HDFC credit card interest rate is applicable in case you do not pay the full outstanding amount by the due date. Also called a finance charge, this fee is applicable in case of cash withdrawals, partial bill payment, carrying forward the outstanding amount to the next billing cycle, and missed payments. The interest rate for HDFC credit cards generally ranges from 23.88% to 45% per annum, and may vary from one credit card to another. The finance charges for some top HDFC credit cards are listed below:
| Credit Card | Interest Rate |
|---|---|
| HDFC Infinia Credit Card | 1.99% p.m. (23.88% p.a.) |
| HDFC Diners Club Black Metal Edition Credit Card | 1.99% p.m. (23.88% p.a.) |
| HDFC Regalia Gold Credit Card | 3.75% p.m. (45% p.a.) |
| Tata Neu Infinity HDFC Bank Credit Card | 3.75% p.m. (45% p.a.) |
| HDFC Millennia Credit Card | 3.75% p.m. (45% p.a.) |
| Swiggy Orange HDFC Bank Credit Card | 3.75% p.m. (45% p.a.) |
| HDFC MoneyBack+ Credit Card | 3.75% p.m. (45% p.a.) |
| Marriott Bonvoy HDFC Credit Card | 3.75% p.m. (45% p.a.) |
What is the interest free period on your HDFC Credit Card?
The interest free period on your HDFC credit card is of up to 50 days, between your last statement date and the current date. The number of days in this period, may vary as per the date of the transaction. For instance, let’s assume your statement is generated on 13th of every month for the previous month expenses and the bill due date falls in the next 20-22 days. Then all purchases made on 13th of the month will enjoy an interest free period of 50 days, whereas, purchases made in the later weeks of billing cycle (between 1-12th ) will avail comparatively lesser number of interest free days.
How is HDFC Credit Card Interest Rate Calculated?
The bank calculates the interest rate by considering factors like transaction date, transaction amount, statement date, total amount due, and more.
We will assume that the HDFC Bank credit card interest rate is 3.50% p.m. or 42.00% p.a.
Transaction Date: 1 Aug 2024
Transaction Amount: Rs. 10,000
Statement Date: 6 Aug 2024
Total Amount Due: Rs. 10,000
Due Date: 26 Aug 2024
Minimum Amount Due: Rs. 500
If you pay Rs. 5,000 before the due date and carry forward the remaining balance, the interest levied will be:
Interest from Transaction Date to Partial Payment Date:
[21 × 10,000 × 42%] ÷ 365 = Rs. 241.64
Interest from Partial Payment Date to Statement Generation Date:
[15 × 5,000 × 42%] ÷ 365 = Rs. 86.30
Total Interest Amount: Rs. 327.94
HDFC Credit Card Cash Withdrawal Charges
HDFC credit card cash withdrawal charges are applicable when you withdraw cash from an ATM using your credit card. Unlike a finance charge, cash withdrawal charge is a one-time fee. Cash withdrawal or cash advance fee is charged as a percentage of the amount withdrawn.
| HDFC Credit Card Cash Withdrawal Charges |
|---|
| 2.5% of the amount withdrawn or Rs. 500, whichever is higher
Example: If you withdraw Rs. 5,000, the applicable fee will be Rs. 500. If you withdraw Rs. 25,000, the applicable fee will be Rs. 625. |
You can withdraw cash using your credit card, up to the available cash limit that, is usually 40% the total credit limit. For example, if the total credit limit on a card is Rs. 2 Lakh and the cash limit is 40%, the maximum amount the you can withdraw is Rs. 80,000.
Note: When you withdraw cash using your credit card, finance charges are also applicable along with the above mentioned charges. Thus, credit card cash withdrawal is one of the most expensive forms of credit available in the market. It is advisable to use this facility, only when absolutely necessary.
Annual Fee/Renewal Fee
The annual or renewal fee on HDFC credit cards may vary from one credit card to another. The fee is lower for entry level cards, and higher for premium category cards. This fee is added to the credit card account on card issuance (as joining fee) and on completing the card anniversary year (as renewal or annual fee). The fee is applied once a year and reflects in the account statement, when charged. Most cards also come along annual fee waiver conditions, on spending the minimum spending value.
| Credit Card | Annual Fee | Fee Waiver Condition |
|---|---|---|
| HDFC Diners Club Black Metal Edition Credit Card | Rs. 10,000 | Waived on annual spends of Rs. 12 Lakh |
| HDFC Regalia Gold Credit Card | Rs. 2,500 | Waived on annual spends of Rs. 4 Lakh |
| Tata Neu Infinity HDFC Bank Credit Card | Rs. 1,499 | Waived on annual spends of Rs. 3 Lakh |
| HDFC Millennia Credit Card | Rs. 1,000 | Waived on annual spends of Rs. 1 Lakh |
| Swiggy Orange HDFC Bank Credit Card | Rs. 500 | Waived on annual spends of Rs. 1.5 Lakh |
| HDFC MoneyBack+ Credit Card | Rs. 500 | Waived on annual spends of Rs. 50,000 |
Forex Charges
Forex markup fee or foreign transaction fee is applicable on international payments with a credit card. The fee is applicable on retail transactions outside India, online transactions in foreign currency, overseas ATM cash withdrawals, domestic transaction on POS linked to overseas account such as at Duty Free shops. This fee is charged by the bank, for converting denominations.
Usually, HDFC credit cards come along a foreign exchange markup fee of 3.5% of the transaction value. Some cards,however, offer a low forex markup rate than 3.5%.
Late Payment Charges
The late payment charges on your HDFC credit card are charged, when you fail to pay even the minimum amount by the due date. This fee is a flat amount, charged as per the outstanding balance.
| Outstanding Balance | Late Payment Charges |
|---|---|
| Up to Rs. 100 | Nil |
| Rs. 101 to Rs. 500 | Rs. 100 |
| Rs. 501 to Rs. 1,000 | Rs. 500 |
| Rs. 1,001 to Rs. 5,000 | Rs. 600 |
| Rs. 5,001 to Rs. 10,000 | Rs. 750 |
| Rs. 10,001 to Rs. 25,000 | Rs. 900 |
| Rs. 25,001 to Rs. 50,000 | Rs. 1,100 |
| More than Rs. 50,000 | Rs. 1,300 |
HDFC Credit Card Balance Transfer
HDFC balance transfer charges are implied, when you transfer your outstanding credit card bill from other credit card to your new or existing HDFC credit card. The processing fee for balance transfer to HDFC credit cards is 1% of the Balance Transfer amount or Rs. 250, whichever is higher. The balance transfer interest rate is decided by the bank as per internal policies.
HDFC Credit Card Overlimit Fee
The overlimit fee on HDFC credit cards is charged if you spend more than the credit limit assigned to your credit card. The applicable over limit fee on HDFC cards is, 2.5% of the overlimit amount, subject to a minimum of Rs. 550. Note that, this fee is not applicable on HDFC Bank Infinia (metal addition). Additionally, the over limit facility is not offered on the Paytm HDFC Bank Digital Credit Card, thus the charges are not applicable.
