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ICICI Paylater - Convenience Fees

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Deal Cadet
mGforCe

I am a user of ICICI Paylater for quite a few years, with limit of 20K.

Yesterday got app notification that one time convenience fees of Rs 500+ taxes will be charged for next cycle.

I am going to raise request for closure of same.

Sharing the info with fellow dimers.

PS: Today’s notification has no mention of amount, may be different for different credit lines amount.

https://cdn0.desidime.com/attachments/photos/740154/medium/Screenshot_2022-02-05.jpg?1644039322

27 Comments  |  
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Deal Subedar Deal Subedar
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Glad you brought it up. I closed it last month. We can easily close from iMobile app itself.

Vu kg+ plus1

Spearhead Spearhead
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Closed icici paylater 2m back. Actually planning to open again. Now i feel happy to close this acc joy

Deal Subedar Deal Subedar
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4 months back, I have closed it smile

Critic Critic
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what is the nature/type of your primary savings account? 

Deal Cadet Deal Cadet
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panchabhut wrote:

what is the nature/type of your primary savings account? 

Wealth

Deal Cadet Deal Cadet
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prem4998 wrote:

Glad you brought it up. I closed it last month. We can easily close from iMobile app itself.

Vu kg+ plus1

Was not aware, I dropped an email to Customer Care yesterday, today got sms that request taken

Deal Cadet Deal Cadet
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prem4998 wrote:

Glad you brought it up. I closed it last month. We can easily close from iMobile app itself.

Vu kg+ plus1

Closed it now, it was instant !!

Deal Cadet Deal Cadet
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Closed plus1

Deal Newbie Deal Newbie
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I got the notification for Rs. 500 charges. I also closed the account immediately.

Deal Subedar Deal Subedar
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prem4998 wrote:

Glad you brought it up. I closed it last month. We can easily close from iMobile app itself.

Vu kg+ plus1

thanks.. closed now

Critic Critic
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mGforCe wrote:

Wealth

“A wealth customer needs to have a Rs. 1 crore relationship with us across family members within 12 months from signing up”

If above is the acc you had then it is hard to believe they gave you 20k limit for years.

Deal Cadet Deal Cadet
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guest_999 wrote:

“A wealth customer needs to have a Rs. 1 crore relationship with us across family members within 12 months from signing up”

If above is the acc you had then it is hard to believe they gave you 20k limit for years.

I have Wealth Management account for last 10 yrs! But I never had this high TRV with ICICI nor was there any ask – so seems some different variant.

Yes, I had just 20K limit for many years. It was the limit which I got when signed up first time – no offer to increase etc.

Deal Cadet Deal Cadet
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Factually incorrect.

The convenience fee would be a flat ₹118 for every 3k(block) spent or part of it as transaction amount.

That ₹590 is one time activation fee(for new users).

Deal Cadet Deal Cadet
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So, the minimum “borrowing rate” stands at 3.93% pm or 47.2% pa .

Good luck with that, ICICI PayLater.

Critic Critic
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It is a unique product that effectively provided UPI based credit limit. But with these charges, it is as good as dead. 

Deal Subedar Deal Subedar
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panchabhut wrote:

It is a unique product that effectively provided UPI based credit limit. But with these charges, it is as good as dead. 

+ reported as credit card to all credit bureaus

Deal Subedar Deal Subedar
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panchabhut wrote:

It is a unique product that effectively provided UPI based credit limit. But with these charges, it is as good as dead. 

Yes and few times I have paid credit card bill using Pay later UPI.

Deal Cadet Deal Cadet
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DimeDime wrote:

Factually incorrect.

The convenience fee would be a flat ₹118 for every 3k(block) spent or part of it as transaction amount.

That ₹590 is one time activation fee(for new users).

₹ 590 was is getting charged to old users too. I got this for ~5 yrs old account

Didn’t know about this fees per spend block.

Anyways I got rid of this account

Pro Blogger Pro Blogger
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mGforCe wrote:

₹ 590 was is getting charged to old users too. I got this for ~5 yrs old account

Didn’t know about this fees per spend block.

Anyways I got rid of this account

ICICI paylater UPI charged 1.5% MDR from merchants.

Why ICICI start charging for every 3k (block). 

If anyone got any confimation from ICICI bank then please share.

Also i am not receive any one time activation fee notification.

Deal Cadet Deal Cadet
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somebodythatusedtobeondd wrote:

Ive used Paylater Extensively, but i never received this notification

May be it came for inactive users… not sure.

Best to check with Customer Care to be sure of. Reversal post charges is always a challenge

Deal Newbie Deal Newbie
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No, it is for all users, see there official page…

https://www.icicibank.com/Personal-Banking/card...

it seems First they want to charge convinience fee @ 3.93% per 3000 blocks, then on same amount they will charge interest @ 42.6% annually incase of delayed payment, So they will charge two times on same amount, which is not a good thing for consumers, credit card will be better in this scenario, although we can not use UPI in credit card.

Deal Cadet Deal Cadet
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hamarasathi2010715 wrote:

No, it is for all users, see there official page…

https://www.icicibank.com/Personal-Banking/card...

it seems First they want to charge convinience fee @ 3.93% per 3000 blocks, then on same amount they will charge interest @ 42.6% annually incase of delayed payment, So they will charge two times on same amount, which is not a good thing for consumers, credit card will be better in this scenario, although we can not use UPI in credit card.

Thanks for this.

Good that decided to close immediately without any delay

Deal Newbie Deal Newbie
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I think people suddenly stop using their services, So they changed 15 mar 22 rule, Now from Apr-22, allowing up to 1000 Rs. monthly usage without convenience fee, Although still very bad rules, compare to credit Cards. Same URL updated with this info MITC Digital Credit (icicibank.com)

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