Credit card interest rates are an important factor that you need to look at when applying for one. These interest rates are levied on your outstanding balance in different scenarios but mainly when you fail to pay the dues on time.
Different credit card issuers have different interest rate calculations. The rates applicable on the Bajaj Finserv DBS Bank SuperCard will not be the same as the rates applicable on other cards. This is because the credit card interest rate by DBS Bank will depend on the issuer’s policies, your card type, and your outstanding balance.
To learn more about DBS Bank credit card interest rate and how it is levied on your Bajaj Finserv DBS Bank SuperCard, read on.
The interest rate levied on your Bajaj Finserv DBS Bank SuperCard depends on various factors, including your creditworthiness and credit card type. Credit card issuers generally levy high interest rates if the customer has a high-risk profile.
However, you may get a lower interest rate if you have a good credit profile. This is because your DBS credit card interest rate is also dependent on creditworthiness, which is determined by your credit score.
Depending on the type of card and profile you have, your DBS Bank credit card interest rate may be 3.5%-4% monthly or 42%-48% annually. However, this interest rate can vary, and this variance is at the sole discretion of the issuer.
In any case, a high interest rate does lead to higher charges, which is why it is key that you understand the calculation of these rates. With regard to the DBS credit card interest rate, it is applicable after the interest-free period, which is also the case for many credit card issuers.
The interest-free period is different for each issuer and will be mentioned at the time of application and in your monthly statement. If you want the specifics of your DBS interest rate, the credit card statement will contain such information.
You may also have received certain documents on successfully getting your credit card, and these will contain the rates applicable. Alternatively, you can also contact customer support and know the interest rate applicable on your Bajaj Finserv DBS Bank SuperCard transactions.
As mentioned above, there are multiple factors that affect credit card interest rate for a DBS Bank credit card. While some of these factors may be beyond your control – economic factors, some are within your control such as your credit profile and use.
Working on these factors can help you avail a lower interest rate on your Bajaj Finserv DBS Bank SuperCard. Given below are the factors that generally affect the interest rate on your credit card.
This rate refers to the base interest rate that lenders set to determine the APR (Annual Percentage Rate) of credit cards. It is the rate at which commercial lenders offer different types of credit to their customers.
Generally, the prime rate is lower than APR, and any changes in the prime rate will affect your APR. Generally, the interest rate on your credit card is prime rate + APR offered by the lender.
Promotional offers are generally announced when you either get a new card or during special occasions. These also have an effect on your APR, and since these offers generally reduce the interest rate, the overall interest rate may also be reduced.
While the above factors are economic and not something that you can work on, your credit profile is one of the factors that you can work on. It is also one of the major factors that influence your DBS Bank credit card interest rate.
Your repayment history and how you are handling your current credit affects your credit score and, subsequently, your credit profile. As such, it is crucial that you pay close attention to your repayment history as well as other credit profile factors such as debt-to-income ratio, credit mix, credit utilisation, and more.
APRs are of different types, and the rate levied on your card depends on the type of transaction. The first is general APR, which is applicable for the general purchases and transactions that are carried forward.
The second is balance transfer APR, which is the rate at which you transfer your outstanding balance to another card. This may be lower than the general APR for a period of time. Other APRs include cash advance, loan, and payment plan APRs.
Your Bajaj Finserv DBS Bank SuperCard has a number of charges and fees that may be applicable during your billing cycle. Among these is the interest rate that is charged when you have an outstanding balance.
Your DBS credit card interest rate may be between 3.5%-4% monthly or 42%-48% annually. This interest rate is applicable on the outstanding balance of your Bajaj Finserv DBS Bank SuperCard. Although there isn’t a specific DBS credit card interest calculator, you can understand your interest due by this simple formula, which is:
Daily interest amount = outstanding amount *(interest rate*12)/365
Here, the interest rate applicable will be the monthly interest which will then be converted to know your daily interest rate. Keep in mind that the interest rate is calculated from the date of the transaction till the due date (if the minimum amount due is paid by then) or till the next statement, if the minimum amount is not paid.
The interest free period refers to the number of days during which your outstanding balance is not subject to any interest. It is generally the number of days between your statement date and due date.
This period varies for each credit card issuer and the type of credit card you have, but it can go up to 50 days. With your Bajaj Finserv DBS Bank SuperCard, you can get an interest free period of 20-50 days.
This means that if your statement date is 25th of November and the due date is 15th of December, your interest free period is 20 days. The further your due date from your statement date, the longer is your interest free period.
An important thing to note about the interest rate free period is that it is not applicable if you have any outstanding balance. This means that any purchases made during that period and in the next billing cycle will be subject to interest charges until the dues are paid in full.
To get your Bajaj Finserv DBS Bank SuperCard in a quick and seamless process, visit Bajaj Markets.
If the interest rate has changed, the issuer will notify you of the same 30 days prior to its effective date. Alternatively, you can check your latest Bajaj Finserv DBS Bank SuperCard statement or contact customer support to know the interest rate applicable on your card.
Yes, the interest rate is charged even if you pay the minimum amount due.
To reach the interest amount for your outstanding balance, you will need to multiply the daily interest amount by the number of days until you pay the dues or the next statement date.
Yes, you can pay your dues in EMI. However, here your dues are converted into a loan, and a different interest rate is applicable to it. You can contact the issuer to know how this works with your Bajaj Finserv DBS Bank SuperCard.
The interest rate for your Bajaj Finserv DBS Bank SuperCard is based on numerous factors and can be lowered if you have an exemplary credit profile.