Find out exactly how much your bank is charging you in finance charges — monthly and over time. Works for all Indian banks.
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Credit card interest — officially called "finance charges" — is charged when you do not pay your full statement balance by the due date. Indian banks charge among the highest credit card interest rates in Asia, ranging from 36% to 45% annually (3% to 3.75% per month).
The full-balance trap: Most people think interest is charged only on the amount left unpaid. In reality, if you pay anything less than the full statement balance, Indian banks charge interest on the entire original balance — not just the unpaid portion. A ₹50,000 bill where you paid ₹49,000 still attracts interest on all ₹50,000.
| Bank | Monthly Rate | Annual Rate (APR) | Min Payment |
|---|---|---|---|
| HDFC Bank | 3.75% | 45% | 5% of outstanding |
| ICICI Bank | 3.75% | 45% | 5% of outstanding |
| SBI Card | 3.50% | 42% | 5% of outstanding |
| Axis Bank | 3.60% | 43.2% | 5% of outstanding |
| Kotak Mahindra | 3.50% | 42% | 5% of outstanding |
| IndusInd Bank | 3.49% | 41.9% | 5% of outstanding |
| American Express | 3.50% | 42% | Varies by card |
Banks set a "minimum payment due" — typically 5% of your outstanding balance — specifically designed to keep you in revolving credit as long as possible. If you only pay the minimum on a ₹1 lakh balance at 45% APR, you will pay back more than ₹3 lakhs in total over 4+ years.
Under the RBI Master Direction on Credit Cards (2022), banks must:
If your bank changed your interest rate without notice, you can dispute the additional charges. Use ClaimBack to generate the dispute letter automatically.