they specifically mention that the few charged in 2023 is for 2023 and he needs to spend 15L in the same year for it to be waived/reversed.

Adding to the fact that the changed the MITC , I feel like Technofino sir's POV and approach is valid and anyone else would do the same.


Note : I know banks would do what's best for themselves but discussions on topics like these will help us understand what to look for in MITC , the intricacies and the trick words. That's why I'm giving a counter argument

 

[yobro]

Hello everyone,

Today, I would like to share my ongoing dispute with ICICI Bank. In February 2023, they charged me 12,000+GST (annual fees) for my ICICI Emeralde credit card. However, in February 2022, ICICI Bank issued me a first-year free ICICI Emaralde credit card, and using that card, I spent more than Rs. 15,00,000 until February 2023. According to the MITC, ICICI Bank should provide me with a second-year annual fee waiver as I spent 15 lakhs in the last year. But to my surprise, they charged me Rs. 12,000+GST on 26th February 2023 as the second-year annual fee.

I immediately raised the issue with ICICI Bank, thinking that they might have charged me by mistake, or I would get a refund in the next statement. However, they replied that the annual charge posted on my card was valid, and if I spent Rs. 15,00,000 within the next one year (February 2023 to February 2024), then the annual charges would be refunded. I was surprised to know this kind of rule because no bank charges annual fees in advance.
Therefore, I decided to check their MITC and, as expected, found the reversal criteria:
"If total spends on the Credit Card is equal to or more than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall be reversed. If total spends on the Credit Card is less than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall not be reversed. Spends through EMI transactions on Credit Card are not included in total spends calculation."
*This amount = Rs. 15,00,000

View attachment 14853
*MITC Link- https://www.icicibank.com/ms/Person...alde-credit-card/images/pdf/MITC-Emeralde.pdf [ICICI Bank might change the MITC, so attaching the current MITC here as PDF]

This means that if I spent 15 lakhs in the last year, my next year's annual fees would be reversed. So I sent this to ICICI Bank again and requested a refund of the charges. However, they denied my request. Therefore, on 6th April 2023, I filed a complaint with the RBI Banking Ombudsman.

Today, on 21st April 2023, ICICI Bank replied with the same copy-pasted email, which I am attaching the screenshot of here:

View attachment 14858

I am really confused about what to tell them. Are they not aware of their own MITC? Their reply itself has the MITC attached. Therefore, I replied to ICICI Bank to check the MITC wording again and reply to the RBI. Let's see what happens and what the RBI thinks about the issue. I will post an update here. If the RBI does not help me in this case, I will definitely file a complaint in the consumer court.

Cheers ✌️
Sumanta Mandal

Update: (25/04/2023)

The complaint was closed by the RBI Banking Ombudsman under clause 16(2)(a), and I'm left wondering if the officers thoroughly reviewed all the documents submitted. I had provided a copy of the MITC, which is the primary evidence against ICICI Bank, yet the RBI rejected my claim. It appears that the RBI Banking Ombudsman frequently closes cases under clause 16, without granting customers the opportunity to appeal.

Email Screenshot:
View attachment 15161

Update (25/04/2023):
I've filed complaint against the RBI on PG Portal for closing my ombudsman complaint without listening to me and not checking the submitted proofs properly.
View attachment 15169


Update on 27th June:
As you are aware, I filed a complaint on the PG portal against the RBI regarding the closure of my case against ICICI Bank without carefully considering my side or thoroughly reviewing all the documents. On June 1, 2023, the RBI responded stating that the ombudsman case number "N202324005000288" is still under process and that they will inform me of the final decision soon.

View attachment 21035

However, upon checking my pending cases with the RBI banking ombudsman, I discovered that the case "N202324005000288" had already been closed.

View attachment 21034

Consequently, on June 2, I filed an appeal, but received the same response from the RBI, stating that case number "N202324005000288" is still under process.
It appears that government departments like the RBI, PG Portal are not meticulously reviewing documents and customer inputs; instead, they seem to be relying on copy-pasted replies from larger organizations.
It now seems that I must seek justice through the consumer court. I am determined to file a consumer court complaint against ICICI Bank. However, I am genuinely surprised by the RBI's responses. Do they truly not review all the documents before making a decision? If this is their modus operandi, how can an ordinary person effectively fight against a bank for their mistakes?

Update: (22 November, 2023)
Today, I filed a case against ICICI Bank at my district consumer court. I have submitted all the PDF copy of all email communications, the old MITC of ICICI Emeralde credit card, and the new MITC of ICICI Bank credit cards (where they have removed the term "subsequent year") dated 2nd November 2023, via an advocate. I have claimed almost 2 Lakhs as compensation and fees reversal.
One interesting thing I noticed is that ICICI Bank literally changed their MITC terms for 3 credit cards (Emeralde Private Metal, Emeralde Private & Emeralde Card) recently after I escalated this matter to ICICI bank officials and RBI.

New MITC terms:
View attachment 35389

In both cases, they rejected my request. But if they were correct, then why did they change their fees reversal terms on the MITC PDF? Isn't it funny? 😄
I'll keep you guys posted here.

What happened in ur case?

U must have received a physical copy of MITC?