ICICI Bank British Airways Premium Credit Card Settlement
Learn how to settle your card dues smartly and maintain a good credit score.
Understand Settlement
What is Credit Card Settlement? It’s an agreement between you and ICICI Bank to pay less than your total outstanding dues.
Why Settlement Happens?
Reasons for Settlement - Financial hardships - Job loss - Medical emergencies - Inability to manage high-interest rates
Impact of Settlement
Settlement Affects Your Credit Score ICICI Bank marks your credit profile as "Settled" instead of "Closed," which can lower your CIBIL score.
When to Consider Settlement?
Choose Settlement Only If: - You genuinely cannot repay the full amount - Other repayment options, like EMI conversion, have failed - You are facing long-term financial issues
Steps to Settle Your ICICI British Airways Card
Simple Steps: - Contact ICICI Bank Customer Care - Request for a settlement option - Negotiate the payable amount - Get a written settlement offer - Make the payment as per the terms
Important Documents
Documents Required: - Identity Proof - Income Proof (if asked) - Hardship Letter (optional, but helps) - Settlement Agreement Copy
Get a No Dues Certificate
After Payment: Always collect a No Dues Certificate and Settlement Letter from ICICI Bank as proof.
Rebuilding After Settlement
How to Repair Your Credit Score: - Pay other EMIs/credit card bills on time - Keep credit utilization low - Apply for secured credit cards - Monitor your credit report regularly
Final Advice
Plan Wisely Before Settling! Settlement can give short-term relief but may hurt long-term financial goals. Explore all options before deciding.