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HDFC Credit Card Interest Rates
To meet the diverse demands of its customers, HDFC Bank provides a range of credit cards. In accordance with your spending habits and patterns, you can pick a card for shopping, travel, leisure, fuel, etc. However, there are fees and charges related to HDFC Credit Cards that must be paid to make use of the perks. These credit card fees could be charged based on usage or in accordance with the relevant terms and restrictions. Additionally, some fees and penalties may apply to all HDFC credit cards while others may differ amongst cards.About HDFC Credit Card Interest Rates
- Top HDFC Credit Cards and Interest Rates
- HDFC Credit Cards Interest-Free Grace Period
- HDFC Credit Card Transactions That Attract Interest Charges
- How are HDFC Credit Card Interest Rates Calculated?
- Other Fees and Charges Associated with HDFC Credit Cards
- The Application Process for HDFC Credit Cards
- FAQs of HDFC Credit Card Interest Rates
Top HDFC Credit Cards and Interest Rates
HDFC Credit Cards | Interest Rate |
|---|---|
3.6% p.m. (43.2% p.a.) | |
3.6% p.m. (43.2% p.a.) | |
3.6% p.m. (43.2% p.a.) | |
3.6% p.m. (43.2% p.a.) | |
1.99% p.m. (23.88% p.a.) |
HDFC Credit Cards Interest-Free Grace Period
The length of the interest-free credit period could be anything between 20 and 50 days, depending on the merchant's filing of claims. This means that no interest will be charged on your outstanding amount from the statement date to the next 20 to 50 days. This, however, does not apply if the prior month's amount was not fully paid off or if the cardholder used an ATM to withdraw cash.
HDFC Credit Card Transactions That Attract Interest Charges
The interest charges on your HDFC credit card won't be imposed if you pay the total amount due (TAD) before the deadline. Let's look at the situations where HDFC credit card transactions are subject to finance charges.
1. When a customer of an HDFC credit card decides not to pay the entire amount owed by the due date
2. When an HDFC credit cardholder decides to pay only the minimum amount due and carry over some of the remaining balance to the following billing cycle.
3. When a customer of an HDFC credit card uses the cash advance option or makes a cash withdrawal
How are HDFC Credit Card Interest Rates Calculated?
From the moment of purchase, until the whole amount is repaid, HDFC assesses interest on all applicable transactions at a monthly percentage rate (MPR). Until the balance is paid in full, the financing costs are added to the monthly credit card billing statement.
1. The interest rate will be determined using the average Daily Balance Method and will be applied to all carry-forward balances as well as new billings if you carry forward any unpaid debt from the previous month.
2. If you use your HDFC credit card to make a cash withdrawal, the interest will be calculated using the same average Daily Balance method and levied from the day of the transaction until the whole amount is paid back.
3. If you use a revolving credit facility, which means you opt to pay less than the full amount due, the entire balance will be subject to finance charges, and all subsequent transactions will be charged interest until the initial balance is fully paid.
The formula to calculate HDFC credit card interest is as follows – (Number of days from date of transaction to payment date) * (Full amount due) x (Interest rate per annum)] ÷ 365
Other Fees and Charges Associated with HDFC Credit Cards
Charge type | Charge |
|---|---|
Cash advance fee | 2.5% or Rs. 500 |
Railway ticket purchase fee | 1% of the amount + GST |
Conversion charges - Auto EMI | Rs. 99 + GST |
Overlimit charges | 2.5% or Rs. 550 |
Payment return charges | 2% or Rs. 450 |
Cash processing fee | Rs. 100 |
Rewards redemption fee | Rs. 99 |
Balance transfer processing charges | 1% or Rs. 250 |
Duplicate physical statement charges | Rs. 10 |
Reissue of lost/stolen/damaged card | Rs. 100 |
Outstation cheque processing charges | Rs. 25 to Rs. 50 |
Add-on card fee | NIL |
The Application Process for HDFC Credit Cards
The Application Process through CreditMantri
1. On the CreditMantri website, search for “HDFC Credit Cards”.2. Choose the credit card you want to apply for
3. Then choose “Eligibility”
4. Enter details like Mobile Number, Email ID, Residence city, Residence Pincode, Employment type
5. Click on “Submit”
6. You will then receive an OTP on the mobile number you gave in the details.
7. Input the OTP for verification
8. Click on “View IDFC eligible bank offers” and apply
2. The Application Process through HDFC official website
1. Go to HDFC Bank’s official website2. Choose > Personal > Pay > Cards > Credit Cards
3. Choose from the available credit cards
4. Click on “Apply Online”
5. Complete the rest of the application.
FAQs of HDFC Credit Card Interest Rates
1. How can I apply for an HDFC credit card?
You can apply for an HDFC credit card online through the HDFC Bank website. Alternatively, you can visit the nearest HDFC Bank branch and submit a credit card application form.
2. What are the eligibility criteria for an HDFC credit card?
The eligibility criteria may vary depending on the type of credit card. Generally, HDFC considers factors such as age, income, employment status, credit history, and location while evaluating credit card applications.
3. How long does it take to receive an HDFC credit card?
After your application is approved, it usually takes around 7-10 working days for the credit card to be delivered to your registered mailing address.
4. How can I check the status of my HDFC credit card application?
You can check the status of your HDFC credit card application online by visiting the HDFC Bank website or by contacting HDFC Bank's customer service helpline.
5. How can I pay my HDFC credit card bill?
HDFC provides various payment options, including online methods such as net banking, mobile banking, and the HDFC Bank Mobile App. You can also pay your credit card bill through cheque or cash at HDFC Bank branches or ATMs.
6. What is the credit limit on an HDFC credit card?
The credit limit offered on an HDFC credit card depends on several factors, such as your income, credit history, and the specific card you have applied for. HDFC Bank assesses these factors to determine your creditworthiness and assigns an appropriate credit limit.
7. How can I redeem reward points earned on my HDFC credit card?
HDFC credit cards typically come with a rewards program. You can redeem your accumulated reward points for a variety of options, including merchandise, vouchers, air miles, and cashback. HDFC Bank provides an online redemption portal and customer service helpline to assist you in redeeming your reward points.
8. Is there an annual fee for HDFC credit cards?
HDFC offers both free and fee-based credit cards. Some credit cards may have an annual fee, while others may offer a waiver of the annual fee based on certain spending criteria or promotional offers. The specific details regarding annual fees are mentioned in the terms and conditions of each credit card.
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