The Annual Interest Rate For Credit Card
Financial charges like the cost of borrowing money and credit card interest rates differ depending on the card and the issuer. Before applying for one, you must know the interest rate applied to a credit card.
Credit card interest rates, unlike other loans, are frequently unrelated to the borrower's creditworthi- ness and ability to pay back the balance. A fixed financing fee applies to all credit cards and is the same for all users.
Interest Rates on Credit Cards
When you have a balance on your account or have acquired a cash advance, you will be charged interest on your credit card. This may occur in the following circumstances:
- If you merely make the bare minimum payment due.
- When a payment is made that is less than the whole amount owed, if you altogether avoid paying.
- The moment you've used your credit card to make an ATM withdrawal.
Interest Rates of Top Credit Cards In India 2022
Keep a low-interest rate in mind when picking your ideal credit card. The following list includes some of the credit cards and the interest rates associated with them:
| Credit Card | Interest Rate per month | Annual Percentage Rate (APR) |
|---|---|---|
| Axis Bank Ace Credit Card | 3.6% | 52.86% |
| SBI Card ELITE | 3.50% | 42% |
| HDFC Regalia Credit Card | 3.6% | 43.2% |
| Flipkart Axis Bank Credit Card | 3.4% | 49.36% |
| Amazon Pay ICICI Credit Card | 3.5% to 3.8% | 42% to 45.6% |
| Citi PremierMiles Credit Card | 3.75% | 45% |
| HDFC Millennia Credit Card | ||
| Standard Chartered Digismart Credit Card | 3.75% | 45% |
| HSBC Cashback Credit Card | 3.49% | 41.88% |
| HDFC Bank Diners Club Privilege | 3.6% | 3.6% |
Low-Interest Rate Credit Cards In India 2022
For credit cards in India, an interest rate between 1.5 per cent to 2.99% is considered low. Here is a list of low-interest credit cards below to assist you in making the best decision:
| Kotak Mahindra | Kotak Mahindra Best Price – Premium Card | 1.5% |
| HDFC Bank | HDFC Diners Club Black Credit Card | 1.5% |
| HDFC Bank | HDFC Infinia Credit Card Metal Edition | 1.99% |
| ICICI Bank | ICICI Bank Instant Platinum Credit Card | 2.49% |
| Bank of Baroda | Bank of Baroda Signature Visa Credit Card | 2.6% |