Credit Card’s come with very high interest rates. According to our calculation, Indian Credit Card companies charge around 41% Interest rate on average on credit card bill payments.
What is Credit Card Interest Rate?
Credit Cards come with an 45 to 50 day interest free period. From the day of your credit cycle to the bill dues date, you aren’t charged any interest rate
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Upon this you can pay the bill in full or you can pay a minimum due amount. If you make the full payment you dot have any interest; However, if you make no payment or minimum due amount, you’re charges an interest rate on the remaining amount.
The interest rate (APR) on average in India is about 41%.
Here’s a list of Credit Card Interest Rate for every credit card.
|Card Company||Min APR||Max APR|
|Standard Chartered Bank||23.88%||41.88%|
|South Indian Bank||30%||40.2%|
|Bank of Baroda||31.20%||39%|
|Bank of Maharashtra||30%||40.2%|
|Indian Overseas Bank||24%||24%|
|Jammu & Kashmir Bank||36%||36%|
|Karur Vysya Bank||30%||40.2%|
|Lakshmi Vilas Bank||30%||40.2%|
|Union Bank of India||15.6%||22.8%|