Credit Card Interest Rate ICICI

ICICI Credit Card Interest Rates

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ICICI Bank Credit Card Interest Rate

Every ICICI credit card has an interest-free period and you can purchase anything using their credit cards without any interest or finance charges during this period. But, if you can’t pay the entire credit card due amount by the due date, then the ICICI Bank credit card interest rate will be applied.

Based on the credit card, ICICI credit card interest rate ranges between 2.49% to 3.57% per month.

The interest on ICICI credit cards vary depending on the card availed. Given below are the interest charges on ICICI credit cards that are top in the market.

ICICI Credit Card

Interest Rate

ICICI Bank Instant Platinum Credit Card

2.49% per month

InterMiles ICICI Bank Credit Cards

3.50% per month

ICICI Bank Instant Gold Credit Card

2.49% per month

Amazon Pay ICICI Bank Credit Card

3.50% per month

Fixed Deposit Instant Credit Card

2.49% per month

ICICI Bank HPCL Super Saver Credit Card

3.50% per month

MakeMyTrip ICICI Bank Credit Cards

3.50% per month

Manchester United Credit Cards

3.57% per month

ICICI Bank Sapphiro Visa Credit Card

3.40% per month

ICICI Bank British Airways Premium Credit Card

3.40% per month

ICICI Bank Rubyx Visa Credit Card

3.40% per month

*Interest rates are subject to market change and bank’s discretion.

When are ICICI Credit Card Interest Charges Applicable?

Credit card interest rate of ICICI Bank will be charged if you don’t make the credit card due amount on time or carry forward the due amount to next month. Here are some major reasons for charging ICICI credit card interest rate after the due date.

  • When you don’t clear the total outstanding credit card amount.

  • When you have made only a partial credit card bill payment.

  • When you withdraw cash using your ICICI Bank credit card from an ATM.

How ICICI Bank Credit Card Interest Charges Are Calculated?

ICICI CC interest rates are calculated depending on various factors like transaction date, transaction amount, statement date, due amount and more. Let us take an example and understand the credit card interest rate.

Suppose, the total amount due is Rs. 5000 and the ICICI credit card interest rate per month is 3.5% or 42% per annum. Let the other details be:

  • Transaction Date: 1 January 2022

  • Statement Date: 6 January 2022

  • Minimum Amount Due (5% of the total amount): Rs. 250

  • Amount Due Date: 26 January 2022

If you pay 50% of the amount; Rs. 2500, on 21 January 2022 and do not make other purchases till the next statement generation date, ie., 6 February 2022, then the interest levied will be in the following manner.

Interest from date of the transaction to partial payment date will be

[Number of days from date of transaction to payment date x Total due amount x Interest rate per annum] ÷ 365

= [21 x 5000 x 0.42] ÷ 365

= 44100 ÷ 365

= Rs. 120.82

Interest from partial payment date to statement generation date will be

[Days between partial payment date to the day before statement generation date x Outstanding amount x Interest rate per annum] ÷ 365

= [15 x 2500 x 0.42] ÷ 365

= 15750 ÷ 365

= Rs. 43.15

Total Interest Amount = Interest from date of the transaction to partial payment date + Interest from partial payment date to statement generation date

Total Interest Amount = 120.82 + 43.15

= Rs. 163.97

Don’t worry about the calculation. You can simply use an ICICI credit card interest rate calculator to easily find the total interest amount.

What is ICICI Bank Credit Card Interest-Free Period?

An interest-free period is the grace period in which you can use your ICICI Bank credit card for making transactions without incurring any interest. It is the time between the transaction date and the due amount payment date. It varies for each transaction you conduct using your credit card.

ICICI Bank interest-free period ranges between 15 and 45 days. If you don’t have any balance that is carried forward from your previous credit card statement and you make a repayment during this time, no interest charges will be levied from you. If you have the previous month’s balance, then you won’t have an interest-free period.

Note that there is no interest-free period applicable for cash advances or withdrawals made from an ATM using credit card.

Factors That Affect ICICI Credit Card Interest Rate

The ICICI Bank CC account interest rate varies from 2.49% to 3.57% per month. There are a few factors that affect this and they are:

  • Cardholder’s credit history

  • Purchase behavior

  • Pattern of repayment

Tips To Avoid Paying ICICI Bank Credit Card Interest Charges

If you follow the suggestions given below, you can avoid charging a credit card rate of interest by ICICI.

  • Pay your balance prior to the due date and avoid the 5 percent charge applicable to outstanding dues.

  • You should take advantage of EMIs to purchase expensive products as this will let you get comparatively lower rates.

  • If you are short on funds, make use of balance transfers. Only utilize this if you have more than one card.

  • Clear your cash advances as soon as you can as they don’t have interest-free periods.

  • Try not to use credit cards overseas as it incurs international transaction charges.

FAQs about ICICI Bank Credit Card Interest Charges

  • ✔️What is the interest on an ICICI credit card?

    The interest rate applicable to an ICICI Bank credit card ranges from 1.25% to 3.4% per month.

  • ✔️How can I calculate the interest rate on an ICICI credit card?

    You can calculate the interest rate on your ICICI credit card by calling ICICI Bank credit card customer care or sending an email to customer.care@icicibank.com and make clear the last 4 digits of your credit card number. Send this email via your registered email address.

  • ✔️When does ICICI Credit Card EMI Interest Rate come into the picture?

    ICICI Bank’s credit card EMI Interest rate is activated once you convert a retail transaction into an EMI provided it amounts to or exceeds Rs. 3000.

  • ✔️How much is the ICICI credit card interest rate after the due date?

    If you fail to pay your entire credit card bill, the ICICI Bank credit card interest rate after the due date ranges from 2.40% to 3.57% per month.

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