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You can use an ICICI Bank Credit Card without paying interest. The monthly rate ranges from 3.40% to 3.67%, applying only to outstanding dues and cash advances. You get an interest-free period of 18 to 48 days to pay your ICICI Bank Credit Card bill. To avoid interest charges, pay your total dues as per your statement so that there is no balance carried over to the next cycle.
ICICI Bank charges interest when you pay only the minimum amount due or withdraw cash from an ATM against your credit limit. View the annual and monthly interest rates of credit card variants from ICICI Bank available on Bajaj Markets.
| Credit Card | Monthly Interest | Annual Interest |
|---|---|---|
3.4% |
40.80% |
|
3.4% |
40.80% |
|
3.5% |
42% |
|
3.5% |
42% |
|
3.5% |
42% |
|
3.67% |
44% |
|
3.67% |
44% |
|
3.4% |
40.80% |
Note: These rates may change as per updates in the issuer’s policies.
It’s important to know the different instances under which interest applies on your credit card. As per the bank’s policies, you have an interest-free grace period of 18 to 48 days to pay the total amount due.
If left unpaid, the remaining balance will be subject to penalty interest charges on a daily basis until the amount is paid in full. Here is when interest applies:
When you only pay the minimum amount due by the due date instead of the total amount due
When you have an unpaid balance and make new transactions, which attract interest, except for fees, GST, and charges
Being aware of the interest you are likely to incur could help you plan your card payments and credit usage. Keep in mind that GST will also be applicable on the interest charges.
Here’s an illustration to help you understand how interest is charged on ICICI Bank credit cards:
| Particulars | Applicable Dates |
|---|---|
Statement Cycle |
15th to 14th of every month |
Statement Generation Date |
15th of every month |
Payment Due Date |
3rd of every month |
Payment Due Date (including 3 grace days) |
6th of every month |
Interest Rate |
3.40% per month |
Billing Cycle: 15th April to 14th May |
||||
Purchases made on 10th April |
Total Amount Due (TAD) |
Minimum Amount Due (MAD) |
Purchase made on 7th May |
Payment made on 10th May |
₹2,000 |
₹2,000 |
₹100 |
₹800 |
₹1,500 |
In your statement dated 15th May, the interest will be calculated as:
Interest on ₹2,000 balance from 10th April to 9th May: ₹67.07
Interest on ₹500 balance (₹2,000 - ₹1,500) from 10th May to 15th May: ₹3.35
Interest on ₹800 balance from 7th May to 15th May: ₹8.05
Total Interest charged = ₹78.47
Note: This example is for illustrative purposes only. Please refer to the MITC document for a detailed understanding of how interest is calculated on credit cards from this issuer.
In addition to the credit card interest rate of ICICI Bank, there are other charges that you need to consider. These are related to facilities like cash withdrawal or spending over your credit limit.
Here is a list of some other charges that apply to credit cards from this issuer:
| Fee Type | General Range |
|---|---|
Cash Advance Fee |
2.50% of the withdrawn amount, with a minimum charge of ₹500 |
Over-limit Penalty |
2.50% of the over-limit amount, with a minimum of ₹550 |
Foreign Transaction Fee |
₹3.50% of the transaction amount |
EMI Interest Rates |
Up to 18% per annum on reducing balance |
Late Payment Fee |
Up to ₹1,200 based on the unpaid balance |
Note: A Goods & Services Tax (GST) of 18% is applicable on all the charges mentioned above.
Disclaimer: These fees and charges are also subject to change at the discretion of the issuer. Before applying, check the issuer’s Most Important Terms and Conditions (MITC) document to verify.
In case you are unable to repay the full amount due, try to repay the balance as soon as you can. This could help prevent more interest from accumulating on the unpaid dues. Developing health credit habits could help you avoid interest payments on credit card bills.
Some of these include:
Prompt payment of bills by the due date or within the grace period
Planning your credit usage in advance with the necessary funds allocated for repayment
Payment of the total amount due every time instead of only the minimum amount due
Choosing the right billing cycle in accordance with your income stream
Saving the cash advance facility for emergencies only
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
The ICICI Bank Credit Card interest rate goes up to 3.67% per month, depending on the card you choose.
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.
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.
The ICICI Bank charges interest on the following types of transactions made through your credit card:
If you do not pay the Total Amount Due (TAD) on (or before) the credit card bill payment due date
When you only pay the minimum due amount and carry forward the remaining amount for future billing cycles
If you opt for a cash advance feature or withdraw cash from an ATM using the ICICI Bank Credit Card
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.
You can initiate the process on Bajaj Markets by following the steps given below:
Click on the ‘Apply Now’ button
Enter the relevant details like your phone number, date of birth, etc.
Click on ‘Next’ and proceed
Complete authentication with the OTP sent to you
Fill in other details like your PAN Card, residential PIN code, etc.
Choose the ICICI Bank Credit Card of your liking
Provide other employment particulars and submit your application
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