My issue: 5000 Outstand amount for 10 days charge 2453+480 GST (2500)
Customer care response: They charge Interest rate on Total Outstanding Balance (Includes EMI converted + This Month outsatdning balance as on statment date)
Last statement due 25000
Amount paid: 20000
monthly Outstanding amount 5000
Current Total outstanding amount 45000
interest charges on total outstanding
40000(which are in interest free period)+ last month overdue 5000
4. Interest Charges:
- Interest will be charged if the Total Amount Due is not paid by the payment due date. Interest will be charged on the Total Amount Due and on all new transactions except Fees / charges and GST / Taxes (from the transaction date) till such time as the previous outstanding amounts are paid in full.
In the table given below, it has been assumed that the Total Amount Due of the previous month’s statement has been paid by the payment due date and there is no outstanding amount. The statement date is 8th of every month. Given these assumptions, interest will be calculated as below:
| Transaction | w.e.f. Oct 26, 2023 (₹) |
| Purchase on Sep 20, 2023 | 2,000 |
| Total Amount Due on statement dated Oct 08, 2023 | 2,000 |
| Minimum Amount Due on statement dated Oct 08, 2023 | 100 |
| Payment due date – Oct 26, 2023 | |
| Purchase on Oct 15, 2023, Rent Pay | 2,000 |
| Convenience fee on Rent Pay on Oct 15, 2023 | 20 |
| Tax on convenience fee | 3.6 |
| LPC charged on Oct 29, 2023 | 500 |
| Tax on LPC | 90 |
| On statement dated Nov 08, 2023, following interest charges will be levied: | |
| Interest calculations @ 42% per annum | |
| a) Interest on Sep 20, 2023 Transaction | 115.07 |
| b) Interest on Oct 15, 2023 Transaction | 57.53 |
| c) Interest on Convenience Fee – Pre-deployment | 0.58 |
| d) Interest on GST on Convenience Fee – Pre-deployment | 0.1 |
| e) Interest on LPC | No interest charged |
| f) Interest on GST on LPC | No interest charged |
| Total interest charged in the statement dated Nov 08, 2023 | 173.28 |
| Card Type | Monthly Interest Rate | Annual Interest Rate |
| Amazon pay ICICI card | 3.5% – 3.8%
|
42% – 45.6% +18% GST
|
| ICICI Bank Instant Platinum Credit Card | 2.49% | 29.88% |
| ICICI Bank Coral Credit Card | 3.40% | 40.80% |
| ICICI Bank Rubyx Credit Card | 3.40% | 40.80% |
| ICICI Bank Sapphiro Credit Card | 3.40% | 40.80% |
| MakeMyTrip ICICI Bank Platinum Credit Card | 3.50% | 42.00% |
| MakeMyTrip ICICI Bank Signature Credit Card | 3.50% | 42.00% |
| ICICI Bank Manchester United Platinum Credit Card | 3.67% | 44.00% |
| ICICI Bank Manchester United Signature Credit Card | 3.67% | 44.00% |
| ICICI Bank HPCL Coral Credit Card | 3.40% | 40.80% |
| ICICI Bank HPCL Super Saver Credit Card | 3.50% | 42.00% |
| ICICI Bank Expressions Credit Card | 3.40% | 40.80% |
credit card interest rate on outstanding amount calculation
The formula to calculate the interest rate is as follows: (No. of days counted from the date of transaction x Outstanding Amount x Interest rate per month x 12 months)/365.
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