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2 mins Read | 10 Months Ago

What is a Credit Card billing cycle & Due date and minimum payment cycle work?



What is a Credit Card billing cycle? How does the due date and minimum payment cycle work?

If you have a Credit Card, you will have to pay the Credit Card bill generated monthly on a particular date.

The Credit Card billing cycle is the period for which the Credit Card bill is generated. Your transactions for the current month are reflected in the next month’s billing statement. If you haven’t transacted and there is no outstanding amount to pay in a particular month, the billing cycle or statement will not be generated for the month.


For instance, if your Credit Card billing statement is generated on the 4th of each month, the billing cycle starts from the 5th of the last month and continues till the 4th of the present month.

Every transaction carried out through the Credit Card during this time shows up in the monthly statement. It includes all the cash withdrawal, Credit Card payments and EMIs on the Credit Card.

How does the billing cycle work for Credit Cards?

The billing cycle begins once the Card gets activated. The balance on the Card is typically zero though it may include any upfront fees that the Bank charges. From that day, each transaction charge on cash withdrawal using the Credit Card, active EMIs on the Credit Card and any other finance charges that are related to the Credit Card are all included.

If an amount is paid back to the Credit Card, like a reversal of payment or a fuel surcharge waiver, it gets subtracted from your bill before the final bill is generated. All transactions that are carried out after a billing cycle is reflected in the next statement. Going by the example above, a transaction carried out on the 6th of each month is reflected in the next month’s Credit Card Statement, allowing you more time to pay it.

What is the due date of a Credit Card?

A Credit Card due date refers to the last date by which you need to clear the bill. It is typically at least <15> days from the statement date. For example, if the Card Statement is generated on the 6th of each month, the due date will be on the 26th of that month. It just means that you need to pay the dues within the 26th to avoid additional charges.

If you fail to pay the entire due amount or the minimum due in this time period, you will have to pay a late fee and certain interests on the total outstanding amount.

Total due amount: The total due amount is the complete amount that’s due for payment on a statement date.

Minimum due amount: The minimum due amount refers to the percentage of the complete outstanding bill that you need to pay when you can’t pay the entire bill amount.

What is the minimum amount due on a Credit Card?

 Minimum due is the minimum amount you pay before or on the Credit Card payment date in order to maintain the account. It’s a small part of the entire outstanding amount. It also helps to avoid any penalties for late payment on the Credit Card. However, it is best to avoid minimum payments, if possible, since the Bank levies an interest on the remaining outstanding amount, which is a bit higher than the standard rate, meaning it will take you longer to repay.

Now that you know all about the minimum due, billing date of Credit Card, etc., it is time to contact ICICI Bank and apply for your Credit Card. With assured cashbacks and lucrative rewards, an ICICI Bank Credit Card will ease transactions for you.

T&C apply.


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