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Citi Bank Credit Card Interest Rate

Transacting using the available credit on your Citibank credit card is a hassle-free means of making cashless payments. However, once the statement is generated, the amount spent on the card has to be repaid in full. In case you fail to clear the dues, the Citi bank credit card interest rate will be levied on your pending balance. So, what is this Citi Credit Card interest rate?

What is the Citi Credit Card Interest Rate?

Citi bank credit card interest rate is the charge which you have to incur if you do not pay back the outstanding balance on the card in full before the payment due date. The Citi card interest rate is also levied on cash advances from the date the cash advance is made.

Interest on the card is calculated from the date the transaction is made to the date when the dues are cleared in full.

What are the Interest Rates of Top Citi Credit Cards?

The Citi card interest rate of some of the top credit cards from the bank is mentioned below-

Credit Card

Citi Credit Card Interest Rate

Citi Cash Back Credit Card

3.50% per month (42.00% annually)

Citi Rewards Credit Card

3.50% per month (42.00% annually)

Citi PremierMiles Card

3.50% per month (42.00% annually)

IndianOil Citi Credit Card

3.50% per month (42.00% annually)

In case of failure to pay the Minimum Amount Due (MAD) on the last credit card statement by the due date, the Citi credit card interest rate can increase up to 3.60% per month (or 43.20% annually) and will apply till three months after the payment is made in full.

In case of availing revolving credit facility, the outstanding balance of the last statement will keep accruing interest till the date when it is paid in full, including any EMIs pending on the card.

How is Citi Credit Card Interest Rate Calculated?

The Citi bank credit card interest is calculated using the below-mentioned formula-

(Total number of days between two payments x Amount due x Interest rate per annum) ÷ total number of days in a year

To understand this is a simpler way, let us take the help of an example.

Last statement generated

17.10.2020

Total amount due after the minimum amount due is cleared

INR 6000

Next payment made on the date

25.10.2020

Days passed

7

Amount paid in the next installment

INR 3000

Total amount payable-

INR 3000 (INR 6000 – INR 3000)

Next purchase date

30.10.2020

Days passed

5

Amount spent on the purchase

INR 2000

Total amount pending on the card

INR 5000 (INR 3000 – INR 2000)

Next statement generation date

17.11.2020

Days passed

19

Interest rate- 42.00 percent annually

i) Interest charged for the period between 17.10.2020 and 25.10.2020

(7 x 6000 x 42.00%) ÷ 365= INR 48.33

ii) Interest charged for the period between 25.10.2020 and 29.10.2020

(5 x 3000 x 42.00%) ÷ 365= INR 17.26

iii) Interest charged for the period between 30.10.2020 and 17.11.2020

(19 x 5000 x 42.00%) ÷ 365= INR 109.32

Total interest charged in the next statement is INR 174.91 (INR 48.33 + INR 17.26 + INR 109.32)

What is the Citi Credit Card Interest-Free Period?

Citi credit card no interest period varies with your payment due date, which can range anywhere between 17 to 23 days depending on the bank. As a result, the Citi credit card no interest period stretches from the date of the transaction to the next payment due date. During this grace period, no interest is charged on your expenses. However, this period applies only to new purchases and does not extend to cover cash advances or balance transfers. Also, in case you fail to clear the dues of the preceding month, the grace period is canceled, and you are charged interest on both the earlier pending bill as well as new purchases made on the card.

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Frequently Asked Questions

  • ✔️What is the interest rate on Citi bank credit card?

    The interest rate on all Citi credit cards, except for Citi Ultima and Corporate cards is 3.50% per month or 42.00% annually.

  • ✔️Will the Citi credit card interest rate be applicable even after the account is closed?

    If the card is closed before the loan installments on the card is cleared, the principal amount and the interest accrued till that date along with the foreclosure charges are billed on the card and appear in the statement generated. The outstanding balance mentioned will now attract pending charges as well as finance charges at an interest rate of 3.50% per month.

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

    The Citi bank credit card interest is calculated using the below-mentioned formula-

    (Total number of days between two payments x Amount due x Interest rate per annum) ÷ total number of days in a year