For many credit card customers, the interest rate is one of the most important features they overlook. Every credit card provider, including HDFC Bank, assesses a monthly interest rate on past-due credit card payments. To maximise their credit card's interest-free period feature and revolving credit facility, HDFC credit cardholders need to be aware of how the bank charges interest on delinquent credit card bills, what kinds of payments are subject to interest charges, how the interest rate is calculated, and other pertinent information.
A credit card interest charge, also known as a finance fee, is the amount of interest or penalty that HDFC Bank will charge you if you decide not to pay off your credit card debt in full. This implies that the bank will charge interest on the remaining balance and any subsequent transactions until the outstanding is paid in full, even if you decide to pay only the minimum amount owed or a smaller amount than that.
Please be aware that interest will only be charged if you use your HDFC credit card to make cash withdrawals or if you don't pay off your credit card balance in full.
HDFC charges interest at a monthly percentage rate (MPR) on all the applicable transactions from the date of purchase till the amount is paid back in full. The finance charges are added to the monthly credit card billing statement till the outstanding is cleared in full.
To this interest, it will add a late payment fee, and GST @18% on interest charges to calculate the total amount due on your HDFC credit card.
HDFC Bank may impose interest rates as high as 3.6% monthly or 43.2% annually. However, depending on how you use your card, your relationship with the bank, and other factors, the interest rate that the bank charges may vary from credit card to credit card.
Based on the daily balance method, HDFC calculates interest on a particular amount using the formula -
(Total Outstanding Amount x 13% per month x 12 months) X number of days] / 365 days
HDFC Credit Card Name | HDFC CC Interest Rate |
HDFC Regalia Credit Card | 43.2% p.a. |
HDFC Titanium Edge Credit Card | 43.2% p.a. |
HDFC Diners Clubmiles Credit Card | 43.2% p.a. |
HDFC Diners Club Premium Credit Card | 43.2% p.a. |
HDFC Diners Club Black Credit Card | 23.88% p.a. |
HDFC Millennia Credit Card | 43.2% p.a. |
HDFC MoneyBack Credit Card | 43.2% p.a. |
IndianOil HDFC Credit Card | 43.2% p.a. |
HDFC Regalia First Credit Card | 43.2% p.a. |
Tata Neu Infinity HDFC Bank Credit Card | 41.88% |
Paytm HDFC Bank Mobile Credit Card | 45.00% |
Tata Neu Plus HDFC Bank Credit Card | 45.00% |
If you pay the total amount due (TAD) on your HDFC credit card before the due date, the interest charges will not be applied. Let's see the cases when the finance charges are applicable on HDFC credit card transactions.
The interval of time between an HDFC credit card transaction date and the credit card payment due date is known as the credit card interest-free period or grace period. As a result, it changes with each purchase you make using your HDFC credit card. HDFC typically provides a maximum 50-day interest-free term. You won't be charged interest if you pay inside the interest-free window, which is on or before the due date. This indicates that you have benefited from the interest-free credit facility.
When you clear the entire outstanding due as per the statement within the due date, HDFC Banks stops charging interest immediately.
HDFC Bank typically considers 5% of the total outstanding on the account as minimum amount due.
Unlike card transactions, cash withdrawals are subject to finance charges from the time the money is taken out until the entire amount is paid. As a result, your credit card may have been charged interest by the bank. To avoid interest costs rising, pay your bill this month rather than waiting for the due date.
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