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Credit Card Interest Rates - Airtel Finance
Credit Card Interest Rates are also known as finance charges. It is the price you pay for transactions that don’t fall in the interest-free period category. It may vary for different card issuers. Also, the charges are usage-based, with no annual joining fee.
Interest Rates on Credit Cards - Airtel Finance
Enjoy low interest rates on your Credit Card.
Annual Interest rate as
low as 3.6% per month
Charged on monthly overdue on
extended credit & cash advances
No hidden charges
The interest is only charged
on cash advances &
outstanding credit
Competitive APR
Annual Percentage Rate
offered lower than most
credit cards in the market
Steps to Apply for Credit Card
Big savings and cashback offers, now with Credit Card
Get Airtel Thanks
Download the app and
go to Shop section
Click on Airtel Finance
You will see the Credit
Card button
Click on Apply Now
Now fill up the complete
application form
Complete digital KYC
The card will be delivered to
you within 5-7 business days.
Features of Credit Card
Big savings and cashback offers, now with Credit Card
Low Joining Fees
Just ₹500 joining fees
Credit limit
Up to ₹5 lakh credit
Annual savings
Save up to ₹18,000 annually
Low annual fee
Just ₹500 as annual fee
100% digital process
Apply on the Thanks app
Relaxed eligibility
18-70 years old
FAQs on Credit Card Interest Rate
1 .What is a credit card interest rate?
Every credit card offers users a certain credit limit. The user can take out money on credit up to that particular limit. If the outstanding bill is paid in full every month, no interest rate is charged. However, if the outstanding amount is not paid in full on the due statement date, the APR or Annual Percentage Rate is charged. Every credit card company sets different credit card interest rates.
2. How is credit card interest calculated?
Credit card interest is calculated using the following formula: (Number of days counted from the date of transaction x Outstanding amount x Interest rate per month x 12 months) / 365
3. What is the average credit card interest rate?
The average credit card interest rate is the median of interest rates charged for all credit cards available in the market.
4. How can I find out the interest rate on my credit card?
You can check your cardholder agreement or monthly credit card statements to find out the interest rate on your credit card. If you still can’t find it, you can ask your credit card company.
5. What factors affect my credit card interest rate?
The following factors affect your credit card interest rate:
- Credit score
- Previous payment history
- Outstanding amount
- Relationship with the bank
6. Why is credit card interest so high?
Credit card interest rates depend on market situations. Additionally, a credit card is an unsecured loan. The banks don’t have an assurance or collateral for repayment in case of default. Therefore, the interest rate is high!
7. How can I lower my credit card interest rate?
A good credit score and history can help you negotiate a lower interest rate with the credit card company. Your relationship with the bank can also help you lower your credit card interest rate.
8. What is a promotional interest rate?
A promotional interest rate is offered by the credit card companies to the users. Under this offer, the interest rates on the credit card are lowered on your credit card balance for a given period of time.
9. How long do promotional interest rates last?
Promotional interest rates usually last for 6 months. The banks need to clearly tell you about the interest rates after the promotional interest rate period is over.
10. What happens if I miss a credit card payment?
If you miss a credit card payment, your credit score will get affected. The credit card company may even reduce your credit limit due to a missed payment. Legal action can be taken from the bank’s side if the payments are missed continuously for a long term.
11. Can I negotiate my credit card interest rate with my bank?
Yes, you can negotiate the credit card interest rate with your bank if you have a good credit score, payment history, and pre-existing relationship with the bank.
12. How does my credit score affect my credit card interest rate?
Your credit score is an indication of your credit worthiness. If you have a good credit score, it indicates that your payment history and credit utilisation was good in the past. Banks consider these to offer you a right credit card interest rate as per the policy.
13. What happens if I only make the minimum payment on my credit card?
Minimum payments on your credit card are an easy way to manage outstanding credit. However, making minimum payments will attract an interest rate every month on the outstanding amount.
14. What is the difference between APR and interest rate on a credit card?
APR is the annual interest rate charged on the credit card’s outstanding amount. Whereas interest rate on a credit card is charged on a daily periodic rate, based on the APR.
15. Will the rate of interest for credit cards change frequently?
The APR charged on your credit card is usually variable in nature. It changes as per the market situation. Therefore, the interest rate for credit cards may change frequently. It is the bank’s duty to inform you about the changes.
16. How does the lender determine my interest rate for a credit card?
Credit companies usually consider the credit score, current market conditions, and payment history to determine the interest rate for a credit card. Most importantly, if your credit score is high, then the interest rates will be lower.
17. When should I pay my credit card bill to avoid interest?
You should pay your credit card bill in full before or on the due date to avoid interest. Any delay from the due date will result in interest being charged on the outstanding bill.
18. Can the credit card company change my interest rate?
Yes, credit card companies hold the sole right to change the interest rate periodically. However, banks need to inform the customers before any such change in the interest rates.
19.What is a credit card balance?
The credit card statement is an important document that has all the details of the transactions that you make on the credit card. The credit card statement contains information about your purchases, your credit balance, minimum amount payable, and more. It is issued after every credit card cycle ends.
20. What should I do when my credit card is lost?
In case, your credit card gets lost or stolen, then you should proceed to block it immediately. Get in touch with the customer support team of your credit card and provide all the necessary information needed to get the card cancelled.
21. Is there any special offer for Airtel users while using a credit card?
If you have a Credit Card, then you can get cashback worth up to 25% on Airtel prepaid, postpaid, broadband, and DTH bill payments when you use the Airtel Thanks app.
22. Can non-Airtel users also apply for a credit card?
Yes, non-Airtel users can also apply for the Credit Card and reap its many rewards and benefits.
23. What does 'minimum due' mean on a credit card statement?
Minimum due on a credit card refers to the minimum amount that you must pay so that you can enjoy the facilities of your credit card. It is only a small fraction of the total outstanding amount that you are yet to pay.
What are Credit Card interest rates?
Airtel has partnered with Axis Bank to launch a joint credit card named Airtel Axis Bank Credit Card. The Credit Card is one of the cash back and offer oriented credit cards that help the consumer save up to Rs. 18,000 every year! Moreover, the interest rate charged by the bank is comparatively lower than other credit card companies.
The Credit Card interest rate is charged on the outstanding amount on the card. The interest rates are charged annually and on a daily basis if the user doesn’t pay the bill in full before or on the due date.
Currently, there are multiple privileges and benefits offered by the Airtel Axis Bank Credit Card. Some of them are mentioned below:
- Welcome Benefits (eVoucher of Rs. 500 on the first transaction done within 30 days). This is a limited time offer
- Cashbacks for payments or purchases done using the card (Multiple offers)
- Complimentary lounge access on Airports
How to get the lowest interest rates on credit cards?
You can negotiate a lower interest rate on credit cards by keeping your previous payment history and credit utilization in check. Credit card companies and banks look at your credit score and history thoroughly, to decide whether to approve your credit card application or not and what interest rate to offer on credit cards. If you are planning to apply for a credit card, keep the following pointers in mind to negotiate for a lower interest rate:
- Keep your credit utilization to 20-30% of the approved limit.
- All your payments for other commitments like personal loans, car loans, and other credit cards should be on time without any defaults for at least 6 months.
- Your credit score should be between 700 – 900 for negotiating a lower interest rate.
Factors affecting rate of interest on credit cards
When a credit card company reduces the interest rate on a credit card, it means that cardholders will pay less in interest charges on their outstanding balances. This can help lower the minimum payment due on the card, as well as reduce the overall amount of interest that a cardholder will pay overtime.
Credit card companies may offer reduced interest rates for a variety of reasons, such as to attract new customers, retain existing customers, or as part of a promotional offer.
The following factors affect the rate of interest on credit cards:
- Credit card company’s policy – Every credit card company has their own policy when it comes to interest rates.
- Applicant’s credit score – Your credit score (CIBIL, Experian, etc.) affect the interest rate charged by you on the credit card. A higher credit score means a lower interest rate and vice versa.
- Market conditions – The economic conditions also affect the rate of interest charged on credit cards.
Other factors like your payment history and relationship with the bank could also impact the interest rates on credit cards.
What is meant by Reducing Interest Rates on credit cards?
Reducing interest rates for credit cards means lowering the amount of interest charged on the outstanding balance owed by the cardholder. Interest rates on credit cards can be quite high and reducing them can help make credit card debt more manageable and affordable for consumers.