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? The Balance Transfer facility allows you to transfer your outstanding from your exisitng Bank Credit Cards to a new 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 are offered by some of the banks.
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.
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.
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).
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