How to Reverse ICICI Prudential 1.25% Credit Card Surcharge

Credit Cards ICICI
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I noticed that ICICI Prudential added a 1.25% charge when my premium got auto-debited from my credit card. Why am I being charged extra, and how can I reverse or stop it?

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An additional 1.25 percent charge may appear on your ICICI Prudential premium provided you pay your premium through a credit card standing instruction. This is presented in the form of a transaction fee and it usually baffles policyholders. This is how and why it occurs and how it can be reversed and prevented moving forward.

How to Reverse ICICI Prudential 1.25% Credit Card Surcharge
How to Reverse ICICI Prudential 1.25% Credit Card Surcharge928×606 32.2 KB

What is ICICI Pru 1.25% Credit Card Surcharge?

The experience of one user is that when their ₹50,000 premium was auto-debited, they were surprised to see an addition of about ₹625 as a surcharge. They checked and found it is a normal transaction fee charged by banks on a standing instruction via credit cards. It is not ICICI Pru charging but via the payment medium.

Reversing the Surcharge Through ICICI Prudential Support

One other policyholder approached ICICI Pru customer care and filed a ticket stating that the surcharge was not indicated during the establishment of the auto-debit. In other instances, ICICI Pru reimbursed the fee as a one time goodwill gesture and informed them to switch to net banking mandate in future payments too.

Using Bank Support for Reversal Requests for ICICI Prudential

One of my colleagues was lucky and made a call to his credit card customer care. They described the fee as a merchant fee but were willing to take it back on one occasion when the user complained that it was not explicitly stated. Even though this does not always work, it is worth bringing up an objection with the bank just in case the surcharge seems unreasonable.

Best Way to Avoid the 1.25% Credit Card Charge for ICICI Prudential

Based on various experiences, the only sure method to prevent this recurring fee is to cancel the credit card standing instruction and make payment through bank account auto-debit (ECS/NACH) or through net banking. Such approaches do not typically incur any additional premium, thus the charge stays as is on policy.

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