Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Yes Bank is among the largest banks in the country that offers a wide range of products that include credit cards. Yes Bank credit cards come with a wide range of benefits and features across different categories such as entertainment, rewards, lifestyle, travel, etc.
However, these credit cards have certain fees and charges, primary among them is the interest rate. The interest rate of your card is added to your transactions and is included under the ‘Total Amount Due’.
The interest rate on the Yes Bank Credit Card is applicable if you have not paid your total outstanding amount or a portion of your total outstanding amount by paying only the minimum amount due.
For example, if your total outstanding amount on your card is Rs.5,000 and you paid Rs.2,500 as a partial payment. The remaining Rs.2,500 will be carried forward to next month’s statement and will attract a certain rate of interest.
However, if you pay off your total outstanding amount, there won’t be an interest rate that will be charged on your credit card.
The interest rate of the credit cards by Yes Bank is calculated through the Annual Percentage Rate of APR. It is the total rate of interest applicable on your credit card per year.
Axis Bank 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 Yes 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.
| Yes Bank Credit Cards | Monthly Interest Rate | Annual Rate |
|---|---|---|
| Yes Prosperity Edge Credit Card | 3.50% | 42.00% |
| Yes Prosperity Rewards Plus Credit Card | 3.50% | 42.00% |
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:
Yes Bank offers an interest-free period of up to 50 days, however, it also depends on the date of the transaction. The interest-free credit period will only be applicable if you have paid your total outstanding amount in full for the previous month.
On paying the total outstanding balance within the interest-free period, the bank will not charge you anything additional.
The interest rate is charged by Yes Bank from the date of transaction date till the previous total balance is paid in full, in case your total amount due is not paid.
It is advised that you pay your total amount due in full every month to avoid additional interest charges. If you are not able to pay your total amount due, Yes Bank may contact you regarding the non-payment, and if still not paid, your credit card may be cancelled.
Yes, if you have any questions or doubts about your credit card charges, you can contact the customer care of the bank at 1800 103 6000.
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