ICICI Bank introduces Amazon Pay Card in association with the Amazon dot in and Visa. This is a lifetime free credit card which means you don’t need to pay any kind of fees for this. Just keep paying the monthly bills of your credit card to save yourself from the burden of debt. Because late payment of the credit card bills accrued penalty interest on your account. If this is not paid, it will keep on increasing and in no time you will be in a huge debt. The monthly rate for the overdue credit is 3.5% – 3.8% and the same rate will apply to your cash advances. So if you get this credit card from the ICICI Bank do maintain it otherwise be prepared for the consequences. In this article below you will learn more about the Amazon Pay ICICI Bank Credit Card and its charges.
What Will happen on Late Payment of Amazon Pay Card?
If you forget to pay the credit card bill of your ICICI Amazon Card, your due amount will be added with the following charge –
INR 100
If the due bill is between INR 100 and 500, the bank will charge INR 100 over it. It means you will have to pay INR 600, provided your due bill is INR 500.
INR 500
When your due amount is more than INR 500 but less than INR 10,000, the late payment fee is INR 500 for you. By paying the due amount as soon as possible you can stop this late payment from increasing. Because if it is not paid, that charge will keep on adding as the month goes.
INR 750
In case of more than INR 10,000 due amount, the late charge will be INR 750 on your billing statement.
You should know that late payment of a credit card not only puts a financial burden on you but also ruins your credit rating. So if you want to maintain a healthy credit record, keep paying your credit card bills. A poor score makes you credit greedy or a less reliable person in front of a lender. To avoid this you can pay the bills with the late payment charge to remove it from your record. Because the due amount stays on your statement cycle, the same will be displayed on your credit report as well.
What Other Charges Do I Need to Take Care of?
Well, the late payment fee is not your only concern. A credit card comes with many additional charges. Let’s take a look at them below –
Over-limit Fees
When the Amazon Pay credit card is used over the assigned limit, the bank will charge 2.50% on your overused amount. This charge is subject to a minimum of INR 500. So whenever you use this ICICI Credit Card over the limit, do know that you need to pay this charge along with the monthly bill.
Return of Cheque
If you are paying the credit card bill via cheque, in case the cheque is returned due to insufficient balance or any other reason, 2% of the total due amount will be charged on your next payment. This fee could be a minimum of INR 450. So while paying your credit card bills with any mode of payment whether ECS, cheque, etc. du make sure you have enough money in your account to pay the bills. Because the payment fails, a penalty charge needs to be paid.
Fuel Surcharge
A surcharge applies to your credit card transaction when you use it for fuel refilling. But the Amazon Pay credit card comes with a waiver of 1% on your transaction value at all petrol pumps. So this card also meets the requirement of your Best Credit Cards for Fuel in India. So apply for this card and take care of the fees mentioned in the article above.
Check Also: Aadhaar Update History
