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Experience financial freedom and exclusive privileges with credit cards offered by ICICI Bank. You can enjoy many benefits, including competitive interest rates, flexible repayment options, and enhanced security features. With transparent fee structures and charges, managing your finances has never been easier.

Interest Rates of ICICI Bank Credit Card

Here is a table specifying the applicable ICICI Bank Credit Card interest rates on some of the top cards:

ICICI Bank Credit Card

Interest Rates

ICICI Bank Coral Credit Card

  • Monthly: 3.40%

  • Annual: 40.80%

ICICI Bank Expressions Credit Card

  • Monthly: 3.40%

  • Annual: 40.80%

ICICI Bank HPCL Credit Card

  • Monthly: 3.40%

  • Annual: 40.80%

ICICI Bank MMT Platinum Credit Card

  • Monthly: 3.40%

  • Annual: 40.80%

ICICI Bank MMT Signature Credit Card

  • Monthly: 3.40%

  • Annual: 40.80%

ICICI Bank MU Platinum Credit Card

  • Monthly: 3.67%

  • Annually: 44%

ICICI Bank MU Signature Credit Card

  • Monthly: 3.67%

  • Annually: 44%

ICICI Bank Platinum Visa Credit Card

  • Monthly: 2.49%

  • Annually: 29.88%

ICICI Bank Sapphiro Credit Card

  • Monthly: 3.67%

  • Annually: 44%

ICICI Bank Rubyx Credit Card

  • Monthly: 3.67%

  • Annually: 44%

Disclaimer: The aforementioned interest rates are subject to change at the issuer’s discretion. Please refer to the issuer's MITC document for more details.  

Factors that Affect Your Credit Card Interest Rates

Several factors influence the interest rates offered on ICICI Bank Credit Cards which are stated as follows:

1. Credit Score

This is the most crucial factor. A higher credit score (ideally above 750) indicates responsible credit behaviour and secures lower interest rates. Conversely, a poor credit score attracts higher rates.

2. Income

Individuals with higher income typically qualify for lower interest rates. This demonstrates greater repayment capacity.

3. Existing Debts

High existing debts (loans, other credit cards) can negatively impact your eligibility and lead to higher interest rates.

4. Card Type

Premium cards with more benefits and rewards usually come with higher interest rates compared to basic cards.

5. Credit Limit

Cards with higher credit limits often have higher interest rates, reflecting the larger potential credit risk.

6. Introductory Offers

Some cards offer introductory 0% APR periods on purchases or balance transfers, but revert to regular rates after the promotional period ends.

7. Interest Rate Type

Fixed interest rates remain constant throughout the credit period. On the other hand, variable rates can fluctuate based on market conditions.

8. Late Payments

Even a single late payment can significantly damage your credit score and lead to higher interest rates and penalty charges.

9. Balance Transfer Fees

If you transfer debt from other cards to an ICICI Bank Credit Card, there might be a balance transfer fee, impacting your overall costs.

How are Credit Card Interest Rates Calculated

The interest rate you pay on your ICICI Bank Credit Card depends on a combination of factors. This includes your monthly outstanding balance, the applicable monthly interest rate (MPR), and the number of days in the billing cycle. Here's the breakdown:

  • Monthly Outstanding Balance:

This is the sum of all your unpaid purchases and cash advances, minus any payments made during the billing cycle. This amount serves as the base upon which interest is calculated.

  • Monthly Interest Rate (MPR):

ICICI Bank uses an MPR system for credit cards, similar to many other banks in India. This rate varies based on your:

  1. Credit Profile: Individuals with higher credit scores typically get lower MPRs.

  2. Card Type: Premium cards with more benefits usually have higher MPRs compared to basic cards.

  3. Promotional Offers: Some cards offer introductory 0% APR periods, but the standard MPR applies after the promotion ends.

  • Number of Days:

Interest is typically calculated based on the average daily balance during the billing cycle. This means they consider the outstanding balance on each day and divide the total by the number of days in the cycle.

  • Formula:

Here's the basic formula used to calculate your interest:

 

(Monthly Outstanding Balance x Monthly Interest Rate x Number of Days) / 365

 

Hence, here’s how your calculations can pan out:

 

Monthly Outstanding Balance: ₹25,000

Monthly Interest Rate: 3.40%

Number of Days: 30

 

Interest = (₹25,000 x 3.40% x 30)/365

Interest = 69.86


Responsible credit card usage and timely payments can help you minimise your ICICI Bank Credit Card interest rate per month. This can help you manage your finances effectively.

What is Credit Card Interest-Free Period

 ICICI Bank offers varying interest-free periods on their credit cards, depending on several factors. Here's a breakdown:

1. Standard Interest-Free Period:

  • Most ICICI Bank Credit Cards offer an interest-free period of 18 to 48 days from the transaction date until the payment due date
  • This means if you pay your entire outstanding balance by the due date, you won't incur any interest charges on your purchases

2. Factors Affecting Interest-Free Period:

  • Card type: Premium cards with more benefits often have a shorter interest-free period than basic cards
  • Promotional offers: Some cards might offer introductory periods with longer interest-free durations (e.g., 90 days) for specific transactions
  • Previous payment history: Consistent on-time payments can sometimes lead to slightly longer interest-free periods as a reward for responsible credit usage

3. Important Points to Remember:

  • The interest-free period only applies to purchases, not cash advances or fees
  • If you carry any balance beyond the due date, interest will be charged from the transaction date, negating the benefit of the interest-free period
  • Late payments can further impact your interest charges and credit score

Frequently Asked Questions

What is the interest rate on an ICICI Bank Credit Card?

The ICICI Bank Credit Card interest rate goes up to 3.67% per month, depending on the card you choose.

What is the interest charged if I miss the due date?

On missing your credit card bill payment due date, you will begin to accrue interest charges on your ICICI Bank Credit Card’s outstanding dues. The maximum rate of interest is 3.67% per month, depending on the card that you own.

Do interest rates on ICICI Bank Credit Cards change frequently?

The ICICI Bank Credit Card interest rate is subject to change from time to time at the discretion of the bank. However, the bank usually does not change the interest rates frequently.

When does ICICI Bank charge interest on credit card transactions?

The ICICI Bank charges interest on the following types of transactions made through your credit card:

  1. If you do not pay the Total Amount Due  (TAD) on (or before) the credit card bill payment due date

  2. When you only pay the minimum due amount and carry forward the remaining amount for future billing cycles

  3. If you opt for a cash advance feature or withdraw cash from an ATM using the ICICI Bank Credit Card

Is ICICI Bank Credit Card interest-free?

With an ICICI Bank Credit Card, you do not have to pay interest or finance charges if you clear your dues on time within a timeline of 18 to 48 days. On failing to pay the outstanding amount prior to the due date, the bank will levy interest charges till the date of full repayment.

How can I apply for the ICICI Bank Credit Card online?

You can initiate the process on Bajaj Markets by following the steps given below:

  1. Click on the ‘Apply Now’ button

  2. Enter the relevant details like your phone number, date of birth, etc.

  3. Click on ‘Next’ and proceed

  4. Complete authentication with the OTP sent to you

  5. Fill in other details like your PAN Card, residential PIN code, etc.

  6. Choose the ICICI Bank Credit Card of your liking

  7. Provide other employment particulars and submit your application

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