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How
do I use my Credit Card?
Please check out the
Usage Guidelines for Credit
Cards.
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Credit
Limit
What
if I cross my credit limit?
If you make a transaction which exceeds your available credit limit, ICICI Bank will use its discretion and decide whether or not to approve the transaction. If the transaction is approved, an over limit charge would be levied to the credit card account. The over limit charge is 2.5% of the amount by which the credit limit is exceeded (subject to minimum of Rs.500).
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What
is a temporary credit limit enhancement?
There will be times
when you feel the need for an increase in your credit limit
to enable you to make increased purchases on your Card. To
avail of the temporary credit limit enhancement, all you need
to do is to call the 24-hour
Customer Care Centre. and make your request. The executive
will be able to increase the limit on-line.
Please note that
this facility is available only after 9 months of membership
and based on credit history.
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What
is the self-set limit?
ICICI Bank Credit Cards
allow you to pre-define your own credit limits. You can request
for a limit lower than what your are eligible for. You can
even preset the monthly spending limits on the "Bandhan"
Card. Any transactions over the specified 'Spend Limit' will
be declined.
This monthly
spending limit can be reset every billing cycle by just calling
the ICICI Bank 24-hour
Customer Care Centre. and place your request with the
executive. Your credit limit will be changed on-line and come
in to force from the next billing cycle.
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Revolving
Credit
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 (5% of the bill amount subject to a minimum
of Rs 100) and the balance can be carried forward to subsequent
statements.
- Pay any amount
ranging from the minimum amount due to the total amount
due.
Should you opt
for any of the last two payment options, then the 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
your credit, fresh purchases attract interest from their date
of purchase.
What
is the Balance Transfer facility?
Worried about the outstandings on your Other Bank 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 Bank 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 the zero documentation and crisp draft delivery make 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, 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 day of purchase.
Are
there any interest charges?
If you send 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. This can be as high as 50 days for True Blue
/ Silver Card members and 52 days for Gold Card members!
However, for
certain transactions like cash withdrawals and balance transfers,
interest charges would be applicable from the date of transaction
till date of payment.
If you send a
payment for the "Minimum Amount Due" or pay any part amount
less than the "Total Amount Due", interest charges are applied
on the outstanding amount and on any fresh charges that you
incur subsequently.
If there are
some unpaid "Minimum Amounts Due" of previous statements,
then these will also be added on to the "Minimum Amount Due"
of your current statement.
If you have for
some reason exceeded your credit limit then the amount by
which you have exceeded the credit limit will also be added
to the "Minimum Amount Due".
When
will the interest charge stop?
If all outstanding
charges are paid at any point of time, the interest charges
will cease to apply immediately.
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How
are interest rates calculated on ICICI Bank Credit Card?
Interest
charges are applicable only if the part payment facility
(revolver facility) is chosen. It is governed by a rate
of interest. The interest accrual is on a daily outstanding
balance. The monthly application of interest happens on
the statement date.
An
Example of interest calculation:
Taking
an example where the customer has all retail transaction
– no cash withdrawals).
