IndusInd Bank Credit Card Interest Rates

For example, if your total bill is Rs.20,000 and you pay Rs.10,000, the remaining Rs.10,000 is carried forward to the next billing cycle and will attract interest. 

However, if you clear the entire outstanding amount, no interest will be charged on your credit card. 

How Are Credit Card Interest Rates Calculated by IndusInd Bank?

IndusInd Bank determines the interest on your credit card using the Annual Percentage Rate (APR), which represents the yearly interest charged. 

Interest is calculated daily on the outstanding amount based on a monthly rate. The daily rate is derived by dividing the APR by the total number of days in a year

Interest Rate = [(Total Outstanding Amount x 4% per month x 12 months) X number of days] / 365 days.

Interest Rate Charged on IndusInd Bank Credit Cards

IndusInd Bank Credit Card Interest-free Period

IndusInd Bank offers an interest-free period of up to 50 days on most of its credit cards. The interest-free credit period will only be applicable if you have paid your total outstanding amount in full for the previous month. Do note that the availability of interest-free credit period depends on the card variant, and it is advisable to check with the IndusInd Bank to know more about the applicable charges.   

When does the IndusInd Bank Charge Interest on Your Credit Card?

The IndusInd Bank charges an interest rate in the following scenarios:

• When you are carrying a balance: If you do not pay your total bill by the due date, interest is charged on the remaining amount.
• In case of cash advances: The bank charges an interest on the withdrawn amount, from the day you withdraw cash using your credit card. In such cases, the interest rate charged is usually at a higher rate, with no grace period.
• When you make partial payments: If you pay only a part of the outstanding amount, interest is applied on the remaining balance without any grace period.

How Can You Reduce Credit Card Interest?

There are certain ways to reduce the amount of interest charged on your credit card. They are as follows:

• Negotiate with the Bank: If you have a strong repayment history, you may request a lower interest rate from your card issuer.
• Pay Full Amount on Time: If you clear your entire credit card bill every month, you can avoid interest completely.
• Use the Grace Period Wisely: If you pay within the grace period, the bank will not charge any interest on your credit card.

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