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.
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 |
|
ICICI Bank Expressions Credit Card |
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ICICI Bank HPCL Credit Card |
|
ICICI Bank MMT Platinum Credit Card |
|
ICICI Bank MMT Signature Credit Card |
|
ICICI Bank MU Platinum Credit Card |
|
ICICI Bank MU Signature Credit Card |
|
ICICI Bank Platinum Visa Credit Card |
|
ICICI Bank Sapphiro Credit Card |
|
ICICI Bank Rubyx Credit Card |
|
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.
Several factors influence the interest rates offered on ICICI Bank Credit Cards which are stated as follows:
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.
Individuals with higher income typically qualify for lower interest rates. This demonstrates greater repayment capacity.
High existing debts (loans, other credit cards) can negatively impact your eligibility and lead to higher interest rates.
Premium cards with more benefits and rewards usually come with higher interest rates compared to basic cards.
Cards with higher credit limits often have higher interest rates, reflecting the larger potential credit risk.
Some cards offer introductory 0% APR periods on purchases or balance transfers, but revert to regular rates after the promotional period ends.
Fixed interest rates remain constant throughout the credit period. On the other hand, variable rates can fluctuate based on market conditions.
Even a single late payment can significantly damage your credit score and lead to higher interest rates and penalty charges.
If you transfer debt from other cards to an ICICI Bank Credit Card, there might be a balance transfer fee, impacting your overall costs.
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:
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.
ICICI Bank uses an MPR system for credit cards, similar to many other banks in India. This rate varies based on your:
Credit Profile: Individuals with higher credit scores typically get lower MPRs.
Card Type: Premium cards with more benefits usually have higher MPRs compared to basic cards.
Promotional Offers: Some cards offer introductory 0% APR periods, but the standard MPR applies after the promotion ends.
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.
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.
ICICI Bank offers varying interest-free periods on their credit cards, depending on several factors. Here's a breakdown:
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