Citibank credit cards offer competitive interest rates and great features and benefits. They have introduced credit cards that are specially designed to meet the needs of their customers. Citibank considers the spending habits of their cardholders and offers exclusive features that benefit them such as fuel surcharge waiver, reward points, and discount on flight and hotel bookings.
All credit card providers in India charge an interest rate on the closing balance on the credit card if the cardholder does not pay the total outstanding amount on or before the due date. An interest rate is also called ‘Finance Charge’. Currently, Citibank charges an interest rate of 3.75% per month which is 45% per annum on the Citibank credit cards. Citibank credit cardholders will be charged a low interest rate if they make the payments on time and utilizes the credit limit wisely.
Popular Bank's Credit Card Interest Rates
Citibank will not charge you interest if you pay the total balance within the due date. Non-payment of the total due amount within the due date will attract interest. Apart from that, the below transactions can also attract interest charges:
Also known as a grace period, an interest-free period is a period offered by Citibank to their credit cardholders. If the cardholder pays the outstanding amount within this period, the interest rate will not be levied. The grace period or the interest-free period offered by Citibank can range from 20 to 50 days depending on the type of credit credit card hold. Also, if you have not cleared the total outstanding balance in the previous billing cycle, the grace period will not be applicable.
Example for grace period:
Let us assume that the payment due date is on 2 July 2021, and if the previous month's dues have been paid in full-
Interest free period for a purchase on 16 May 2021 is 16 May 2021 to 2 July 2021: 47 days.
For a purchase on 15 June 2021, the interest free period is 15 June 2021 to 2 July 2021 = 17 days.
If only a part of the payment has been made, there will be no interest free period and interest charges applicable.
No. Interest rate will only be levied if you do not pay the minimum due amount within the due date.
You can reach the Citibank Grievance Redressal Department via email at firstname.lastname@example.org, call 1860 210 2484 between 10:00 am and 6:00 pm or write to email@example.com . If your issue is not resolved within one month, you can visit www.citibank.com/india and read about Banking Ombudsman scheme for more information.
If you default on your credit card bill, Citibank will send you reminders from time to time to settle the total outstanding balance. If you make a payment after your account is reported, Citibank will withdraw the defaulter status but such changes will reflect after 45 to 60 days.
The finance charge for cash advances is 2.5% on the amount withdrawn, subject to a minimum withdrawal of Rs.500. For Citibank Premier Miles Credit Card, the finance charge for cash advance is 2.0% on the billed amount withdrawn, subject to a minimum of Rs.300.
It is 2.5% of the amount over the credit limit (excluding fees, charges and taxes) subject to a minimum of Rs.500.
1.8% of the transaction value.
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