Credit cards can be expensive if you miss out on timely repayment of dues as interest rates levied by lending institutions can heavily impact your personal finance as well as credit score. After the Reserve Bank of India (RBI) extended relief to consumers continuing pause in rate hikes currently at 6.50%, amid rise in retail inflation prices, most banks have continued to pause their finance charges or interest rate levied on credit cards.
Here’s a list of interest rate, or finance charges applied by major public and private banks on your credit card purchases of retail goods and cash transactions when the equated monthly installment (EMI) begins.
Featured Partners
1
HSBC Cashback Credit Card
Annual fees
INR 999 (which will be reversed if the total annual spend exceeds INR 200,000)
Cashback features
10% accelerated cashback on dining, food delivery and grocery spends (up to INR 1000 per billing cycle); 1.5% unlimited cashback on other spends* (exclusions apply)
Other benefits
4 complimentary domestic lounge visits per year (1 visit per quarter)
2
SimplyCLICK SBI Credit Card
Welcome Benefit
Amazon gift card
3
Standard Chartered Rewards Credit Card
Rewards
4 reward points* per INR 150 on all retail spends (excluding government, insurance and fuel spends)
Joining Fees
Nil (2nd year onwards the annual fees will be reversed on spends of INR 3,00,000+ in the previous year)
Fuel Surcharge Waiver
Upto 1% Fuel Surcharge waiver (terms and conditions apply)
4
Kotak Bank Mojo Platinum Credit Card
Rewards on spending:
Get 2.5 points for every INR 100 spent on e-commerce and 1 point on other purchases.
Milestone Gift:
Earn 2500 Mojo points quarterly for spending INR 75,000
Fuel Surcharge Waiver:
1% fuel surcharge waived for transactions between INR 500 to 3,000
5
ICICI Platinum Chip Credit Card
Key Feature
2 reward points per Rs. 100 spent on retail, fuel surcharge waiver, save up to 15% on dining bills at partner restaurants
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Credit Card Interest Rate for November 2023
Related: Best Credit Cards In India for 2023.
Eligibility Criteria for Credit Card
One’s credit history and repayment capacity are the two most important factors that determine credit card eligibility. The bank would assess one’s credit score (700 and above), current income and credit utilization behavior, and the minimum age should be 21 to apply for a credit card.
Featured Partners
1
HSBC Cashback Credit Card
Annual fees
INR 999 (which will be reversed if the total annual spend exceeds INR 200,000)
Cashback features
10% accelerated cashback on dining, food delivery and grocery spends (up to INR 1000 per billing cycle); 1.5% unlimited cashback on other spends* (exclusions apply)
Other benefits
4 complimentary domestic lounge visits per year (1 visit per quarter)
2
SimplyCLICK SBI Credit Card
Welcome Benefit
Amazon gift card
3
Standard Chartered Rewards Credit Card
Rewards
4 reward points* per INR 150 on all retail spends (excluding government, insurance and fuel spends)
Joining Fees
Nil (2nd year onwards the annual fees will be reversed on spends of INR 3,00,000+ in the previous year)
Fuel Surcharge Waiver
Upto 1% Fuel Surcharge waiver (terms and conditions apply)
4
Kotak Bank Mojo Platinum Credit Card
Rewards on spending:
Get 2.5 points for every INR 100 spent on e-commerce and 1 point on other purchases.
Milestone Gift:
Earn 2500 Mojo points quarterly for spending INR 75,000
Fuel Surcharge Waiver:
1% fuel surcharge waived for transactions between INR 500 to 3,000
5
ICICI Platinum Chip Credit Card
Key Feature
2 reward points per Rs. 100 spent on retail, fuel surcharge waiver, save up to 15% on dining bills at partner restaurants
Fees And Charges Of Credit Card
Credit cards can become expensive if one misses out on timely repayment of dues, which eventually leads to a debt-trap. First-timers should be totally aware of the charges that are applied for:
Related: How to get a credit card for the first time.
Frequently Asked Questions (FAQs)
How To Choose Your First Credit Card
Carefully internalize the most important terms and conditions (MITC) document, and know all the charges that are applicable on the credit card. Read how to get a credit card for the first time for more details.
What is a Good Credit Score?
A credit score above 700 is considered good and more than 850 is excellent. An individual with good credit history can easily apply for a credit card.
What are EMIs on credit card purchases?
Some banks provide consumers with a facility to convert their purchase to easy monthly installments or EMIs and charge interest upon the amount.
What is the free credit period?
A cardholder gets up to two months of interest free grace period (depending on banks) to repay dues. Failure to pay during this grace period will attract interest and other charges.
What is credit card settlement?
This is the final process to clear dues if the financial institution agrees to forgive a portion of your debt and you have to pay back the remaining dues in a lump sum one-time payment.
