1. What is ICICI Credit Card Interest?

The ICICI credit card interest is calculated on the outstanding principal balance using the annual percentage rate (APR) converted to a monthly rate. It represents the cost of carrying a balance on your ICICI credit card.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( I \) — Monthly interest (INR)
• \( P \) — Principal balance (INR)
• \( R \) — Monthly interest rate (APR / 12 as decimal)

Explanation: The equation calculates the monthly interest charge by multiplying the principal balance by the monthly interest rate (APR divided by 12).

3. Importance of Interest Calculation

Details: Understanding your monthly interest helps in financial planning, debt management, and making informed decisions about credit card payments.

4. Using the Calculator

Tips: Enter your current principal balance in INR and your card's APR percentage. All values must be valid (principal > 0, APR between 0-100).

5. Frequently Asked Questions (FAQ)

Q1: What is ICICI Bank's typical credit card APR?
A: ICICI credit cards typically have APRs ranging from 36% to 48% annually (3% to 4% monthly).

Q2: How can I avoid paying interest?
A: Pay your statement balance in full by the due date each month to avoid interest charges.

Q3: Does this include other fees?
A: No, this calculates only interest. Late fees, annual fees, or other charges are not included.

Q4: Is interest compounded daily?
A: Most credit cards calculate interest daily but charge it monthly. This calculator shows the monthly charge.

Q5: How accurate is this calculator?
A: It provides a good estimate, but your actual interest may vary slightly based on your billing cycle and payment timing.