Question 1

How is credit card interest calculated in India?

Accepted Answer

Credit card interest in India is typically charged at 2.5-3.5% per month (30-42% APR). Interest is calculated daily on the outstanding balance from the date of transaction until payment is received.

Question 2

What is the minimum payment on a credit card?

Accepted Answer

The minimum payment is usually 5% of the outstanding balance or ₹200-500, whichever is higher. Paying only the minimum leads to very high interest charges over time.

Question 3

How can I avoid credit card interest?

Accepted Answer

Pay your full statement balance before the due date each month. You typically have a 20-50 day interest-free period (grace period) for new purchases if you pay in full.

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