Minimum Amount Due in ICICI Credit Card

Credit card users may at times be confused with the multiple fees and charges that their monthly credit card statement carries. This is particularly true for the credit card minimum amount due (MAD) and most people are unsure about the various charges, terms, and conditions related to it. So here's everything that you need to know about the minimum amount due on your ICICI Bank credit card.

What Is The Meaning Of The Minimum Amount Due On My Icici Credit Card?

The minimum amount due is the least payment that you need to pay towards your credit card account to avoid paying any late payment charges. This needs to be paid on or before the payment due date of your credit card. However, if you only pay the minimum amount due, you would be charged interest on the balance amount on your ICICI credit card.

What Is The Calculation Process Of The Minimum Amount Due On My Icici Bank Credit Card?

The minimum amount due on your ICICI credit card is usually 5% of the outstanding amount. However, the bank may also determine the minimum amount due at its sole discretion. If there are any instalments that need to be repaid, the amount would be added to the minimum amount due. Also, if the total outstanding is greater than the credit or the cash limit on the card, then the extra or the exceeded amount will also be added to the minimum amount due. Any unpaid minimum amount due from the previous statements would also be included in the latest minimum amount due.

What If I Pay Only The Minimum Amount Due On My Icici Credit Card?

It’s always wise to pay the entire outstanding balance on your credit card. This is because paying only the minimum amount due would imply that you would be paying an interest of up to 3.50% per month. Not only this, there are other serious consequences of persistently paying only the minimum amount due on your card. Some of these are as follows:

• Accumulation of debts: The extra charges that are levied because of the non-payment of the total outstanding amount due on your credit cards mean that in the long run, you will end up paying a large sum of money towards your credit card account.
• No interest-free period: An attractive feature of using an ICICI credit card is the interest-free period of up to 48 days that you can enjoy on your card. However, this can be done only when you pay the entire outstanding on your card and not only the minimum amount due.
• Longer repayment term: If you habitually keep on paying only the minimum amount due on your credit card, you will take a very long period of time to repay the entire amount. This, in turn, would turn out to be an unwanted financial burden for you.

Late payment charges for the non-payment of the minimum amount due on ICICI credit cards

If you don’t pay the minimum amount due on your ICICI credit card, you would have to pay the late payment fee as per the following table

What if I don't pay the even the minimum amount due on my ICICI credit card?

Not paying even the minimum amount due on your credit card is a serious financial mistake that you should avoid. If you think that the only consequence for this would be the late payment charges, you are wrong. This act would have other serious outcomes like the following:

• Serious steps by the bank to recover the dues: The bank would contact you through emails, phone, posts, etc, and remind you of the pending dues. It may also engage any third party to recover the dues from you. As time passes, the attempts of recovery grow more intense until you repay the dues.
• A drop in your credit score: On non-payment of the minimum amount due, the bank may forward your default report to Credit Information Bureaus like CIBIL or any other agencies as approved by law. This will have a severe impact on your credit score and it might be very difficult for you to avail any loan in future.
• Suspension of services on the credit card: The bank may also suspend the services on your credit card if you fail to make the payment even after repeated reminders.

FAQs on ICICI credit card minimum amount due

1. How do I pay the minimum amount due on my ICICI Bank credit card?

   You can pay by cash at any ICICI Bank branch, or drop a cheque or draft in favour of your ICICI credit card. You can pay via net banking, mobile banking, auto-debit or NEFT as well.

2. How do I contact the bank for any dispute regarding the minimum amount due on my ICICI Bank credit card?

   You can call 1800 200 3344 to dispute the transaction on ICICI Credit Card.

3. In case of non-payment of the minimum amount due on my ICICI credit card, is there any notice period that is granted by the bank?

   In case of non-payment of the minimum amount due, the period between the payment due date and billing date mentioned on the statement is considered as a notice period for reporting the cardholder as a defaulter.

4. Once the default report is sent to the concerned bodies, what’s the procedure for withdrawing it if I pay the minimum amount due on my ICICI credit card?

   The bank submits the cardholder's data to CIBIL every month and the sent data is uploaded by CIBIL onto its server in the next 30 days. On paying your dues, the bank would share your data with CIBIL and then CIBIL would update its server within 30 days.

5. Under the auto debit facility of payment of the minimum due, what happens if I pay an amount less than the minimum amount due before the due date?

   In such a situation where you make a payment before the due date, the differential amount would be debited on the due date.

6. Under the auto debit facility of payment of the minimum due, what happens if I pay an amount that is equal to or more than the minimum amount due before the due date?

   If you have already paid an amount that is equal to or more than the minimum amount due before the due date, no additional amount would be debited further.

7. How much more do I pay if I pay only the minimum amount due on my ICICI Bank credit card?

   The exact amount depends on the outstanding balance on your card and also on the period of time for which you pay only the minimum amount due. For example, by paying only the minimum amount due on a total outstanding balance of Rs.1 lakh, at 35% p.a., you would take 31 months to pay it off and incur interest of Rs.52,276.35. Therefore, it is suggested that you pay an amount which is as close to the total outstanding as possible.

8. Is the process of calculating the minimum amount due same for all ICICI Bank credit cards?

   Yes, the process to calculate the minimum amount due is same for all ICICI Bank credit cards.