No annual fee on ICICI credit cards

ICICI Bank announced on Friday that there will no annual fee on any of its credit cards.

Announcing the 'Free for Life' credit cards policy, ICICI Bank said that the benefit will also be applicable retrospectively to all its existing credit cards customers.

This facility, however, will not be applicable to co-branded airline credit cards.

ICICI Bank, in a statement, said that it has been the front-runner in the cards industry with innovative product offerings catering to customer needs, enhanced customer experience and value to customers. It also offers value-added services on its credit cards, viz. bills payments, travel services, hospitalisation benefits, balance transfer, EMI-on-call, dial-a-draft, etc.

Some of the of the most exclusive privileges that ICICI Bank credit cards offer are cash-back promotions, 'Swipe and Win a Merc' and free fuel offer or the pricing offers like first-year free and now 'Free for Life' cards.

This facility, however, will not be applicable to co-branded airline credit cards.

Chanda Kochhar, executive director, ICICI Bank, said in a statement: "This is one of the biggest initiatives in the credit card industry since its inception. As market leaders, our philosophy is to further grow the market and this is the step in that direction. Apart from benefiting the new customers, ICICI Bank has also decided to provide this immense value to all its existing customers."