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ICICI Credit Card Interest Rate

ICICI Bank offers a variety of credit cards that are tailor-made to fulfill the needs of almost everyone. It has both commercial and personal credit cards with various benefits, which make them the most sought-after credit cards. ICICI personal credit cards are designed to include features and benefits associated with travel, services, lifestyle, and rewards. ICICI corporate credit cards, on the other hand, caters to the need of big corporates as well as small to mid-sized companies.

ICICI bank boasts "A Credit card for everyone" with features that would help all individuals.

Some famous ICICI credit card types are:

  • Lifestyle credit cards
  • Travel and fuel credit cards
  • NRI credit cards
  • Diamant credit cards
  • Expression credit cards
  • Secured card cards
  • Unifare Metro credit cards

What are credit card interest rates?

Credit card companies levy interest rate, also known as finance charges, on the transactions made. This rate is different for all vendors and also varies according to the type of credit cards. A majority of the ICICI credit cards have an interest rate of 3.4% per month and 40.80% annually.

When are interest rates charged on ICICI credit card payments?

ICICI charges interest under the following scenarios:

  • Failing to pay the outstanding amount by the due date
  • Paying only the minimum due amount for the current billing cycle
  • Paying amount lesser than the minimum due amount
  • Withdrawing cash using a credit card from any ATM
  • Carrying forward the outstanding amount to the next cycle.

Some top ICICI credit cards and their Interest Rates

ICICI Bank has a variety of credit cards with benefits that would cater needs of almost everyone. From shopping to travel, there are various ICICI credit cards that help you save every time you swipe your card.

Some of the popular ICICI credit cards are as follows:

Credit cards Interest Rates Annual percent rate

ICICI Bank Instant Platinum chip Credit Card

3.40% per month

40.80% per annum

ICICI Coral Credit Card

3.4% per month

40.80% per annum

ICICI Bank Instant Gold Credit Card

2.49% per month

29.88% per annum

Sapphiro Credit Card

3.4% per month

40.80% per annum

Jet Airways ICICI Bank Credit Cards

3.5% per month

42% per annum

InterMiles ICICI Bank Sapphiro Credit Cards

3.4% per month

40.80% per annum

ICICI Bank Fixed Deposit Instant Credit Card

2.49% per month

29.88% per annum

ICICI Bank HPCL Coral American Express Credit Card


3.4% per month

40.80% per annum

ICICI Bank HPCL Coral Visa/MasterCard Credit Cards

3.4% per month

40.80% per annum

ICICI Bank NRI Coral Credit Card

3.4% per month

40.80% per annum


How do banks calculate the credit card interest rate?

Currently, ICICI charges interest up to 3.5% per month or 42% annually. The charges are different for every card. Let's understand how does ICICI bank calculates interest rate.

The interest is calculated according to the Annual Percentage Rate (APR), which is interest for the whole year. However, during every cycle monthly percentage rate (MPR) is levied. Both MPR and APR differs for all cards. So, it is a good idea to understand the APR and MPR of the credit card before buying.

Factors that determine the interest rate

Some of the important factors that determine the credit card interest rate are:

  • Personal Credit card score: This is the most important factor that influences the interest rate.
  • Payment history: Your payment history in the past tells a lot about the creditworthiness and the ability to pay dues. So, if you are regular with your payments with no or minimum outstanding dues, it improves your credit score and increases the chance of getting a credit card with a low-interest rate. While, having a less credit score and many withstanding dues, increases the chance of getting a credit card with higher interest rates.
  • The debt amount: While deciding the interest rates, banks check the credit limit you will be sanctioned and how much did you use. So, a lesser credit ratio implies that you have been regular with your payments. On the other hand, a higher credit ratio increases the interest rate of your card.

In addition, the duration of the credit history and types of cards owned by you also influence the interest rate.

Lets take a few scenarios to understand how the interest is calculated.

Scenario 1: Interest is charged on cash withdrawals from the day you remove the amount until you pay it completely.

Example 1: The card statement date is 8th every month

ICICI credit card usage between 8th June - 8th July

14th June: Retail purchase of 2000

6th July: Cash removal of 6000

In this case, you will receive a monthly statement of 8,000 in addition to the interest rate charged on 6,000 for cash removal, assuming no previous balance is carried forward. You will get 20 days for paying the outstanding amount, which is 20 days from the date you received the statement and, in this case, will be 28th August. You can choose to pay the amount completely or only the minimum due amount.

Example 2: The card Statement date is 10th every month.

ICICI credit card usage between 11th Jan and 10th Feb

13th Jan: 5,000 spend on retail purchase

23rd Jan: 15,000 spend on online purchase

Now, in this case, your statement will show transactions worth 20,000. Your due date is generally 20 days from the statement date, i.e. 2nd March. You can decide to pay anything between the minimum amount due to the entire amount. If your statement has no previous outstanding amount and no cash balance and the retail amount is paid by the payment due date, no interest will be charged in this case.

Scenario 2: If you pay the minimum amount every month, the amount will extend over months and interest will be charged on your outstanding balance.

Consider the minimum due amount to be 200 If you do a transaction of 5000 and decide to pay only the minimum due amount, you will nearly take 44 years to clear the balance.

The formula used by the ICICI bank to calculate the interest is:

(Outstanding amount x Interest rate per month x 12 months x no of days ) / 365

Example 3: Assuming that there is an outstanding balance of 2000 and the credit card has a monthly cycle of 19th of each month. Let's consider the lowest interest rate of ICICI bank of 2.49% per month

11th July: Offline purchase of 15,000

16th July: Online purchase of 5,000

16th August: Credit card payment of 2,000

17th August: Offline purchase of 1,000

18th August: Credit card payment of 15,000

So, as 2,000 is the outstanding amount, the interest rate would be charged on the outstanding balance

The interest on 15000 at 2.49% p.m. from the time of 19 July to 16 August, for 28 days:

[(15000x 2.49 x12 x 28)/365]/100 = 343.82

On the other hand, the interest on 13000 at 2.49 % from 16 August to 18 August, for 3 days:

[(13000 x 2.49 x 12 x 3)/365]/100 = 31.93 

The interest on 5, 000 at 2.49% p.m. from 16 July to 18 August, for 30 days

[(5000 x 2.49 x 12 x 30)/365]/100 = 122.80

The interest on 3000 at 2.49% p.m. from 18th August to 19th August, for 2 days

[(3000 x 2.49 x 12 x 2)/365]/100 = 4.91

The interest on 1000 (new spending at 2.49% p.m. from the time of 17th August to 19th August, for 3 days

[(1000 x 2.49 x 12 x 3)/365]/100 = 2.46

Total interest = 343.82 + 31.93 + 122.80+ 4.91 + 2.46 = 505.92

What is the ICICI credit card interest-free period?

An interest-free period is a grace period where ICICI bank allows its consumers during which the interest is not charged on the card transactions. Meaning, interest-free period is the duration between the payment due date and the transaction date. ICICI bank allows an interest-free period that ranges between 15 - 45 days. So, if you make payment in this period, you won't be charged any interest, except you have a balanced amount from the previous cycle.

However, you won't be granted the same interest-free period for all transactions. The interest-free period depends on the date of purchase and your statement date.

For instance, if your billing cycle is between 15th April - 15th May, the due date for payment will be 2nd June, if we consider an interest-free period of 45 days.

Now, if you do a transaction on 24th April, the grace period will be 40 days (24th April to 2nd June)

If a transaction is done on 14th May, the interest-free period will be 20 days (14th May to 2nd June)

Of note, this is applicable only if you don't have any outstanding balance from the previous cycle. However, if you wish to carry forward the previous' month amount, the interest-free period is not applicable. Moreover, cash withdrawals are charged from the date of the transaction until paid completely. Thus, there is no grace period for cash withdrawals.

How to avoid paying an interest rate on a credit card?

You can take the following precautions to avoid paying interest on the credit card:

  • Pay the balance amount before the due date: By doing so you will avoid a 5% charge that is applicable to the outstanding amount. Try and pay the amount completely to avoid finance and other charges.
  • Use EMI Option: This option is especially helpful while buying expensive objects as EMIs have a comparatively lower rate. EMI options can be provided by the merchant. It is also available through ICICI bank on some expensive objects.
  • Use balance transfer option: This option can come handy in case you are short on funds. Delaying payment causes an interest rate of 3% - 4%. But you can use this option only if you have more than one card. You can transfer the amount on the credit card with a lower rate of interest. Even if processing charges are applicable, it is usually as less as 1%. Of note, if you use this option multiple times, it hampers your credit card score.
  • Clear cash advances as soon as possible: As cash advances don't have an interest-free period, any cash withdrawal should be cleared as soon as possible. Furthermore, you may be charged a one-time fee along with interest charges. It is a good idea to keep a record of all your cash advances as it helps you to pay them without additional charges.
  • Don't use credit cards abroad: Although you can use all ICICI credit cards for international transactions, doing so is costly. Moreover, you are charged additional charges for conversion. In cases of cash advances, additional charges are levied. Conversion charges are between 3% - 5%. Avoid these additional charges by using a forex card. This option lowers all the costs.


✅ How can I convert my transaction to EMI?

You can convert your retail transaction to EMI, provided it is 3,000 or above. You can do this within 30 days of the transaction for a period of 3, 6, 9, and 12 months. Of note, transactions in jewelry, fuel, and cash are excluded from EMI conversion.

✅ How can I redeem my ICICI reward points?

Well, redeeming your points is easy. There are two options:

  • Redeem through online internet banking
  • Through Customer Care

Procedure to redeem points online

Login to with password and banking ID -> Credit card page -> Click on Reward points -> Click on Redeem online. You can note down the unique number for future purposes. In case you don't have a password and ID, you can call our Customer Care to create the same.

Redeem your rewards with a phone call

Call our Customer Care and provide the item code of reward that you wish to redeem. You can note down the unique number for future purposes. It may take 10 days for the redemption to take place. Of note, gifts are non-exchangeable or refundable. For Air Mile rewards, you can call our Customer Care available in your city.

✅ How does contactless card work?

All contactless credit cards have a radio frequency antenna and a chip installed in them. When you tap the contactless card on the terminal for payment, it allows transactions wirelessly and without it having to be inserted. Your account details are transferred to the reader and processed via network acceptance.

✅ Can I use my ICICI credit card for international transactions?

Yes, all the ICICI credit cards can be used for international transactions. In case you are not able to use it for international transactions, you can call our Customer Care between 7.00 a.m. to 9.0 p.m. through your registered number.

✅ How frequently can I change my ICICI bank credit card?

There is no upper limit on the number of times you can change your credit card.

✅ Why my credit card request rejected?

ICICI bank evaluates an application for a credit card on various parameters, such as credit history, income, and payment track record. You can visit the nearest branch for applying an Insta credit card that allows opening against a fixed deposit. In this case, the credit card will be provided instantly. Regular payment and usage of this card will improve your credit card record and you can also earn good interest rates on the fixed deposit.

✅ What is the credit card period?

The credit-free period is 48 days and depends on the statement date.

✅ What are the reward points?

Reward points are powered by PAYBACK, which is India's biggest reward program. Under this, you can earn PAYBACK points for transactions done through your credit card. These points can be redeemed for shopping across the PAYBACK Partner network, VoucherWorld, or Rewards Catalogue.

✅ Are there charges for using Set Limit service?

Absolutely not. It is free of cost service.

✅ How can I block my credit card?

The following options are available for blocking the credit card:

  • Internet banking: My accounts -> Credit card-> Block the credit card -> Select the credit card number and submit it.
  • Customer care: Call customer Care from your registered number

✅ Does my card have an interest rate?

There is no interest applicable if you clear your payment before the Payment Due Date. You can avail interest-free period that is usually between 18 - 48 days for ICICI credit cards. Interest is levied if you are not able to pay the outstanding amount by the due date. Interest will be applied to all new transactions until the outstanding amount is cleared. Moreover, interest is also applicable on cash withdrawals from the date of transaction till the payment is made.

✅ What is the minimum due amount?

The minimum due amount is 5% of the balance amount or any other amount as decided by the ICICI bank. Installment Amount, if applicable, is added to the Minimum Amount Due. Similarly, any unpaid amount will be added to the Minimum Due Amount.

✅ Can I increase my credit limit?

Yes, for sure. You can apply for increasing the credit limit once you complete 12 months of your membership. Follow the steps mentioned below for the same:

  • SMS CRLIM last 4 digits of Card to 5676766 to increase the credit limit. Of note, it can be increased up to maximum credit limit available for you)
  • Alternatively, you can use iMobile app-> select your credit card number -. Manage limit -> select the desired credit limit.
  • Through Internet Banking -> Select credit card account -> Manage credit card limit option.
  • You can also call our Customer Care for assistance

✅ What steps should I undergo to activate my ICICI credit card?

You, don't have to do anything. The ICICI credit card gives to you is already activated for domestic and international transactions.

✅ What is my cash limit?

It depends on your card. However, this amount is Nil for the first three months from the day the card was issued to you. After the completion of 3 months, you will be allowed to withdraw the amount from ATMs subject to your ICICI credit card limit. Of note, the cash limit may be changed by the ICICI bank from time to time after informing you.

✅ What is the bill date for my ICICI credit card?

You can check your billing cycle date using the iMobile app. Login to the app -> select cards ->Select the credit card number-> select the option "Manage card" -> Change billing cycle.

✅ Will delayed payments affect my credit score?

Yes, it definitely does. By default, banks have to report Credit card bill repayment or Loan EMI of all the users to the credit information bureaus. This information can be used by various lending institutes to track the customer's record before issuing a loan or credit card to a consumer. Frequent delays hamper your credit history.

✅ What is the expiry of reward points?

There is no expiry for the reward points earned on ICICI bank credit cards. This is applicable as long as your card membership is active and there is no pending amount on any of your accounts.

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