This paper deals with a study of intergranular failure by creep cavitation under stress-controlled cyclic loading conditions. Loading is assumed to be slow enough that diffusion and creep mechanisms (including grain boundary sliding) dominate, leading to intergranular creep fracture. This study is based on numerical unit cell analyses for a planar polycrystal model with the grains and grain boundaries modeled individually, in order to investigate the interactions between the mechanisms involved and to account for the build-up of residual stress fields during cycling. The behaviour of a limiting case with a facet-site microcrack yields important insight for damage accumulation under balanced loading. Under unbalanced loading, the time-average accumulation of creep cavitation gives rise to macroscopic ratchetting, while its rate is demonstrated to depend subtly on material and loading conditions.