[Resolved] ICICI Bank Credit Card — Interest charge
My wife have ICICI credit card took 2 years back.
Recently she booked flight ticket using the credit card for Rs. 83000.
Amount due date suppose to be paid is 20-dec-2009.
We paid 75,000 out of 83,000 for which still they charged interest for the whole 83,000.
Here is the interest fee details furnished by their website in the given URL http://www.icicibank.com/pfsuser/cards/creditcard/fpc.htm
Here are the two important fee rules:
1) Interest Free Credit Period
18-48 days (applicable only on retail purchases and if previous month's balance outstanding is paid in full)
2) Finance charges on extended credit
0.99% (Monthly) 11.88% (Annually) for Easy Deposit Card
1.75% (Monthly), 21% (Annually) for Spouse Card
1.99% (Monthly), 23.88% (Annually) for Home Card
3.15% (Monthly),37.8% (Annually) for Private Banking credit card w.e.f. March 1st 2008
2.75% (Monthly) 33% (Annually) for ICICI Bank Signature Credit Card
3.15% (monthly),37.8% (Annually) forTitanium, Platinum Premier credit card
3.40% (Monthly) 40.8% (Annually) for all Blue silver & Gold cards, irrespective of the date of transaction
0% (with Annual fee) /1.49%/1.99% (Monthly) for EMI Card. Applicable from the day of transaction.
Finance Charges on extended credit and cash Advance:2.75% (Monthly), 33% (Annually) for ICICI Bank Platinum identity Credit Card.
1.99% (Monthly) 23.88% (Annually) for Fixed Deposit Instant Credit Card.
If you see 3.40% (Monthly) is charged. But on what basis? They didn't explained on their website.
When i called the customer care, the explanation (which is good for them) is that even though the part payment is made still they charge the interest rate for the whole due amount for the last month.
Please do make the necessary action against the fraud bank. Banks like them are blood suckers of our hard earned money. Whole recession world is facing now is because of the bank thinks that they can apply any blind interest on the people.
Please do the needful to take the action.
I will send you the necessary details based on your input.
Complaint marked as Resolved Aug 14, 2020