If you have missed credit card payment term, you will be obliged to pay interest rate on the outstanding amount. Interest is usually high (between 2.5 and 4 percent) and is charged monthly. It is worth remembering that interest does not start from the payment due date but from the date of the transaction.
This means that 45-day interest-free period It is offered only when payment is made on time, and not after the deadline has expired while the amount is still outstanding.
So if you hold a credit card and I have missed the two quotesRemember that you will be responsible for paying the interest that will begin to accrue from the date you use the card.
It should be noted that interest rates on credit cards offered by banks generally vary depending on factors such as card type, creditworthiness, and promotional offers. Here we list the interest rates of different banks, also known as lenders.
Top 7 banks charge interest rates for late payments
1. HDFC Bank: HDFC Bank credit card interest rates can go up to 3.4 percent per month, apart from late payment charges, HDFC Bank website reveals. Check this link for more details.
2. ICICI Bank: This private lender charges a maximum interest of 3.75 percent per month in addition to late fees. For more details, please refer to the ICICI Bank website at this link.
3. Kotak Mahindra Bank: Kotak Mahindra Bank charges interest at 3.5 per cent per month (42 per cent). Additionally, there are also late payment fees. For more information, one can visit the Kotak Mahindra Bank website. here.
(Source: banks’ websites; rates as of October 28, 2024)
4. Yes Bank: Yes Bank charges interest of 3.80 percent monthly (45.6 percent annually) on the Yes Bank Elite+ card. For more details, one can visit the Yes Bank website. here.
5. SBI card: SBI Card charges up to 3.50 percent monthly (42 percent annually) from the date of transaction and is subject to change at the discretion of SBI Cards & Payment Services. For more details, one can visit the SBI card website. here.
6. GNP: PNB credit cards charge interest at 2.95 percent monthly (annualized percentage rate of 35.89 percent). For more details, you can contact the PNB portal. here.
7. Axle bench: Axis Bank charges interest at 3.6 percent per month per month. For more details you can visit this Link to Axis Bank website.
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