Credit cards are an indispensable part of our financial lives for their speed and ease of use. Mostly, you use them to make transactions such as paying home rents, medical bills, etc. Moreover, you can take care of emergency expenses, for its buy now, pay later quality. However, you must pay your dues in time.
Therefore, find a credit card option that suits your purpose the most. Here, you will find the various types of credit cards option and all you need to know about the ICICI credit card payment.
Credit Card Options for ICICI Bank
There are several ways you can pay your credit card bill. The easiest way is to do it online as they take only a few minutes. Here are some of the popular online payment methods for ICICI bank credit cards:
1. Through Internet Banking
You can pay your credit card bills directly from the ICICI Bank Internet Banking portal. Follow these simple steps:
Step 1: Go to internet banking portal and enter your credentials to log in
Step 2: Next, go to the “Credit Card” section of the internet banking portal
Step 3: Here, select your ICICI credit card type and pay the bill. The money will be debited from your account instantly.
2. Through Online Credit Card Portal
You can pay your credit card bill using the following steps:
Step 1: Navigate to the online portal of ICICI bank
Step 2: Now, enter your log in details to start the payment for your credit card bill
Step 3: You will now be redirected to the payment gateway
Step 4: From there, select a preferential payment mode (net banking or debit card) to continue with your payment.
Step 5: After payment completion, the page will automatically redirect you to the portal again.
You can now see the payment details almost instantly.
3. Through UPI
If you have a relevant digital wallet and a linked UPI IDI, you can follow these simple steps to make your credit card payment:
Step 1: First, log in your UPI app from your smartphone
Step 2: From there, start your payment with UPI ID.
Step 3: Fill in the UPI ID linked to your Credit Card.
Step 4: Next, you can make the payment easily from your digital UPI app.
4. Through NEFT or IMPS
Immediate Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) makes your credit card payment much easier. Here is what you need to do:
Step 1: First, use your net banking credentials to Log in your internet banking gateway.
Step 2: From there go to the “Fund Transfer” section
Step 3: As your account payee beneficiary add your credit card details.
Step 4: Now, under the account number tab, enter your credit card number
Step 5: Next enter your IFSC code.
Step 6: After adding the payee beneficiary, you can choose between NEFT and IMPS to proceed with the payment.
Note that this method may take a few days to process your payment. Therefore, you must initiate the payment before the due date.
Charges Levied on ICICI Credit Card Payments
A credit card contributes majorly in times of emergencies or urgent payments. It lets you take care of major responsibilities without worrying about repaying the money instantly. However, there are certain limitations that credit cards pose as well. For instance, when you make large transactions using your credit card, it increases your repayment burden, thereby affecting your credit repayment history and credit score.
That said the ICICI Bank has incorporated a new rule as of September 2022, where extra charges will be levied for making rent-related payments from their ICICI credit card. As such, every transaction will now be subject to a 1% surcharge on top of other fees, resulting in a significant increase in the total amount you will have to pay.
The main goal of this increase in charges is to prohibit the practises of misrepresenting personal connections as landlord-tenant ties in order to conduct such cash transfers.
How Does the Levied Charges Affect You Credit Card
When the levied charges increase, the burden of your credit card bill repayment will automatically go higher. When you make large transactions of thousands of rupees on rent, the credit card bill also has to be covered. A higher amount may delay your payment process, affecting your financial profile in various ways, such as:
- Reducing your credit score when you fail to make timely payments, or default in repaying.
- Higher Utilisation of ratio will reflect from higher expenses made due to rent payments.
- Higher chances of your credit card to max out when your monthly rents depend on it.
- The larger transaction you make would require higher limit on your credit card, which will also increase the interest rates. Moreover, when you fail to make these payments on time, it may contribute to a higher interest rate as well.
The ability to easily obtain finance is a credit card’s greatest benefit. In fact, with the new, various ICICI credit card payment methods, such as UPI, internet banking, etc. payments are now easy and quick. However, making transactions such as paying house rents can upsurge your repayment burden, affecting your credit score and interest rates. Therefore, ICICI bank has made a rule about credit card payments, increasing the charges by 1% for making any rent-related payment. This not only saves you from a huge repayment burden, but also prevents financial misconducts. So, opt for a reliable credit card, such as the ICICI platinum credit card.