Outstanding Balance (₹)

Annual Interest Rate (% p.a.)

Credit card interest rates in India typically range from 24% to 49% p.a.

Minimum Payment Percentage (%)

Most credit cards require a minimum payment of 2% to 5% of the outstanding balance.

Minimum Fixed Payment Amount (₹)

Banks typically require a minimum fixed amount (e.g., ₹100 or ₹500) or a percentage of the balance, whichever is higher.

Additional Monthly Payment (₹)

Enter any additional amount you plan to pay each month above the minimum payment.

Calculate Interest Reset

Credit card interest is typically calculated on a daily basis and charged monthly. The Annual Percentage Rate (APR) is divided by 365 to get the daily rate, which is then applied to your daily outstanding balance.

How Credit Card Interest Works in India

In India, credit card interest rates are among the highest of all loan types, typically ranging from 24% to 49% per annum. Interest is charged when you:

• Don't pay the full statement balance by the due date
• Take a cash advance from your credit card
• Transfer a balance from another card

Interest-Free Period

Most credit cards offer an interest-free period of 18-55 days, but this applies only if you pay your previous month's balance in full.

How to minimize interest charges:

• Pay your statement balance in full each month
• Make more than the minimum payment whenever possible
• Consider balance transfer to a card with lower interest rate
• Negotiate with your bank for a lower interest rate
• Consider a personal loan to pay off high-interest credit card debt