Credit cards can be costly if you miss timely repayment of dues, as the interest rates charged by lending institutions can have a big impact on your personal finances as well as your credit score. And with the recent rate hikes by the Reserve Bank of India (RBI), variable annual percentage rates (APRs) on many credit cards began to climb even higher.
Indian public and private sector banks provide credit cards to eligible individuals to help meet their short-term financial needs. Here is the interest rate charged by the main Indian banks to help you prepare your credit card application.
Summary
Credit card interest rate
The above credit card interest rates are updated as of October 18, 2022. While we update this information regularly, the interest rate and loan details may have changed since the last update. page day.
Related: Apply for the best credit cards of 2022.
Check your credit card eligibility criteria
Credit history and repayment capacity are the two most important factors that determine eligibility for a credit card. The bank would assess those:
Credit score: 700 and more.
Minimum age: 21.
Current income and credit use behavior.
Credit card fees and charges
Credit cards can become costly if one misses the timely repayment of dues, which ultimately leads to a debt trap. Beginners should be fully aware of the fees that apply:
Related: How to get a credit card for the first time.
Frequently Asked Questions (FAQ)
How to choose your first credit card
Carefully internalize the most important terms and conditions document (MITC) and know all applicable charges on the credit card. Lily how to get a credit card for the first time for more details.
What is a good credit score?
What are EMIs on credit card purchases?
How long is the free credit?
What is credit card payment?
