Big Changes From February: ICICI Bank Cuts Credit Card Perks, Aadhaar Now Compulsory for Property Registration

Several key financial and compliance-related changes have come into effect from February 1, impacting credit card users and property buyers across the country. ICICI Bank has revised benefits and reward structures on select retail credit cards, while Aadhaar verification has been made mandatory for all land and property registrations.

ICICI Bank Revises Credit Card Benefits From February 1; Withdraws BookMyShow Benefit on Select Credit Cards

ICICI Bank has announced changes to its retail credit card portfolio starting February 1. The bank has withdrawn the complimentary BookMyShow movie ticket benefit on Instant Platinum Credit Card variants. However, the benefit will continue on other eligible ICICI Bank credit cards, subject to minimum quarterly spending thresholds set by the bank.

Reward Points on Transport Spending Now Capped

The bank has also introduced caps on reward points earned from transportation-related transactions, including railways, metro services and other public transport categories.

Premium credit cards such as Rubyx, Sapphiro and Emeralde will now earn reward points on transportation spends of up to Rs 20,000 per month. Spending beyond this limit will not attract additional reward points.

For entry-level and mid-tier credit cards, including Coral, Platinum and select co-branded variants, reward points will be capped at Rs 10,000 per month, depending on the applicable merchant category code.

Insurance Payments Continue to Earn Rewards

ICICI Bank will continue to award reward points on insurance-related transactions. Eligible cardholders can earn reward points on insurance spends of up to Rs 40,000 per month on select credit cards, including the ICICI Bank HPCL Super Saver Credit Card.

Aadhaar Verification Mandatory for Property Registration

In a separate compliance-related change, Aadhaar authentication has been made mandatory for all land and property registrations from February 1.

Buyers, sellers and witnesses will be required to complete Aadhaar verification at sub-registrar offices through biometric fingerprint authentication. In cases where fingerprints cannot be matched, alternative methods such as face authentication or Aadhaar-based OTP verification using registered mobile numbers will be permitted.

What These Changes Mean for Consumers

The February 1 updates bring a mixed impact for consumers. While some popular credit card benefits have been curtailed and reward earnings capped in certain spending categories, incentives on essential expenses such as insurance remain intact. At the same time, mandatory Aadhaar verification adds an extra step to property transactions, making it important for individuals to ensure their Aadhaar details are updated before registration.