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Axis Bank Credit Card Interest Rate

Transacting both online and offline using your Axis Bank credit card is quick and hassle-free. As long as you are utilizing funds from the pre-set credit limit on the card, you are good to go. However, using a credit card on your purchases attracts certain charges. One such vital charge levied on your Axis Bank credit card is interest. So, what is the Axis Credit Card Interest Rate?

Axis Credit Card Interest Rate

Axis Bank credit card interest rate is the fee charged on the borrowed amount on your Axis credit card. If the total outstanding bill amount hasn’t been paid within the due date or the applicable interest-free period, the charge is levied. For example, if your outstanding credit card balance is INR 10,000 and you pay the minimum due or the partial amount of INR 5,000, the remaining amount is carried to the next billing cycle. In such cases, an interest rate is charged on your Axis Bank credit card. However, in case you clear the total outstanding balance within the due date, the Axis credit card interest rate is not charged on your card.

It is, therefore, essential to know what is the Axis Bank credit card interest rate and how it is calculated. Let us take a look at the interest charged against the outstanding bill on various credit cards.

Axis Bank Credit Card Interest Rate of Top Cards

The interest rate varies depending on the type of card you have. The Axis credit card interest rate of some of the top cards is mentioned below:

  • My Zone Credit Card- The Axis Bank Credit Card Interest Rate for My Zone Credit Card is 3.4% Per Month (49.36% Per Annum).

  • NEO Credit Card- The Axis Bank Credit Card Interest Rate for NEO Credit Card is 3.4% Per Month (49.36% Per Annum).

  • INDIAN OIL AXIS BANK Credit Card- The Axis Bank Credit Card Interest Rate for Indian Oil Axis Bank Credit Card is 3.4% Per Month (49.36% Per Annum).

How is Axis 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 3.4% 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 take into consideration the following example.

Example-

Axis Credit Card Interest Rate

3.4% per month / 49.36% per annum

Date of Transaction

1 August 2020

Amount Transacted

INR 10,000

Date of Statement Generation

6 August 2020

Total Due Amount

INR 10,000

Minimum Amount Due

INR 500

Payment Due Date

26 August 2020

Next Statement Date

6 September 2020

  • Failure to Pay Due Amount

If the Minimum Amount Due of INR 500 is not paid by 26 August 2020, then the Axis Bank credit card interest rate will become 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 percent (INR 5,000) is made on 21 August 2020, and no other transactions are made till the next bill generation date, 6 September 2020, 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 balance from the date of partial payment to the date of 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= INR 283.99

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

(number of day 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 = INR 101.42

The total payable amount as interest is = INR 385.41 (INR 283.99 + INR 101.42)

You can use the Axis Bank credit card interest rate calculator to get an idea about the total interest to be paid against your transactions.

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Frequently Asked Questions About Axis Bank Credit Card Interest Rates

  • ✔️What is the interest rate on Axis credit card?

    The Axis Bank credit card interest rate is 3.50% per month / 42.00% per annum.

  • ✔️How to calculate the Interest rate on Axis credit cards?

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

    Axis Bank credit card interest rate- [(Total Outstanding Amount x 3.5% per month x 12 months) X number of days] / 365 days.