ICICI Bank stops issuing any new lifetime free credit cards

NEW YORK - MAY 20:  In this photo illustration...

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ICICI Bank Ltd has withdrawn its lifetime free cards scheme, signalling a change in business strategy for consumer banking. The bank has decided to charge new credit card customers. ICICI Bank had introduced the lifetime free card scheme in August 2005, which forced other banks to waive fees on their card offerings.

Citibank NA, HDFC Bank Ltd and Axis Bank Ltd, however, continue to offer free credit cards. Axis Bank is a relatively new entrant.

In an email response to livemint.com, ICICI Bank’s spokesperson said: “We constantly review our product pricing, based on market dynamics in line with our business strategy. Currently, we are not offering free-for-life cards for any new customers. We have a set of existing customers who have been offered a free-for-life card.” These customers will continue to use the cards. “Our credit card product range provides powerful benefits and convenience to our customers and these will be fee-based,” he added.

ICICI Bank yet to update it’s website on this new measures.

Source : Livemint.com

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Unknown said...

I don't feel very secure using Square or Verifone with my credit card transactions. But I guess I would go with Verifone if I had to use one, since Square can't even keep its office secure.

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