Credit card newbie: ICICI bank instant platinum credit card reviews..

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darksmart

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Hi
I am considering to get an ICICI credit card against my fixed deposit.So can anyone tell me how is the service of ICICI.I have heard from many people on internet that the bank swallows money for no reason..Is that true?
Also what is meant by interest rate (2.47 in my case)on credit card..Does it means that 2.47% of the balance available will be deducted per month even if I don't make any purchase,or its the interest on the amount which I have spent and not paid to bank within time limit.
Are there any other fee and hidden charges that bank deducts for having a credit card..
Please help me on this as bank says there are no other charges besides given on website while people says that there are lot of hidden charges..
 
1. I've never faced a situation where the bank has taken money for no reason. Just closely watch your statements and if you notice an excess charge, report it to the bank asap.

2. Suppose your billing period is from the start to end of the month. The statement will be prepared on the last day of the month which will include all your transactions during the month. Your due date will be about 18-20 days after the statement date. If you make the full payment that is due before the due date, there is no interest charged at all. If you make a partial payment, interest is charged on the remaining balance. If you do not make any purchase, you will not have to pay anything.

So if you use it carefully you will get upto 50 days of interest free credit.

3. All fees and charges are available on the bank's website. They will charge you for payments made by Cash, if a cheque bounces and so on. Also for transactions in foreign currency, the exchange rate will be marked up by about 3.5%+tax.
 
Thanks a lot for the quick reply.
Suppose I am lending 2000rs from bank and i have paid 1000 on next day and 1000 in on another day(both within interest free period),so I am i likely to be charged by bank for the second 1000 that i paid even within interest free period.
In other words can we pay the credit amount to bank in installments in interest free period without attracting any charge??
 
darksmart said:
Thanks a lot for the quick reply.
Suppose I am lending 2000rs from bank and i have paid 1000 on next day and 1000 in on another day(both within interest free period),so I am i likely to be charged by bank for the second 1000 that i paid even within interest free period.
In other words can we pay the credit amount to bank in installments in interest free period without attracting any charge??
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Hi ,
No interest will be charged if you pay the due amount within the due date. It does'nt matter you paid in one go or in installments..if the total due amount is paid with in the due date then no interest will be chargerd.
Now if you withdraw CASH from the ATM using your CC then the interest will be charged from that day onwards. So dont use your credit card for cash withdrawl unless its urgent and you don't have any other options.
 
There is nothing like 'hidden' charges. They are charges people don't bother checking when signing up for the card. Can't blame banks for that.

I have had a good experience with all card providers, and as long as you pay the complete due amount on or before the due date, there should be no reason to worry. If you default though, even partially, the high interest rates will increase your outstanding faster than the petrol rates. You can pay in as many parts as you want, and it will be adjusted against your outstanding, in order of purchase [say if you spent 500, 1000, 200, 3000, and 7000 on the 1st, 2nd, 3rd, 5th, and 7th of the month, and you make a payment of 4500, it gets adjusted against your first 3 transactions, and 2800 from the 4th]

Don't ever withdraw cash using a credit card unless you really really really need to, as the interest rates are applicable from the day you withdraw and not from the billing date.
 
Agree with most of the article's headlines (didn't bother reading what they had under each), except the last line.
 
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