When the cardholder delays their payment, at that time the bank makes money by charging interest and by levying late fees as well. If you are an ICICI cardholder, you must have to be aware of the charges levied by your bank on the card you hold. This is the most basic thing which you will have to keep in mind while choosing a card.
The interest rates differ from bank to bank and card to card. ICICI bank has different interest rates depending on the card. Although they don’t vary too much the interest rates can lie anywhere from 1.25% to 3.5%.
There are many times when interest rates are charged on the total due amount or on outstanding balance such as when you withdraw cash you will get charged from the date of withdrawal. Interest rates are charged on the due amount till the time it is paid in full.
ICICI bank charges interest rates depending upon various factors including the cardholder’s credit history, purchase history, repayment method, transactions, etc. You can check the interest rate of your credit card in the terms and conditions documents. These charges might change at the bank’s discretion. Credit cardholders may or may not be informed regarding the same as per the bank’s policy.
How are credit card interest rates calculated by ICICI Bank?
ICICI bank charges are charged at monthly percentage rates on all of the applicable transactions from the date of the transaction till the amount is fully paid. When you carry forward your outstanding due from your previous month, the interest rate will be calculated using the average daily balance method.
When you use your credit card to withdraw cash, the interest will be calculated by applying the same method.
Interest rates charged by ICICI bank
The charges vary from card to card and below listed are some of the cards offered by the bank along with their monthly and annual percentage rate of interest –
ICICI Bank Sapphiro VISA Credit Card –
Monthly Percentage Rate of Interest – 3.6%
Annual Percentage Rate of Interest – 44%
ICICI Bank Rubyx Credit Card –
Monthly Percentage Rate of Interest – 3.50%
Annual Percentage Rate of Interest – 42.0%
ICICI Bank HPCL Suoer Saver Credit Card –
Monthly Percentage Rate of Interest – 3.50%
Annual Percentage Rate of Interest – 42.0%
Accelero ICICI Bank Credit Card –
Monthly Percentage Rate of Interest – 3.40%
Annual Percentage Rate of Interest – 40.8%
MakeMyTrip ICICI Bank Platinum Credit Card –
Monthly Percentage Rate of Interest – 3.50%
Annual Percentage Rate of Interest – 42.0%
ICICI Bank Unifare Credit Card –
Monthly Percentage Rate of Interest – 2.49%
Annual Percentage Rate of Interest – 29.88%
The above-mentioned are a few examples of the cards provided by the ICICI bank which cover almost all of the categories.
The interest rates will be charged only if the payment is due and the cx has not paid the due balance or paid a minimum amount. There are certainly other areas on which the interest charges are levied such as cash advance and international transaction fees. However, you will not be charged an interest rate if your bills are paid on time. Even if you are paying the amount later after the bill is due and you are still in your grace period, you will not be charged for interest rates.
