Indian Bank Credit Card Charges – Complete Guide & Fees Explained

Key Takeaways
 

• The bank charges you an annual interest rate ranging from 21.48% to 23.88% when you pay only the minimum dues.
   
• You incur a fee of ₹50 for each withdrawal when you use ATMs belonging to other banks.
   
• The bank imposes late payment fees that range from ₹50 to ₹250, depending on your outstanding balance.
   

Credit cards help you buy things even without cash. They offer convenience and flexibility for everyday purchases and emergencies.

Meet Rahul, a 25-year-old software engineer from Mumbai. He recently got his first Indian Bank Credit Card. Rahul used it to buy a laptop worth ₹50,000. He paid only ₹5,000 as the minimum payment initially. However, he didn't understand the interest charges on outstanding amounts. The remaining ₹45,000 started accumulating interest at 23.88% annually. Within three months, Rahul owed ₹48,500 instead of ₹45,000. He realised he should have known the charges better.

This blog explains all Indian Bank Credit Card charges clearly. You will learn about interest rates, late payment fees, and more.

Indian Bank Credit Cards

Whether you want cashback or travel perks, you can find an Indian Bank credit card that fits your lifestyle. Start by checking the card’s name.

Find the right financial partner for you. Check out these Indian Bank credit cards to see which one fits your spending habits and goals.

Indian Bank Credit Card Interest Rate Charges

The Indian Bank Credit Card charges interest on unpaid amounts. Global Classic and Global Gold charge 1.99% monthly interest. This equals 23.88% interest per year on both cards.

Bharat Credit charges slightly lower interest at 1.79% monthly. This works out to 21.48% per year in total. VISA Business also charges 1.99% monthly or 23.88% yearly.

Indian Bank Credit Card Cash Withdrawal Charges

Indian Bank Credit Card offers different cash withdrawal fee structures. The charges depend on which card variant you hold.

Cash Withdrawal at Indian Bank ATMs

You can withdraw cash at Indian Bank ATMs easily. The Gold/Platinum Card does not charge any fee. The Classic Card also has no withdrawal charges. The Bharat Card is also free for this service.

Cash Withdrawal at Other ATMs in India

Using other bank ATMs costs ₹50 per transaction. This applies to Gold/Platinum and Classic Card holders. Bharat Card users also pay ₹50 per withdrawal.

Cash Withdrawal at ATMs Abroad

Foreign ATM withdrawals cost ₹250 per transaction. This fee applies to Gold/Platinum Card users only. Classic cardholders also pay ₹250 abroad. The Bharat Card shows 'Not applicable' for this feature.

An Indian Bank Credit Card helps you access cash when needed. However, regular ATM usage is more economical than cash advances.

Indian Bank Credit Card Late Payment Charges

Indian Bank Credit Card charges late payment fees for missed deadlines. The fee amount depends on your card type.

Late Payment Fee by Card Type

• The Global Classic Card charges ₹250 as a late fee.
• The Global Gold Card charges ₹250 as a late fee.
• The Bharat Credit Card charges ₹50 as a late fee.
• The VISA Business Card charges ₹250 as a late fee.

Indian Bank Credit Card applies these charges when payments are late. The Bharat Credit Card has the lowest late payment fee.

Indian Bank Credit Card Overlimit Charges

Indian Bank Credit Card charges fees when you exceed your limit. The overlimit fee varies across different card types.

Overlimit Fee Structure

• The Gold/Platinum Card charges ₹50 as an overlimit fee.
• The Classic Card charges ₹50 as an overlimit fee.
• The Bharat Card charges ₹25 as an overlimit fee.

Monitor your transactions through mobile banking apps or SMS. This helps you stay aware of your spending patterns. Avoid unnecessary overlimit fees by planning purchases carefully.

Indian Bank Credit Card Other Charges

The Indian Bank Credit Card has several other charges. These charges apply to different services and transactions.

Cash Advance Fee

• The Gold/Platinum Card charges ₹50 for cash advances.
• The Classic Card charges ₹50 for this service.
• The Bharat Card charges ₹25 for cash advances.

Cash Advance Interest Charges

• The Gold/Platinum Card charges a 2.25% per month interest rate.
• The Classic Card also charges a 2.25% per month rate.
• The Bharat Card charges a 1.99% per month interest rate.

Indian Bank Credit Card applies these charges as per the card type. Different cards have different fee structures for various services.

Conclusion

The Indian Bank Credit Card offers competitive rates and transparent charges. Most cards come with no joining or annual fees. Interest rates range from 21.48% to 23.88% per year. Late payment fees vary from ₹50 to ₹250. Cash withdrawal and overlimit charges apply as per card type. Understanding these charges helps you manage your card better. Always pay bills on time to avoid extra costs.

Bonus Tip: If your total transactions on a Select, Platinum, Gold, or Classic Card were more than ₹50,000 in the previous year.

FAQs

I found my lost credit card. Can I use it again?

If your credit card was blocked and you later found it, do not use it. Cut it across the magnetic strip to destroy it. After blocking your card, the bank will send you a duplicate credit card.

I have taken a home loan from the Indian Bank. Can I apply for a credit card from the same bank?

Indian Bank now offers a pre-approved credit card with a ₹ 1,00,000 limit to customers who have taken a home loan from the bank. To learn more, call the toll-free number 1800-425-00000 or visit your nearest Indian Bank branch.

When will the Indian Bank credit card bill be generated?

The credit card bill is generated on the 20th of every month, starting from 20th September 2024. The payment due date is the 4th or 5th of the following month.

What is the billing cycle for the Indian Bank credit card?

The billing cycle is the set date each month when your bill is generated. This date also determines your interest-free period for purchases. Usually, you have 15 days from the date the bill is generated to make your payment.

What happens if I miss a payment on my Indian Bank credit card?

If you miss the minimum payment, a penalty will be charged, and your credit limit will be reduced until you make the payment. Missing payments for two months will result in your card being blocked and an extra fee. If you delay for three months, you will be marked as a defaulter.

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.