Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
PNB or Punjab National Bank, one of the top government-owned banks in India, offers its customers a host of products. One of the most important services they provide are the wide range of credit cards they offer that are curated to fit the needs and requirements of the customers.
However, credit cards 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 ‘Total Amount Due’ in your credit card statement.
The interest rate on the Punjab National 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, suppose the total outstanding amount on your card is Rs.5,000 and you paid Rs.2,000 as a partial payment. The remaining Rs.3,000 will be carried forward to next month’s statement and will attract a certain rate of interest.
If you have paid off your total outstanding amount, PNB will not charge an interest rate on your credit card.
Punjab National 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.
PNB charges 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 PNB 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.
| PNB Credit Cards | Monthly Interest Rate | Annual Rate |
|---|---|---|
| PNB RuPay Millennial Credit Card | 2.95% | 35.89% |
| PNB Visa Signature Credit Card | 2.95% | 35.89% |
| PNB Global Platinum Credit Card | 2.95% | 35.89% |
| PNB Global Gold Credit Card | 2.95% | 35.89% |
| PNB Global Gold Classic Credit Card | 2.95% | 35.89% |
| PNB Wave n’ Pay Credit Card | 2.95% | 35.89% |
| PNB RuPay Platinum Credit Card | 2.95% | 35.89% |
| PNB RuPay Select Credit Card | 2.95% | 35.89% |
| PNB Rakshak RuPay Platnium Credit Card | 2.95% | 35.89% |
| PNB Rakshak RuPay Select Credit Card | 2.95% | 35.89% |
Interest charges on credit cards are applied not only for the inability to pay the total due amount within the due date but also on other activities and transactions. Some of them are as follows:
PNB offers an interest-free period of between 20 days to 50 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.
The interest rate charged by the Punjab National 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.
Yes, if you have any questions or doubts about your credit card charges, you can contact the customer care of the bank at 1800 180 2345.
In case you are not able to pay your total amount due, PNB will contact you regarding non-payment, and if still not paid, your credit card may be cancelled.
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