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A cut above the rest

Larissa Fernand

With the current rage amongst credit card issuers centering around debit and international cards, ICICI Bank has decided to hit the market with an Internet facility on its three cards: True Blue, Sterling Silver and Solid Gold. Though they are currently issued only in Mumbai, within a short time they should be available all over the country. All details about payment, viewing and printing of statements, outstanding amount and due date, application for a new card or add-on card can be accessed over the Internet.

You also have the option of deciding what your monthly credit line should be. Of course, you are not permitted to set it above a particular limit which will be imposed by the bank. But if you want it lowered for a particular month to curb any excessive spending, you can issue an instruction to this effect over the Net.

In case the Internet facility fails to woo you, the bank has decided to dangle another carrot to those in debt. For those revolving credit on their cards, the bank is offering to take over this credit at just 1.75 per cent per month (Sterling Silver card) and 1.5 per cent per month (Solid Gold card), the latter being the lowest you will get in the market.

Though amounting to 21 per cent and 18 per cent respectively on an annual basis, this is a substantial savings on the market rate which hovers between 2 to 2.95 per cent on a monthly basis amounting to 24 to 35 per cent per annum. The only hitch: this interest rate on the ICICI Bank credit card is valid only for six months after which interest will be charged at 2.5 per cent.

Other players in the market offering revolving credit facility are Standard Chartered Bank at 1.75 per cent a month for the first six months after which 2.95 per cent per month is levied, and American Express at 1.99 per cent a month only on the balance that is transferred to their card. Revolving credit on the Amex card will cost you 2.39 per cent per month.

The international usage benefit is restricted to the Solid Gold card. This card competes with all the credit cards offered by Standard Chartered, American Express, CitiBank and HSBC. The advantage here: an application fee of just Rs 300 and an annual fee of Rs 1,200 which is substantially lower than the Rs 2,000 a year in other Gold cards. Moreover, a rewards programme is also available like in other international cards.

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