ICICI Credit Card Charges and Fees

Credit cards have become an indispensable financial product for many consumers. Finding the best ICICI Bank Credit Card for you can be difficult with so many possibilities. It is easy to apply for an ICICI Bank Credit Card. After availing one, you are required to pay certain fees and charges like joining fees, annual fees, late payment fees, charges of interest, etc.

 

Let’s check out the ICICI Bank Credit Card fees and charges for various cards so that you can find your best fit. 

Annual Fees of ICICI Bank Credit Card

To keep your account open, the credit card issuer charges an amount each year as annual fees. The amount provides you with the benefits that come with your credit card. If the annual fee is higher, it generally means that the credit card will have a greater range of benefits to offer.

 

You will pay the annual fee as a one-time charge on your credit card during a specified month of the year. This could be on the card's anniversary day or at the start of the calendar year. Some credit card issuers charge the fees monthly, and some annually.

 

The credit card issuer is legally required to disclose all annual fees at the time of application itself.

 

Annual fees are not included in any interest payments you may make on your account. Whether or not you have a balance on your card, they will be charged.

Types of Fees And Charges on ICICI Bank Credit Cards

There are some fees and charges associated with credit cards. The exact charges will vary depending on the card you choose, benefits, credit card provider’s policies, etc. Here, we’ve compiled a list outlining some of the most common types of fees and charges associated with ICICI Bank Credit Cards. 

• Joining Fees

Joining fees are a type of fee you pay as a one-time cost of ownership. ICICI Bank does not charge an annual fee for the first year (except in the case of a few credit cards). This can range anywhere between ₹0 - ₹12,000 + GST. 

• Interest Charges 

If you are unable to pay your total credit card due on time, interest charges will be levied on all new transactions and outstanding dues. Interest rates for credit card dues range from 3.40% per month.

• Late Payment Fees

In case you are unable to pay your entire due amount, the bank will give you the option to make a minimal repayment. This is known as ‘Minimum Amount Due.’ It is generally about 5% of the total due amount. In case you do not pay this amount, you will be charged a late payment fee. These can range anywhere between ₹0 (Minimum Amount Due <  ₹100) and ₹1,200 (Minimum Amount Due > ₹50,000). 

• Fees on International Transactions 

An additional transaction cost will be charged on every overseas transaction. International transaction fees are usually a percentage of the transaction amount. ICICI Bank’s international transaction fees start at 3. 50%. 

• Over-limit charges

If you spend more than your credit limit, the bank will charge you an over-limit fee. This will usually be 2.50% of your over-limit transaction. 

Charges and Fees for Some of the Top ICICI Bank Credit Cards

Here is a list of the annual and joining fees associated with some of the top ICICI Bank Credit Cards currently available.

Different ICICI Bank Credit Card Charges

Here is a list of all other fees and charges applicable on the ICICI Bank Credit Cards available now.

How to Avoid Late Payment Charges on ICICI Bank Credit Cards

Now that you have read about the different fees and charges, let’s understand how late payment fees can be avoided.

• Subscribe to the Auto-debit Service

Opting for the auto-debit facility is one of the easiest ways to ensure that you never miss your credit card repayments. When you subscribe to this facility, ICICI Bank will automatically debit the amount when it’s due. This way, you need not keep tabs on your repayment deadlines. 

Depending on your financial situation, you also make a choice between full outstanding amount auto-debit or minimum amount due auto-debit. Just make sure you have sufficient balance in your savings account. 

• Make a List of Reminders

Another effective way to remember credit due dates is by setting calendar reminders and internet alerts. Make sure to time in accordance with your financial habits. If you feel like you may need some time to amass the funds required, then it’s a good idea to set reminders a couple days before the actual due date. 

This will also help you have a better understanding of your financial position and habits. Once you build a habit of making repayments on time, it’ll become a breeze. 

• Make an Advance Payment

While choosing a payment option, it is important to think about the processing time. While online transactions are lightening fast these days, it’s always a good practice to leave some room for error. At times, online payments do take a few hours for clearing.

Even missing your payment due date by a couple of hours can attract hefty fines and can also adversely affect your credit score. So, it’s always a good idea to make repayment well in advance. 

• Pay the Minimum Amount Due

There may be times when you’re not able to fully repay your credit card due. In such situations, you can repay the minimum amount due. This is generally about 5% of your total amount due. When you pay this amount, your credit card issuer will not report to the credit bureaus or levy late payment charges. However, it’s important to note that the outstanding amount will accrue interest. 

Repaying your total outstanding balance is always a good idea, but it may not always be viable for all of us. In such situations, make sure that you pay your minimum amount due. 

• Understand your Credit Card Dues 

Reading the fine print can be a little intimidating for many of us. There can be a lot of unfamiliar terms in these documents that can make it difficult to understand the meaning and for what you’re being charged for. However, these days, several financial institutions take great efforts to decode credit card jargons and simplify the entire experience for credit card holders. 

If you’re being charged a certain amount, no matter how small or big it is, make sure to understand these charges. This will help you avoid them in the future.