Enjoy exciting offers and savings in dining, shopping and travel! These privileges have been specially designed for ICICI Bank card holders. Check them out to know why ICICI Bank card holders always enjoy better holidays, dining and travel.
What is the revolving credit facility?
When do I start paying interest on new purchases if I am already revolving credit?
What is the balance transfer facility?
Will fresh purchases also attract interest if I use the balance transfer facility?
Are there any interest charges?
When will the interest charge stop?
How are interest rates calculated on an ICICI Bank Credit Card?
What is the revolving credit facility?
When you receive your bill, you have the flexibility of selecting any of the following payment options:
Pay the total amount due.
Pay only the minimum amount due.
Pay any amount ranging from the minimum amount due to the total amount due.
Should you opt for either of the last two options, then the unpaid amount due is carried forward to the next billing period. This is referred to as the revolving credit facility
When do I start paying interest on new purchases if I am already revolving credit?
If you are revolving credit, fresh purchases attract interest from their respective dates of purchase.
What is the balance transfer facility?
Worried about the outstandings on your other-banks’ credit cards? Are the interest rates bothering you all the time? Here is a special offer just for you, which would surely help you get rid of your worries on interest charges.
The ICICI Bank balance transfer facility allows you to transfer your outstandings from your other-banks’ credit cards to your ICICI Bank Credit Card at interest rates as low as 0%.
Various attractive schemes like the ‘0% Balance Transfer offer' and the ‘Life Time Balance Transfer offer’, along with zero documentation and crisp draft delivery make the ICICI Bank Credit Card balance Transfer programme the best in the market. To know more about this balance transfer facility and/or to apply for one, please
click here.
Will fresh purchases also attract interest if I use the balance transfer facility?
Your fresh purchases get the normal credit period for the first month. However, if at the end of the first billing cycle, your total amount due (including balance transfer) is not reduced to zero, your fresh purchases attract interest from the respective dates of purchase.
Are there any interest charges?
If you make a payment for the Total Amount Due before the Payment Due Date, no interest charges are applicable. Thus you can enjoy interest-free credit from the date of purchase to the date on which the payment is due. Interest-free period could range from 18 to 48 days.
Interest will be charged if you do not pay back the Total Amount Due of the previous month statement by the payment due date. Interest will be charged on the Total Amount Due and on all new transactions till such time as the previous outstanding amounts are paid in full. Also, interest will be levied on all cash advances from the date of the transaction until the date of settlement.
The Minimum Amount Due shall be 5% of the outstanding amount or such other amount as may be determined by ICICI Bank at its sole discretion.
Installment amount due on the Card will be added to the Minimum Amount Due.
If there is some unpaid Minimum Amount Due of the previous statements, these will be added to the Minimum Amount Due of the current statement.
If the total outstanding is more than the credit/cash limit, then the amount by which the credit/cash limit has been exceeded will also be included in the Minimum Amount Due.
When will the interest charge stop?
If all outstanding charges are paid at any time, the interest charges will cease to apply immediately.
How are interest rates calculated on an ICICI Bank Credit Card?
Interest charges are applicable only if the cardholder chooses the part payment facility (revolver facility). It is governed by a rate of interest. The interest accrual is on the daily outstanding balance. The monthly application of interest happens on the statement date.
An example of calculation of interest, where the customer has made all retail transactions and no cash withdrawals:
As the customer has made a part payment, interest is charged on transactions of the previous month from the respective transaction date up to the statement date; then on the TAD (total amount due) from the statement date up to the part payment date; and then on the balance amount (after deducting part payment made from TAD) from the part payment date up to the next statement date.
Finally, if there are any fresh purchases interest is charged on them from the respective transaction date up to the statement date.
If the customer makes a part payment he does not enjoy interest-free days on fresh purchases.
*Formula: Principal amount x rate of interest x number of days.
Statement of Mr. Ramesh Kumar, holder of a Sterling Silver Card
| Statement Date |
1-Aug |
Details |
Amt |
1-Sep |
Detail |
Amt |
| Transaction Date |
15-Jul |
BATA |
600 |
3-Aug |
LEE |
500 |
| |
30-Jul |
Cafe Day |
100 |
|
| Payment Date |
|
20-Aug |
Cash Paymt |
600 |
| |
1-Sep |
Interest Charge |
40.52 |
| |
MAD |
100 |
|
MAD |
100 |
|
| TAD |
700 |
|
TAD |
640.52 |
|
MAD - Minimum amount due
TAD-Total amount due
The interest of Rs.40.52 has been calculated as follows:
The total outstanding for the month of August was Rs.700 against which the Mr. Ramesh Kumar has made a part payment of Rs.600. Therefore, interest is charged.
1. On transaction dated 15-July-02 (Rs. 600) from transaction date up to statement date of 01.08.2002.
2. Then on TAD i.e. Rs.700 from statement date of 01.08.2002 up to part-payment date of 20-08.2002.
3. Then on balance 100 (700-600) from part payment date of 20.08.2002 to next statement date of 01.09.2002.
4. Finally, on the fresh purchases from 03-08.2002 up to 01.09.2002.
Calculation part:
600 x 2.95% x 18/30 days = Rs.10.62
100 x 2.95% x 3/30 days = Rs.0.30
700 x 2.95% x 20/30 days = Rs.13.77
100 x 2.95% x 11/30 days =Rs.1.08
500 x 2.95% x 28/30 days = Rs.14.75
Total = (10.62+0.30+13.77+1.08+14.75) = Rs.40.52
