Beware of ICICI Credit card

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I had one transaction of Rs 20k, which was reversed 1 day before the billing date. The same is not reflected in the statement I didn’t pay since there was no due amount the due amount is reversed. But today i saw 885 late payment is charged. I complained to customer care, he said you need to pay minimum amount to avoid charges, since you didn’t paid the minimum amount you need to pay the late charge. he can’t reverse the amount.

Rs 2000 Credit on the card
Transaction amount Rs 20k 1st July, 2019
Amount reversal date on ICICI website portal 13th July, 2019
Billing date Rs 14th July, 2019 (It didn’t reflect in the bill)
Bill amount Rs 18k
Due date 1st Aug, 2019
(2000 Cr as per current outstanding as per their system on 31st July, 2019)

36 Comments  |  
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Hey It’s rule in every credit card that You have to pay minimum due even if your reversals are more than due amount. If you don’t pay minimum, they every card would debit the charges. This process is followed by all credit card companies.

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manish.kumar19 wrote:

Hey It’s rule in every credit card that You have to pay minimum due even if your reversals are more than due amount. If you don’t pay minimum, they every card would debit the charges. This process is followed by all credit card companies.

Exactly! +1 plus1

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makeourdeal wrote:

I had one transaction of Rs 20k, which was reversed 1 day before the billing date. The same is not reflected in the statement I didn’t pay since there was no due amount the due amount is reversed. But today i saw 885 late payment is charged. I complained to customer care, he said you need to pay minimum amount to avoid charges, since you didn’t paid the minimum amount you need to pay the late charge. he can’t reverse the amount.

Why did you assume that the refund will come instantly and also that it will be adjusted in current billing cycle when only there was one day left in that billing cycle? Do they not mention that it may take 2-5 business days to reflect the amount in your credit card?

If you had any doubt then you should check credit card summery section on their portal/website. It shows what do you owe them on that time.

This is not just ICICI credit card thing but this practice is followed by all bank/cards.

Also, whatever you do. Never miss min bill payment even if you are expecting a 100% refund.

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Roushh wrote:

Why did you assume that the refund will come instantly and also that it will be adjusted in current billing cycle when only there was one day left in that billing cycle? Do they not mention that it may take 2-5 business days to reflect the amount in your credit card?

If you had any doubt then you should check credit card summery section on their portal/website. It shows what do you owe them on that time.

This is not just ICICI credit card thing but this practice is followed by all bank/cards.

Also, whatever you do. Never miss min bill payment even if you are expecting a 100% refund.

Amount reflected on the website portal 13th July, 2019,
Billing date Rs 14th July, 2019
Due date 1st Aug, 2019

I already have credit of Rs 2k on this card.

No bank charges for the transaction which is reversed as per their system before due date. I have experienced with major cards Amex, SBI , HSBC.

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manish.kumar19 wrote:

Hey It’s rule in every credit card that You have to pay minimum due even if your reversals are more than due amount. If you don’t pay minimum, they every card would debit the charges. This process is followed by all credit card companies.

Why customer will pay minimum amount is the current outstanding amount is 0. I have never experienced this with AMEX, SBI or HSBC.

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makeourdeal wrote:

Why customer will pay minimum amount is the current outstanding amount is 0. I have never experienced this with AMEX, SBI or HSBC.

You mean to say “you got the bill with zero amount”

So you didn’t pay the bill and ICICI charged the late payment?

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cyresh wrote:

You mean to say “you got the bill with zero amount”

So you didn’t pay the bill and ICICI charged the late payment?

2000 Cr on the card
Transaction amount Rs 20k 1st July, 2019
Amount reversed and reflected on the website portal 13th July, 2019,
Billing date Rs 14th July, 2019 (It didn’t reflect in the bill)
Bill amount Rs 18k
Due date 1st Aug, 2019
(2000 CR as per current outstanding as per their system on 31st July, 2019)

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makeourdeal wrote:

2000 Cr on the card
Transaction amount Rs 20k 1st July, 2019
Amount reversed and reflected on the website portal 13th July, 2019,
Billing date Rs 14th July, 2019 (It didn’t reflect in the bill)
Due date 1st Aug, 2019
(2000 CR as per current outstanding as per their system on 31st July, 2019)

I am in the opinion of respect your monthly credit card statement and pay accordingly on time. You could have avoided this scenario by contact the CC upon receipt of the statement.

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cyresh wrote:

I am in the opinion of respect your monthly credit card statement and pay accordingly on time. You could have avoided this scenario by contact the CC upon receipt of the statement.

There is some issue in the calculation. They simply don’t apply late fee if there is no outstanding.
I have received 0 amount bills several times and I didn’t pay them. No late charges whatsoever.

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makeourdeal wrote:

Amount reflected on the website portal 13th July, 2019,
Billing date Rs 14th July, 2019
Due date 1st Aug, 2019

I already have credit of Rs 2k on this card.

No bank charges for the transaction which is reversed as per their system before due date. I have experienced with major cards Amex, SBI , HSBC.

I don’t see any issue here, bank shouldn’t charge you.
Please talk to Grievance officer and get this sorted.

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cyresh wrote:

I am in the opinion of respect your monthly credit card statement and pay accordingly on time. You could have avoided this scenario by contact the CC upon receipt of the statement.

I didn’t do because no SMS reminder from ICICI. Everytime they send SMS reminder. I have never experienced this with my other cards.

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AppleFan wrote:

I don’t see any issue here, bank shouldn’t charge you.
Please talk to Grievance officer and get this sorted.

Yep, if they really made a mistake then he should talk to grievance officer. That should be the next step.

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Reversal transaction was missed on bill statement. Escalate the issue to higher authority.

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Guy_Next_Door wrote:

Reversal transaction was missed on bill statement. Escalate the issue to higher authority.

sent an email(could not complaint via website to nodal officer). my worry is only the CIBIL report. 100% on-time payment till now.

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makeourdeal wrote:

sent an email(could not complaint via website to nodal officer). my worry is only the CIBIL report. 100% on-time payment till now.

CIBIL,EXPERIAN can be rectified on complaining, it will take around 28days.

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Roushh wrote:

Yep, if they really made a mistake then he should talk to grievance officer. That should be the next step.

Sorry for off topic , I believe you hold an Icici savings account, can remember from one of your post, are you a wealth management customer ? I have a doubt.

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AnnamalaiNryaa wrote:

Sorry for off topic , I believe you hold an Icici savings account, can remember from one of your post, are you a wealth management customer ? I have a doubt.

Yes, I have a few ICICI bank savings accounts as well as credit cards. Except these two I don’t use any of their other services.

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Roushh wrote:

Yes, I have a few ICICI bank savings accounts as well as credit cards. Except these two I don’t use any of their other services.

How much do they charge for this wealth management.

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AnnamalaiNryaa wrote:

How much do they charge for this wealth management.

No idea. They contacted me several times for this but I have always declined. Didn’t try to find out the charges and all.

Is it any good?

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I have never faced this problem with HDFC credit card. (Credits, Refunds etc are auto adjusted in bill amount)

Conclusion is that for banks likes Axis, ICICI, we should pay full bill amount to avoid any hassles.

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Roushh wrote:

No idea. They contacted me several times for this but I have always declined. Didn’t try to find out the charges and all.

Is it any good?

No idea they did not ask me any permission I only have their credit card but have been assigned to their wealth management catogery, that’s why hunting for people who are already WM with Icici

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As on today, Citi credit cards are one of the best credit cards. Most of the time, they reverse most of the charges if you talk to them over phone banking. Axis/ICICI/HDFC phone banking people do not have authority to remove the charges. The support software don’t give the option to reverse the charges. Only second level support people have that option.

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AnnamalaiNryaa wrote:

No idea they did not ask me any permission I only have their credit card but have been assigned to their wealth management catogery, that’s why hunting for people who are already WM with Icici

I have their credit cards and bank accounts (2 of them) and i was given wealth management status with my 2nd account. This account is almost free. No cash deposit/withdrawal fee (anywhere), free cheque book, free DD, free NEFT/IMPS/RTGS, Free debit card and most important i dont have to wait when calling phone banking numbers. My call is transferred to wealth management section and almost picked up instantly. Never had to wait for more than a minute. With previous normal account, i was waiting for 10-20 min to talk to a customer care representative.

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DaBomb wrote:

I have their credit cards and bank accounts (2 of them) and i was given wealth management status with my 2nd account. This account is almost free. No cash deposit/withdrawal fee (anywhere), free cheque book, free DD, free NEFT/IMPS/RTGS, Free debit card and most important i dont have to wait when calling phone banking numbers. My call is transferred to wealth management section and almost picked up instantly. Never had to wait for more than a minute. With previous normal account, i was waiting for 10-20 min to talk to a customer care representative.

Perfect,  checks out with what my WM advisor said to me,  and I can confirm the phone gets connected to my advisor almost within 30 sec

Thanks a lot, 

@Roushh

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ICICI bank has been principally cheater.
I had bitter experience with them about 18 years back, when they sent me a statement of about Rs 50 for some charges on my credit card account which was closed 2 years back. I provided them the detail of my account closure and no payment was due at that time and asked for the detail of what kind of charge that was, their cc were not able to provide me any answer other than that their system was undergoing some problems and they cannot get the detail. I continued to get the statement for next 6 months with late payment charges added but the stupid cheaters could not get me an answer what this charge was due for.
Eventually I paid them around Rs 200 to get rid of this and save my credit ranking. I decided to not to have any ICICI account in future.

But recently I got greedy with the features of ICICI Amazon pay card and went for it. Keeping my fingers crossed though………………

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Sent an email to senior management. They reversed the charges

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