Users are misusing the rent paying facility on the credit card. Due to the increase in fraudulent rental transactions, ICICI Bank has started levying a 1% fee for paying rent.
Let us read about this in detail of paying rent by ICICI Bank Credit Card:
- Many landlords/house owners receive their monthly rental payments through various platforms like Cred, RedGiraffe, Mygate, Paytm, Paymatrix, Freecharge, PhonePe, and Magicbricks.
- The rental payments are made by adding the bank account details of the landlord to the payment platform.
- ICICI Bank credit cards are also one of the payment options for making rental payments.
- Now, a 1% fee is charged when you use an ICICI Bank credit card on the rental payment platforms.
- ICICI Bank has come up with this measure to make the users understand that they are encouraged to pay rent through their ICICI Bank credit card and also pay their credit card bills on time.
- Rental payments whether it is for your home or business are a substantial fixed monthly expense. Paying rent through your credit card can have an impact on your credit score if the credit card bills are not paid on time.
- Hence it is important to keep track of credit utilisation on your ICICI Bank credit card and also the payment of bills on or before the due date.