Credit cards are debt instruments. They allow you to use a certain credit limit up to a specific repayment date. Beyond the repayment date, you will be charged interest. Once you repay the bill amount, your credit limit will be replenished fully. This is called ‘Revolving Credit’. 

ICICI Bank credit cards have a billing cycle of 30 days and give you 15 or 20 days to pay the bill. If you repay the entire bill amount before the due date, you won’t incur any interest. So basically, the credit limit is interest free for that 45 or 50 days. Any outstanding amount on your account after the billing date will incur interest charges in the range of 3.4 – 4.5% per month. 

This interest rate varies from card to card. You will be notified of the Annual Percentage Rate (APR) at the time of card issuance. It will be sent to you along with the welcome kit you receive with your ICICI credit card. Ensure to read the document carefully and learn the terms & conditions on your credit card to avoid any confusions and surprises. 

If you have any questions, always call the ICICI credit card customer care and remedy them before you activate the card and start using it. 

 Credit cards have become an inevitable part of our lives and it is important to use them prudently. Getting the right credit card for your needs is the first step in the process. If you are unable to decide which ICICI credit card to choose, Creditmantri can help. Check out the latest list of ICICI credit cards, find out more about their features and benefits, compare them with other ICICI credit cards, and even other bank credit cards, and then choose the right one for you.

You can also apply for them conveniently through Creditmantri. Check them out now!