Amazon Pay ICICI Bank Credit Card has no joining fee and no annual charges, according to reporting by Livemint. The card also offers cashback, Prime benefits and rewards on orders.
For you, that means the card costs nothing just to own. You only pay if you carry a balance or miss a due date.
Key takeaways
- The card has no joining fee and no yearly charges, as reported by Livemint.
- It offers cashback, Prime benefits and rewards on orders.
- A free card still charges interest on unpaid bills.
- It suits people who shop online often and pay in full.
- Read the latest terms before you apply.
How a no-fee credit card works
A card with no joining fee costs nothing to get. No annual charge means it costs nothing to keep. So how does the bank earn? It takes a small cut from shops each time you swipe. It also earns interest from people who don't pay in full.
Cashback means a part of your spend comes back to you. It usually shows up as a credit on your bill or account. Rewards work a little differently. You earn points on your spends and swap them later for things you want.
The Livemint report, as we read it, doesn't give exact cashback rates here. So check the bank's own page for them. Rates and rules can change, so always read the latest terms.
What it means for your money
Here's a simple example. Say a card charges ₹500 a year as a fee. Over five years, you'd pay ₹2,500 before you earn a single reward. A card with no fees skips that cost. This is only an example, not the old fee of any real card.
| Item | Card with ₹500 yearly fee (example) | Card with no fee |
|---|---|---|
| Fee in year 1 | ₹500 | ₹0 |
| Fees over 5 years | ₹2,500 | ₹0 |
| Rewards needed to break even | ₹2,500 | Nothing |
The big catch is interest. Many cards charge about 3.5% a month on unpaid dues. That's around 42% a year. On ₹10,000 left unpaid for a month, you'd owe about ₹350. One late month can wipe out a lot of cashback.
Who should look at this card
People who shop online often will get the most use. Prime members may find the extra perks handy. Anyone who pays the full bill every month comes out ahead.
Be careful if you often miss due dates. A free card is still borrowing. If you're new to credit, approval depends on your income and credit score. Try our eligibility check first. Applying to many cards in a row can hurt your score.
What to do before you apply
Take a few minutes to go through this list:
- Read the cashback and reward terms on the bank's page.
- Check if cashback has a monthly limit.
- Look at the interest rate and the late fee.
- Turn on autopay for the full amount due.
- Compare it with your current card's yearly cost.
If you also borrow in other ways, see today's interest rates to know your full costs. For more stories like this, visit the news hub.
Frequently asked questions
Does the Amazon Pay ICICI card really have no annual fee?
According to Livemint's reporting, yes. It has no joining fee and no annual charges. Terms can change, so confirm with the bank before you apply.
Can I still pay interest on a no-fee card?
Yes. If you don't pay your full bill by the due date, interest applies. Late fees can apply too.
Is a no-fee card always the best choice?
Not always. A card with a fee may pay more rewards if you spend a lot. Compare cashback caps and your own spending habits first.
BankCreds analysis
A free card is not a free lunch. The real cost of any credit card is the interest, not the fee.
Take a shopper who spends ₹15,000 a month and pays in full. Zero fees means every rupee of cashback is pure gain. Now take someone who leaves ₹15,000 unpaid for one month. At about 3.5% a month, that's roughly ₹525 in interest. That can erase months of rewards.
What this does not mean
No annual fee doesn't make this card the best for everyone. Cashback is often capped, and the best rates may apply only on one shopping site. If you shop elsewhere, another card could pay you more.
This week, do one thing. Check your last three months of spending. If most of it is online shopping you pay off on time, this card is worth a look.
This section is BankCreds' own assessment of what the development means for Indian borrowers and savers. It is independent commentary, not part of the source reporting above.
Source & references
- Livemint — originating report https://www.livemint.com/money/personal-finance/amazon-pay-icici-bank-credit-card-no-joining-fee-no-annual-charges-cashback-prime-benefits-and-rewards-on-orders-11792831525978.html
Source links are shown as plain text, not clickable links. Copy a URL into your browser to read the original report.
Editorial note & disclaimer
How this was reported. The development above is attributed to the source or sources listed. BankCreds does not independently verify a third party's reporting; where a figure or a regulatory position is stated as fact, it is either attributed or drawn from the regulator's own published material. Everything under "BankCreds analysis" is our own assessment.
Rates and figures. Interest rates, per-gram values and premium bands quoted here are indicative, move daily, and differ by borrower profile, city and lender policy. Confirm the final number with the institution before you act on it — the sanction letter or policy schedule governs, not a news report.
Not financial advice. This article is general information for an Indian audience. It is not investment, tax, credit or insurance advice, takes no account of your circumstances, and BankCreds is not a lender, broker, distributor or advisor. Consider speaking to a SEBI-registered investment adviser or a qualified professional before acting.
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