IndusInd Bank Credit Card Fees and Charges

An extensive list of benefits and services are offered by the IndusInd bank credit cards to their users. However, the cardholders can not avail all these features for free of cost. There are certain charges which have to be paid compulsorily to use the credit card, like the card annual fee, while there are others which are levied as per the card usage, such as the cash withdrawal fee, finance charges, forex mark-up fee and many more. Read further to understand how and when these IndusInd credit card charges are applicable.

If you don't pay your credit card bills on time or withdraw cash using your credit card, an interest rate is applied to the outstanding bill amount and the cash withdrawn. Also called the finance charge, IndusInd bank credit card interest rate charged on some of the popular cards is given below:

IndusInd Bank Credit Card Interest-Free Period

Credit card interest-free period is the time IndusInd Bank provides an interest-free period of 50 days to its users within which they can pay their credit card bills without incurring any interest or finance charges. However, this interest-free facility is not available if the total amount due of the previous statement cycle is not paid completely. Along with this, any cash withdrawn using the credit card also starts incurring interest from the date of transaction until it is paid off completely.

Considering that IndusInd Bank charges an interest rate, or a finance charge, of 3.83% p.m. or 46.00% per annum, let us understand how interest rate is calculated through the following example:

If the cardholder does not clear the full outstanding amount, Rs. 10,000 by 26th July then IndusInd Bank credit card interest rate as well as late payment fee will come into play. The interest will be calculated on a daily basis from the date of transaction till repayment date.

On the other hand, if the cardholder pays 50% of the total outstanding amount on 21st July and doesn’t make any other transactions till the next statement generation date which will be 6th August. Then the total interest will be:

Total Interest Accrued is the sum of Interest charged on the full outstanding amount from the date of transaction till partial payment date. And, Interest accumulated on remaining outstanding amount from the day after the date of partial payment till next statement generation date.

Interest from date of transaction to partial payment date : [21(Number of days from date of transaction to payment date)*10,000 (Full amount) x 42.00% (Interest Rate per annum)] ÷ 365 (Days in a year) = Rs. 241.64

Interest from partial payment date to statement generation date : [15(Days between partial payment date to the day before statement generation date) x 5,000(Outstanding amount) x 42.00% (Interest rate per annum)] ÷ 365 (Days in a year) = Rs. 86.30

Total Interest Amount that needs to be paid = Rs. 327.94 [=241.64 + 86.30]

Cash withdrawal or cash advance charges are levied on using any IndusInd bank credit cards for ATM cash withdrawals, along with an additional finance charge as discussed above. The applicable cash withdrawal charges on IndusInd bank credit cards are as follows:

Note: No cash withdrawal fee is charged to IndusInd Bank Legend Credit Card users.

IndusInd Bank Credit Card Cash Withdrawal Limit

IndusInd bank assigns both the credit limit and the cash withdrawal limit at the time of credit card issuance. Here, the credit card cash withdrawal limit is only a certain percentage of the total credit limit due to which the withdrawal limit varies from one cardholder to another. The IndusInd bank customers can also check these credit card limits from their monthly statements.

Did You Know: When you withdraw cash, the finance charges are applicable along with the cash advance fee. Therefore, it is advisable not to withdraw cash using your credit cards as they incur high interest charges. You should use this facility only in the case of emergency or if it is absolutely necessary.

At the time of card activation, IndusInd bank charges a joining fee to the credit cardholders, while a card annual or renewal fee is usually charged from the subsequent year onwards to continue the card usage. The joining and annual fees differ according to the card variant. Some cards, however, also offer the fee waiver facility if you achieve a certain spending milestone. The annual and joining fees of some of the popular IndusInd credit cards are listed below:

IndusInd bank foreign currency exchange fee or the forex charges are levied on carrying out international transactions using your credit card. The international use can include overseas ATM withdrawal, along with online and offline payments made in foreign currency. The forex mark-up fee associated with some of the top IndusInd bank credit cards is given below:

Suggested read: Best Credit Cards for International Use

If the credit cardholder does not pay even the minimum amount due (MAD) by the credit card bill payment due date, then a late payment fee is charged depending on the due amount. The detailed IndusInd bank credit card late payment fees as per the outstanding amount is given below:

If you use your credit card beyond the available credit limit, IndusInd bank charges an over limit fee of Rs. 500 or 2.5% of the over limit amount, whichever is higher . This fee is applied when either you spend more than your credit limit on your purchases or even if the credit card fees and charges exceed your limit when combined.

Suggested Read: Best Credit Cards in India

Some of the other fees and charges associated with IndusInd bank credit cards are described below: