Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
• # IDBI Bank Credit Card Interest Rates

IDBI Bank is among the top banks in the country that provides its customers a host of services that includes a wide range of credit cards. These credit cards are curated to fit the needs and requirements of the customers.

The credit cards offered by IDBI Bank also carry fees and charges, that includes an interest rate. This interest rate of your card is added to the transactions you make and is included under the â€˜Total Amount Dueâ€™ in your credit card statement.

## What Is IDBI Bank Credit Card Interest Rate?

Popular Bank's Credit Card Interest Rates

The interest rate on the IDBI Bank Credit Card is applicable if you have not paid your total outstanding amount or paid only a portion of your total outstanding amount as the minimum amount due.

For example, if the total outstanding amount on your card is Rs.8,000 and you paid Rs.2,000 as a partial payment. The remaining Rs.6,000 will be carried forward to next monthâ€™s statement and will attract a certain rate of interest.

In case you have paid off your total outstanding amount, IDBI Bank will not charge an interest rate on your credit card.

## How Are Credit Card Interest Rates Calculated by IDBI Bank?

IDBI Bank calculates the rate of interest through the Annual Percentage Rate or APR. It is the total rate of interest applicable on your credit card per year.

The bank will charge a monthly rate of interest on the due amount daily. You can calculate the Daily Periodic Rate by dividing the Annual Percentage Rate by the total number of days in the year.

For example, if the monthly interest rate charged on your IDBI BANK credit card is 3%, the formula used to calculate the interest rate you land up paying on an average daily balance method is as follows:

Interest Rate = [(Total Outstanding Amount x 3% per month x 12 months) X number of days] / 365 days.

## Which IDBI Bank Credit Card Transactions Attract Interest Charges?

Interest charges on credit cards are applied for the inability to pay the total due amount within the due date along with on other activities and transactions. Some of them are as follows:

• If you have paid only the minimum due amount, carrying a portion of the total outstanding amount into the next billing cycle.
• In case you have not paid the minimum due amount within the due date, a late fee and other charges will be added.
• Using your credit card to withdraw cash.
• If you have used your credit card internationally, IDBI BANK may add additional charges or foreign currency charges.

## IDBI Bank Credit Card Interest-free Period

IDBI Bank offers an interest-free period of between 18 days to 48 days. However, this will depend on the date of the transaction. This interest-free credit period will be only applicable if you have paid your total outstanding amount in full for the previous month.

## FAQs on IDBI Bank Credit Card Interest Rates

1. For what duration is the interest rate applied for your credit card transactions?

The interest rate charged by the bank is from the date of transaction date till the previous total balance is paid in full, in case your total amount due is not paid.

2. Can I contact customer care if I notice additional charges on my credit card?

Yes, if you have any questions or doubts about your credit card charges, you can contact the customer care of the bank at 1800 209 4324.

3. What can be done if the total amount due on my IDBI Bank Credit Card is due to high interest rates?

In case you are not able to pay your total amount due, IDBI Bank will contact you regarding non-payment, and if still not paid, your credit card may be cancelled.

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