Credit taken needs to be repaid be it on portions or in full, this is a very general rule of having a credit card. The thumb rule states that the credit taken needs to be repaid regularly, in full, and on time which means till the due date. Sure, there can be times when you are unable to make the payments on time, or in extreme cases, your circumstances do not allow you to make payments. For these types of issues, banks also suffer losses and to prevent these losses, banks charge Interest rates on delayed or outstanding balances.
Once the bill due date comes, if the balance is still not paid or only a portion of the bill has been paid, the rest of the unpaid balance accrues the interest rates. These interest rates are a percentage of the unpaid balance which a
cardholder has to pay over the whole balance if the payment is late or defaulted. Induslnd Bank can have different interest rates for different credit cards and the interest rates can also vary depending on the cardholder's financial status. There is a major chance that the bank will try to give you the credit card on their rates but sometimes the cardholder's history can impact the decision of the creditors.
On average the Interest rate for any credit card by Induslnd Bank can accrue is a minimum of 2.0% per month and 24% annually or 4% per month and 48% annually. These numbers can be different from one another depending on the card. For Example, the Induslnd Bank Celesta Credit Card has an average interest rate of 2.99% per month whereas another card which is Induslnd Bank Iconia Visa Credit Card comes with an interest rate of 3.83% per month.
These charges are pre-determined by the banks and are conveyed to the cardholder at the time of card issuance. The bank has the sole right to these charges and can change them according to mandatory needs under RBI guidelines.