Crack the Code: Calculate Credit Card Interest with Ease!
IDFC FIRST Bank
Imagine this!
Your Credit Card bill is Rs. 10,000 and must be paid in the next 31 days.
IDFC FIRST Bank
Time's ticking
You have about ONE month to pay your bill. After which the unpaid amount begins to accrue interest.
IDFC FIRST Bank
So, riddle me this, how do you calculate the interest amount?
IDFC FIRST Bank
Annual Percentage Rate
Your interest rate is based on the Annual Percentage Rate or APR. To find the monthly interest rate, divide the APR by 12.
IDFC FIRST Bank
Let’s break it down
APR = 30%, Monthly interest is 30/12 = 2.5%, So, if your outstanding amount is Rs. 10,000, then at 2.5% your monthly interest will be Rs. 250.
IDFC FIRST Bank
You are granted a standard grace period – which is up to 48 days at IDFC FIRST Bank – to repay outstanding dues, during which you are not charged interest.
IDFC FIRST Bank
IDFC FIRST Bank Credit Cards offer low APRs starting at just 9% and the ability to pay balances in EMIs!