Credit Card Interest Rates: People use credit cards to pay for many things. Credit cards are used not only in cities but also in villages. The number of credit card users is increasing every year. Do you know that many types of charges are levied by banks or companies on the credit card you use? Every bank levies different charges on credit cards. Let us tell you about it.
Banks charge this much on credit card
Every bank charges different charges on credit card. Let us tell you about these banks and also tell you about the interest rate they charge. Bank of Baroda charges 16% per annum interest rate. Bank of Maharashtra charges finance fee on this interest rate of 34.44% per annum. Indian Overseas Bank- charges 30% per annum interest rate. Punjab National Bank charges 35.89% per annum interest rate. State Bank of India charges 42% per annum interest rate. Apart from this, Axis Bank charges 52.86% per annum interest rate on credit card. CSB Bank charges 45% per annum interest rate, Dhanlaxmi Bank charges 22.80% per annum interest rate, Federal Bank charges 8.28% to 47.88% per annum interest rate.
At the same time, HDFC Bank charges 40.80% interest rate every year. ICICI Bank charges finance rate of 45% per annum. IDBI Bank charges 13% per annum, IDFC First Bank charges 47.88% per annum. Indusind Bank charges finance rate of 36% per annum, Karur Vysya Bank charges finance rate of 39% per annum, Kotak Mahindra Bank charges finance rate of 35.88% to 42% per annum, Tamilnad Mercantile Bank charges finance rate of 24% per annum, Yes Bank charges finance rate of 39% per annum.
Banks levy several charges on credit cards
Many banks levy joining fees and annual charges on credit cards. Joining fees have to be paid only once and annual charges have to be paid every year. Many users consider joining fees as annual charges. Many times the annual charge is waived off if the bank spends more than a limit on the credit card. Apart from this, if the full credit card bill is not paid then finance charges are levied by the company or the bank.
Some banks also levy cash advance fees on credit cards. This fee is levied when a user withdraws cash from an ATM through a credit card.
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