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ICICI Credit Card 18000 Interest charged by ICICI for missing 500rs cc payment

I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
Yes, this is how things work, unfortunately for you.

After how long did you notice this? Only icici bank can help you. They can waive it off, but it depends on how late you were in making the payment.
 
Yes, this is how things work.

After how long did you notice this? Only icici bank can help you. They can waive it off, but it depends on how late you were in making the payment.
Noticed the next day after charges being seen in statement. It is 3 days after due date.
 
I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount.
Shit 😐
Is this in line with RBI guidelines?
No, the interest shall be lived from the date of transaction on outstanding balance, not on total due amount as per statement.
Is there any way to reverse or reduce the charges?
Yep, it can be reduced by mailing them quote RBI Circular's direction, 9 (b) (vi) Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (Updated as on March 07, 2024). Use their escalation matrix and if you won't succeed there then better to report RBI BO and claim good amount of compensation.

For reversal (no guarantee), you can ask based on your past relationship and tell them to consider that you had never defaulted before and give some considerable reason for missing the payment.
 
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I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
If you have been making regular payments to ICICI, then I suggest that you can maybe request a senior customer care personnel to cancel the interest levied on account of your past timely payments.
 
I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?

Update: Requested customer care and got 12k refund. I have escalated the issue again to check possibility of getting full refund.
 
I'm asking totally in curosity.
How did you missed the payment? I mean did you manually entered the amount?
 
Shit 😐

No, the interest shall be lived from the date of transaction on outstanding balance, not on total due amount as per statement.

Yep, it can be reduced by mailing them quote RBI Circular's direction, 9 (b) (vi) Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (Updated as on March 07, 2024). Use their escalation matrix and if you won't succeed there then better to report RBI BO and claim good amount of compensation.

For reversal (no guarantee), you can ask based on your past relationship and tell them to consider that you had never defaulted before and give some considerable reason for missing the payment.

Update: Requested customer care and got 12k refund. I have escalated the issue again to check possibility of getting full refund.
On what basis did they refund only 12k? Anyways now go through the mail channel and directly escalate to pno with above RBI directive. At most you should be paying Rs 50 as interest + gst. Also rasie this on twitter if you are an active member.
 
On what basis did they refund only 12k? Anyways now go through the mail channel and directly escalate to pno with above RBI directive. At most you should be paying Rs 50 as interest + gst. Also rasie this on twitter if you are an active member.
As a gesture of goodwill and in recognition of our past relationship, they are offering a refund.
 
I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
From Statement Generation Date of 260k till Next Statement Generation Date , How much amount you had Utilized ?

Free Credit Period Ceases to Exist once you default even for Rs.1 and Hence Interest Charges.

Refer to Post shared by @shrewdoc earlier in this thread to know How interest Calculation works.
You can even calculate yourself.
 
There's a grace period of upto 3 days after the due date to pay the fees - RBI
If you have paid on or before 3 days you should get it waived off.
 
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