HDFC Credit Card Interest Rate

The interest rate for HDFC credit cards ranges from 23.88% to 45% per annum, varying from one credit card to another. HDFC Bank credit card interest rate is a penalty levied or the interest collected by the bank if you do not pay your credit card balance in full. It means that when you opt for paying only the minimum amount due (MAD) or an amount lesser than that, HDFC Bank will charge interest on the remaining amount and every new transaction till the outstanding is cleared in full.

The finance charges or HDFC credit card interest rates for HDFC credit cards are listed below:

HDFC credit card charges are applied by the bank on the various services offered on your credit card, including cash withdrawal, balance transfer, minimum bill payments, etc. Below is the complete list of HDFC credit card fees and charges, including HDFC credit card annual fee, joining fee, interest rate, HDFC credit card loan interest rate, late payment fee, forex markup, cash advance fee, etc.

In addition to the fees and charges mentioned above, HDFC Bank also levies the charges mentioned below:

• Railway ticket purchase fee: 1% of the transaction amount + GST (except HDFC Bank IRCTC Credit Card). 
• Conversion charges - Auto EMI: 20% p.a. Interest rate & Rs. 99 + GST processing fee; Applicable on every transaction (excluding Fuel, Gold, & Jewellery) of Rs. 10,000 or above done on Easy EMI Credit Card..
• Payment return charges: 2% of the payment amount (minimum Rs. 450). 
• Cash processing fee: Rs. 100.
• Rewards redemption fee: Rs. 99 per redemption request (except Infinia/ Infinia Metal Edition/ Diners Black Card). 
• Balance Transfer processing charges: 1% of the transfer amount or Rs. 250, whichever is higher. 
• Duplicate physical statement charges: Rs. 10 per duplicate physical statement.
• Insta Loan, Jumbo Loan & Smart EMI: Processing fee Rs. 999 + GST & pre-closure charges 3%.
• Rent pay transactions charges: 1% fee on the transaction amount.
• Insta card-related charges: Wallet loading transaction charges of 2.5% of the load value.
• Card validation charges: Rs. 2 will be charged (all variants except MasterCard). 
• Priority Pass Lounge charges: $27 (INR equivalent) + taxes per person per visit (for Regalia/ Doctor's Regalia/ Regalia First/ Tata Neu Infinity cards). 
• Reissuance of lost/ stolen/ damaged card: Rs. 100. 
• Outstation cheque processing charge: Rs. 25 for cheque value up to Rs. 5,000 & Rs. 50 for above Rs. 5,000. 
• Dynamic currency conversion Markup Fee: 1%.
• Charges for cards issued against Fixed Deposit: 1.99% per month (23.88% annually).
• Overdue interest charges: 2.5% of the over-limit amount, a minimum of Rs. 550 (excluding Infinia, Infinia - Metal Edition). 
• Default charges: Up to Rs. 1,300.

HDFC calculates interest on credit cards at a monthly percentage rate (MPR) for all the applicable transactions from the date of purchase till the amount is fully paid back. The bank adds finance charges to your monthly credit card billing statement until the outstanding is completely cleared. 

Based on the daily balance method, HDFC Bank calculates interest on a particular amount using the following formula:

(Total Outstanding Amount x 13% per month x 12 months) X number of days] / 365 days

To this interest, it will add the late payment fee and GST of 18% on interest charges.

At present, there is no HDFC credit card interest rate calculator that can be used by customers. However, here are a few points to be noted regarding HDFC credit card interest calculation.

• If you carry forward any outstanding amount on the card from the previous month, the interest rate will be computed by the average Daily Balance Method and it will be applicable to all carry forwarded balances as well as fresh billings.
• If you withdraw any cash using your HDFC Bank credit card, the bank will use the same average Daily Balance Method to calculate the interest and will charge it from date of the transaction till the amount is fully paid back.
• If you avail of a revolving credit facility, the entire outstanding amount will accumulate finance charges and the interest will also be levied on all new transactions till the time the previous due is cleared in full.

You can use the HDFC Bank credit card EMI calculator to calculate the monthly repayment schedule for EMI purchases on your HDFC credit card. This tool also lets you know the total interest amount.

You can calculate the EMI using the HDFC credit card EMI interest rate calculator in 5 simple steps mentioned below:

• Choose the type of loan on the HDFC credit card that you would like to apply for.
• Now enter the required loan amount.
• Select if you want to enter the interest rate per month or interest rate per annum.
• Then enter the interest rate.
• Click on the ‘Calculate’ button to know the EMI instantly.

The late payment charges on HDFC credit cards are charged if you fail to pay even the minimum amount on or before the due date. This fee is a fixed amount, charged as per the outstanding balance.

Below is the HDFC late payment charges table according to the total outstanding amount:

You can avoid the HDFC credit card EMI interest rate and some other charges on your HDFC Credit Card with the following tips:

• Utilize the interest-free period: Usually, the HDFC credit card due date is between 20 and 25 days away from the statement date. This period is known as the interest-free or grace period which gives you some leverage to repay the outstanding loan amount. For all purchases made at the beginning of the month, the interest-free period is much longer than that towards the end of the month. If you can plan the expenses on the card, your will be able to enjoy a longer interest-free period. 
• Make sure the entire amount is repaid: The best way to avoid paying any interest on your purchases is to repay the amount mentioned in the statement in full. You can set aside a separate account wherein you can deposit the outstanding amount in smaller instalments. It will allow you to repay the amount in full before the due date. 
• Avoid any cash advances: Unless it is a genuine financial emergency, avoid cash advances completely because these cash advances attract big interests and are also bad for your credit score.
• Convert large amounts into easy EMIs: If you are making a sizeable purchase using your credit card, HDFC Bank allows you to convert the amount into simple EMIs. The interest charged on these EMIs is quite low.