ICICI Bank Credit Card
Faulty interest rate charge procedure

Hi,

Interest rate is maximum of 49.36% annualized in case of default.

Lets say you take a credit of Rs 100, 000.00 and your due date is 17th August. Now you pay 99, 999.00 before your due date and Rs 1.00 is left out.

ICICI for your next billing period will charge interest rate of 49.36% annualized on Rs 100, 000 (and not Rs 1) and some more service tax.

Well isnt this plain cheating?