ICICI Bank Credit Card Fees and Charges

While ICICI Bank allows interest-free periods to cardholders, where they can make purchases without any charges, there are applicable interest charges as well in certain situations. The interest charges are applicable,  if you do not pay the entire due amount by the due date, clear the total outstanding amount on your ICICI Credit Card, make a partial payment towards your credit card bill or when you withdraw cash from an ATM using your ICICI Credit Card. In general, the ICICI Credit Card interest rate may range between 2.49% to 3.67% per month, however, they may vary from one card to another, as listed in the table below:

  What is the Interest-free Period on ICICI Credit Card?
ICICI Bank offers 18 to 48 days of interest-free period between your last statement date and the current due date. During this period, you do not have to pay the interest accrued on the purchases. However, you will not be able to enjoy this privilege if you do not pay off your bills in full by the due date. Note that, in case of cash withdrawal, ICICI Bank Credit Card Interest Rate will be applicable from the date of transaction until it is paid off in full.

Apart from making purchases, you can also withdraw cash using your ICICI Credit Card. Cash withdrawal using a credit card is like an on-the-spot-loan for which you do not need any further processing from the bank. However, due to hefty cash advance charges and interest charges, it is not an advisable mode of credit.

You can withdraw cash from your ICICI Card, after three months from card activation up to a specified limit. The withdrawal limit is calculated as a certain proportion of the total credit limit offered on the credit card. In case of ICICI Bank, you can withdraw up to 20% of the available credit limit. This however may vary from one card to another, as per bank’s discretion.

ICICI Bank charges late payment fee on your credit card, when you fail to pay the minimum amount due by the due date. This fee is a flat amount, charged as per the outstanding balance on your credit card as follows:

Late Payment Charges, as mentioned above, are not applicable on ICICI Emerald Credit Cards.

Foreign transaction fee or forex charge on ICICI Credit Card is applicable in cases, (i) when you use your credit card for international payments made outside India (ii) when you make online transactions in foreign currency (iii) overseas ATM cash withdrawals (iv) domestic transactions on POS linked to overseas account such as at Duty Free shops.

Joining and annual fee charges on your credit card, are applicable on your activated card irrespective of any features used. This means, you are bound to pay these charges each year, (in first year as joining fee, and then as annual fee, except in cases where you meet the minimum spend limit to achieve the annual fee waiver). However, unlike other card providers that often charge the same annual fee from second year of card usage, ICICI charges varying joining fee 1st year annual fee and 2nd year annual fee.

The joining or annual fee may vary from one credit card to another. Mostly, entry level credit cards, targeted towards beginners have low fees & charges, whereas premium level cards have higher joining or annual fee. Below mentioned are the joining and annual fee charges on top ICICI Bank Credit Cards in India:

Below mentioned are the applicable fees & charges on availing EMI with ICICI Credit Card via Instant EMI and  EMI on Call facilities.

Note that apart from the interest charges, there is a one-time processing fee applicable on all EMI transactions. The processing fee for Instant EMI transactions is Rs. 199+GST, whereas on EMI on call transactions, a fee of  2% of the transaction value is charged, along with GST.

Note: GST @18% is applicable on all fees, interest and other credit card charges.

Are finance charges and late fee charges the same thing?
No, finance charges and late payment fee are separate charges, implied in different situations. Late payment fee is levied when the minimum due amount is not paid by the due date. But, finance charges are applicable when the customer pays the minimum due but not the complete outstanding.

Are GST charges applied on ICICI Credit Card interest rates?
Yes, GST charges of 18% are applicable on all credit card fees, interest, surcharge and other charges.

What if I withdraw cash from ICICI Credit Card?
When you withdraw cash from your ICICI Credit Card, it will be added to your next billing cycle. The amount added will be inclusive of the cash advance fee and other charges, if any. You have to make the payment by the due date otherwise you may have to pay huge charges.

Does taking cash from a credit card affect your credit rating?
Your credit rating is not affected directly when you withdraw cash using your ICICI Bank Credit Card. However, if you do not repay the amount before the due date, your credit rating will take a dip. It is recommended that you do not withdraw cash using your credit card as it comes at a very high interest rate and additional charges.

Why are cash advances so expensive?
Cash advance is the instant loan facility provided to you where the card issuer does not go for application/approval procedure. It is a kind of pre-approved personal loan without collateral. The cash advance fee is also charged which is the alternative to processing fee in personal loan. It is provided to you in case of an emergency and the bank charges heavily to provide this facility to cardholders.