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ICICI Bank credit card dues moratorium: How it works and the charges

ICICI Bank, along with issuing details on availing the moratorium on loans, also issued a set of FAQs on moratorium for credit card dues.

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Last Updated: Apr 01, 2020, 01.31 PM IST
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On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. RBI also stated that the moratorium will apply to credit card dues as well.

ICICI Bank, along with issuing details on availing the moratorium on loans, also issued a set of FAQs on moratorium for credit card dues. All of these details are available on the bank's website.

The borrower(s)/ customer(s) can choose to OPT-IN or OPT-OUT, for availing of the Moratorium in respect of the credit facility(ies) availed.

ICICI Bank has, as per the Bank’s approved policy extended Moratorium to the borrower(s)/customer(s) for certain loans/ credit facilities such as Kisan Credit Card (KCC), Farm Equipment (FE), Self-Help Group (SHG)/Joint Lending Group (JLG)/Loans given through Business Correspondent (BC), Jewel Loan, Corporate Farmer Finance, Business Lending -Unsecured (Current Account Over Draft/Small Business Loan/Roaming Protect/Loan Against Credit Card Receivable, Dealer Funding, Working Capital/Trade Advance to Auto Dealers, Commercial Business, Working Capital/Trade Advance to Commercial Business customers, Consumer Finance, Two Wheeler Loans.

With respect to above loan/ credit facilities if the borrower(s) / customer(s) (whose cash flows are not impacted) do not wish to avail of the Moratorium, borrower(s) / customer(s) may OPT-OUT from the Moratorium by clicking on the link shared with the borrower(s) /customer(s) by the Bank through (i) SMS or (ii) e-mail. You may also visit ICICI Bank’s website www.icicibank.com failing which it will be deemed that borrower/ customer has opted for Moratorium.

In respect of all other types of facilities, borrower(s)/customer(s) will need to specifically OPT-IN for availing of Moratorium and postponement of payments falling due for payment between the period beginning Mar 01 until May 31, 2020.

In case of customer(s)/ borrower(s) enjoying multiple credit facility(ies) from the Bank, the Moratorium option will have to be exercised individually/ separately for each type of credit facility.

  1. Do I need to pay my Credit Card outstanding during the moratorium period?
    No, payment needs to be made during the moratorium period. During the moratorium period, as per the billing cycle dates, interest charges (at standard interest rate as per the card variant in accordance with the applicable terms and conditions) will be levied.
  2. What would be the interest accrued/charged on my Credit Card dues?
    For all Credit Card dues (including any unpaid EMIs till the respective payment due date), standard interest rates of the card variant as per the applicable terms and conditions will be levied. For all EMI transaction, the interest rate specified at the time of availing of EMI facility would be levied.
  3. Can I make payment if I opt for moratorium on Credit Card?
    Yes, you can make payment against the outstanding amount during moratorium period. The interest would be levied only for remaining outstanding amount (as per standard interest rate of the card variant as per the applicable terms and conditions).
  4. Will Late Payment charges be levied during moratorium period?
    If you opt for moratorium on your Credit Card, no late payment charges will be levied.
  5. Will the interest be charged from due date of payment or purchase date?
    The interest will be levied from purchase/transaction date as per standard interest rate of the card variant as mentioned in the applicable terms and conditions.
  6. For all purchases made on the Credit Card during moratorium period, will I be charged interest?
    Any unpaid dues in moratorium period will also attract interest charges (as per standard interest rate of the card variant as mentioned in applicable terms and conditions) if not paid within its interest-free period (Grace period) i.e. by the respective payment due date.
  7. When do I need to make the payment after Moratorium period is over?
    The payment for all unpaid balances, EMIs as on date of Moratorium application, all new transactions done between Moratorium start date till May 31, 2020 and interest charges levied during the period need to be made as per your Jun 2020 billing cycle’s payment due date.The amount mentioned in your Jun 2020 statement would include all previous outstanding against which payment is not done, principal amount on transactions done during Moratorium period and interest levied on these transactions and interest on Personal Loan on Credit Card (PLCC) and EMI transactions.
  8. If I avail of the Moratorium facility, how will my EMIs be recovered after the period is over for Credit Card transactions? Is it single debit of all the EMIs put together or will my EMIs will be debited monthly as usual?
    As EMIs are billed in your regular Credit Card statement cycle, EMIs would continue to be billed in your statement as per the original amortisation schedule.For example, if your EMI was to be billed on Apr 15, May 15 and Jun 15, and you have availed of the moratorium benefit on Apr 05, the EMIs would still be billed on Apr 15, May 15 and Jun 15. The payment for these billed transactions will need to be done as per the payment due date of the Jun 2020 statement to avoid any penal late payment.In case of non-payment of statement dues (which includes EMIs billed) by the respective payment due dates, interest charges will accrue at the standard interest rates (as per standard interest rate of the Credit Card variant as mentioned in the applicable terms and conditions).
  9. Will my Credit Card statement be generated during the moratorium period?
    Yes, the Credit Card statements will be generated and shared during the moratorium period, but no payment needs to be made against the same.In case of non-payment of total statement dues by the respective payment due dates, interest will be accrued at standard interest rate (as per standard interest rate of the Credit Card variant as mentioned in Credit Cards Most Important Terms and Conditions) and levied in statements generated during the moratorium period also, which will need to be paid after the end of moratorium i.e. by payment due date of Jun 2020 statement.
  10. I have set an auto debit on my Credit Card for payment. Will the auto debit facility be triggered during moratorium period?
    Auto debit will not be triggered during the moratorium period if you have opted in for moratorium. Auto debit facility would be restored from Jun 2020 statement cycle at premoratorium configuration.
  11. I have multiple Credit Cards of ICICI Bank; can I opt for moratorium on only one of my cards?
    No, if you opt for moratorium on any one Credit Card, it will be applicable on all Credit Cards held by you.
  12. Can I close my PLCC / EMI on Credit Card (CC) / EMI on Debit Card (DC) / Balance Transfer during moratorium period?
    If you opt in for moratorium, you will still be allowed to close any of the PLCC / EMI on CC /EMI on DC / Balance Transfer during moratorium period as per the existing terms and conditions applicable to the respective products/facilities.
  13. Will I earn reward points on the transactions done during moratorium period?
    You will keep on earning reward points on your transactions as per your card’s policy. The rewards will be credited in your PAYBACK/MMT/Amazon/Intermiles Account, post statement generation in moratorium period also.
  14. Will I be able to change my statement cycle during moratorium period?
    If you opt in for moratorium, you will not be able to change your statement cycle.
  15. Will I be able to transact with my Credit Card during the moratorium period?
    If you opt in for moratorium, while you will be able to transact, your transaction privileges may be modified as per the discretion of the Bank during the moratorium period.
  16. What all cards are applicable for moratorium period?
    All ICICI Bank Credit Cards, ICICI Bank Cobrand Credit Cards and ICICI Bank Business Credit Cards are eligible for moratorium.

Also Read

ICICI Bank extends moratorium on credit card dues: Here's how it will work

Kotak Mahindra Bank moratorium on credit card dues: What are the terms and conditions

Moratorium on loan EMIs, credit card dues will have an interest cost

Repayment moratorium covers all loans, including credit card dues: RBI

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