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

Kotak Mahindra Bank offers a lot of products to its customers and among the products are credit cards. Along with a wide range of features and benefits which an Kotak Mahindra Bank Credit Card comes with, it also comes with an interest rate added to the credit amount due if not paid within the due date.

## What Is Kotak Bank Credit Card Interest Rate?

Popular Bank's Credit Card Interest Rates

An interest rate is a fee charged by your credit card provider on the amount you borrowed using your card. However, you will be charged an interest rate only if you havenâ€™t paid the total outstanding bill amount within the due date or the interest-free period, whichever is applicable. Currently, Kotak Mahindra Bank charges an interest rate of 3.50% per month which is 42% per annum on the Kotak credit cards.

However, if you clear the total outstanding balance within the due date, you do not have to pay an additional fee. That is the best thing about credit cards. But, if you are someone who cannot pay the total amount within the due date, it is very important for you to know about interest rate and how it is calculated.

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

• It is important to know what the Annual Percentage Rate (APR) is before understanding the calculation of interest rate. APR a rate that your credit card provider charges you annually on the balance amount on your card.
• However, in reality, banks charge a monthly interest rate on the balance due amount on a daily basis. You can calculate your Daily Periodic Rate by taking the Annual Percentage Rate and dividing it by the number of days in the year.

For example: If the monthly interest rate charged by your credit card provider is 13%, 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 13% per month x 12 months) X number of days] / 365 days.

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

Apart from not paying the total due amount within the due date, there are many other activities or transaction on your card that attracts interest rates. Some of them are as follows:

• When you choose to pay the minimum due amount and carry a part of the total outstanding amount into the next billing cycle.
• When you donâ€™t pay the minimum due amount within the due date, late fees and other charges will be levied.
• When you use your credit card to withdraw cash. Cash advances are expensive but when you use this benefit when you are aboard, a high cash advance fee will be charged.
• When you use your credit card in an international location, additional charges will be levied.

## Kotak Bank Credit Card Interest-free Period

Kotak Mahindra Bank offers an interest-free period that ranges from 20 to 50 days depending on the date of the transaction. This feature is applicable only if your previous monthâ€™s balance is paid in full. If you make the total outstanding balance within the interest-free period, you will not be charged anything additional. Which means that you have enjoyed the credit facility at a zero percent rate.

Example for grace period:

Let us assume that the payment due date is on 2 Sept 2023, and if the previous month's dues have been paid in full-

Interest free period for a purchase on 16 July 2023 is 16 July 2023 to 2 Sept 2023: 47 days.

For a purchase on 15 Aug 2023, the interest free period is 15 Aug 2023 to 2 July 2023 = 17 days.

If only a part of the payment has been made, there will be no interest free period and interest charges applicable.

### FAQs on Kotak Bank Credit Card Interest Rates

1. Which credit cards can I use for corporate purposes?

You can choose between Best Price Credit Card, Corporate Platinum Credit Card, Corporate Wealth Signature Credit Card or Corporate Gold Credit Card.

2. How is the interest rate charged on cash advances?

On all cash advances, Kotak Mahindra Bank charges the monthly interest rate from the date of withdrawal till the amount is paid in full. Please refer to the table above to know the monthly interest rate on your Kotak Mahindra Bank credit card.

3. How do I contact Kotak Mahindra Bank credit card customer service department if I have questions?

You can reach the Kotak Mahindra Bank credit card customer service department by dialing 1860 266 2666.

## Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.