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Axis Credit Card Interest Rate

Axis Bank charges an interest rate anywhere between 3.4% to 3.6% per month depending on the credit card variant.

 

The interest rate is the fee charged on the borrowed amount on your Axis credit card. Axis Bank provides an interest-free period of up to 50 days to clear your dues. However, if you are unable to clear the dues during the interest-free period, the credit card interest charges are levied on the total outstanding amount.

 

Below listed are the Axis Bank credit card interest rates on top cards:

 

 

 

Disclaimer: Interest rates are subject to change. Please check with the lender before applying.

How is Axis Bank Credit Card Interest Rate Calculated

The interest rate on the Axis Bank credit card is calculated using the below-mentioned formula:

  • Axis Bank Credit Card Interest Rate

[{(Total Outstanding Amount x Interest Rate per month x 12 months) x number of days} / 365 days]

 

To understand how the interest rate on Axis credit cards is calculated, let us consider the following example.

 

Suppose your outstanding credit card balance is ₹10,000 and you pay the minimum due or the partial amount of ₹5,000. The interest rate charged is 3.4% per month. The statement generation date is March 06, 2022, the payment due date is March 26, 2022 and the next statement date is April 06, 2022. The calculations would be as follows:

  • Failure to Pay Due Amount

If the minimum amount due of ₹500 is not paid by March 26, 2022, then the Axis Bank credit card interest rate will be applicable against your outstanding balance. It will be calculated from the transaction date to the repayment date on a day-to-day basis. An additional late payment fee will be charged as the minimum amount due was not paid.

  • Partial Amount Paid

If a partial payment of 50% (₹5,000) is made on March 21, 2020, and no other transactions are made till the next bill generation date, i.e. April 06, 2022, then an accrued interest is charged on the Axis Bank credit card. Accrued interest is the sum of the interest accumulated on the outstanding amount from the transaction date to the date of partial payment, and the interest accumulated on the balance from the date of partial payment to the date of the next statement generation.

The calculation for the same is as follows:

 

i) Interest accumulated on the outstanding amount from the transaction date to the date of partial payment:

(Number of days from date of the transaction to payment date x Total outstanding Balance x Interest Rate per annum) ÷ Days in a year

(21x 10,000 x 49.36%) ÷ 365 = ₹283.99

 

ii) Interest accumulated on balance from the date of partial payment to the date of next statement generation:

(Number of days between the date of partial payment and next statement generation date x Outstanding amount x Interest rate per annum) ÷ Days in a year

(15 x 5,000 x 49.36%) ÷ 365 = ₹101.42

 

Thus, the total payable amount as interest is = ₹385.41 (₹283.99 + ₹101.42)

However, you need not do such heavy calculations to assess the interest rate on Axis Bank credit cards. Instead, you can simply use the Axis Bank credit card interest rate calculator to get an idea about the total interest to be paid against your statement.

When are Axis Bank Credit Card Interest Rates Applicable

The Axis Bank interest rates would be applicable when:

  • You pay only the minimum amount due on your Axis Bank credit card

  • The amount you pay is lower than the outstanding due on your card

  • You do not pay your Axis Bank credit card bill on time

  • You withdraw cash from ATM using your Axis Bank credit card

  • You buy items on EMI

  • On some international transactions

FAQs on Axis Credit Card Interest Rates

What happens if I have a high Axis credit card bill due to high interest rate and I'm unable to pay it?

In case you are not able to pay the credit card bill on time, you would be charged with late payment penalty charges. This could further pile up your debt along with the high interest charges. Moreover, in case you default on your payments over a prolonged period, your credit score will be affected in a negative way.

How is the Axis Bank credit card interest rate charged on cash advances?


Axis Bank charges a cash advance fee at 2.5% of the amount withdrawn or ₹250, whichever is higher.  

What is Axis credit card's monthly interest rate?

 The Axis credit card monthly interest rate ranges between 3.4%-3.6% per month. The rate of interest applicable to you will depend on your credit profile and score.

What is Interest-Free Period on Axis Credit Cards?

 The Axis Bank credit cards interest-free period is up to 50 days.

What is the interest rate on the Axis Bank credit card?

The interest rate on the Axis Bank credit card varies with the type of credit card you own. For example, if you have the Axis Bank MY ZONE Credit Card, the interest rate would be 3.6% on a monthly basis and 52.86% on an annual basis. Whereas if you own the Axis Bank INDIAN OIL Credit Card, the interest charged by Axis bank would be 3.4% per month and 49.36% annually.

How do I contact Axis Bank Credit Card Customer Service if I have questions?

If you have any questions or concerns, you can reach out to the customer care department of Axis Bank in a number of ways. One way is to dial their phone banking numbers from any landline or mobile phone in India or abroad and speak to a customer care executive. Alternatively, you can write to premium.cards@axisbank.com or visit https://application.axisbank.com/webforms/axis-support/index.aspx for any assistance on the Axis bank credit card.

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