How finance charges are calculated on credit cards HDFC?

HDFC charges interest at a monthly percentage rate (MPR) on all the applicable transactions from the date of purchase till the amount is paid back in full. The finance charges are added to the monthly credit card billing statement till the outstanding is cleared in full.

What is current dues in HDFC credit card statement?

Dues: Check the total dues (this is the sum of all your transactions during the statement period plus any past dues) and minimum amount due (this is the amount you must pay to avoid late payment charges). Account summary: Gives you an overview of how much you paid the bank and how much you spent and past dues if any.

How does HDFC EMI works?

When it comes to an HDFC credit card, how does EMI work? When you purchase something on your HDFC Bank credit card, the amount of the transaction will be blocked against your credit limit on the card. You can then ask for the conversion of the amount into EMI. Once the bank approves this, they will charge an interest.

What is the rate of GST on HDFC credit card EMI?

How much GST do you have to pay on credit card EMIs? All credit card services incur GST at 18\%.

How is credit card finance charge calculated?

Deeper definition A common way of calculating a finance charge on a credit card is to multiply the average daily balance by the annual percentage rate (APR) and the days in your billing cycle. The product is then divided by 365 .

How do I stop a finance charge on my credit card?

How to avoid finance charges. The best way to avoid finance charges is by paying your balances in full and on time each month. As long as you pay your full balance within the grace period each month (that period between the end of your billing cycle and the payment due date), no interest will accrue on your balance.

What is unbilled amount in HDFC credit card?

In other words, the unbilled amount in credit cards is the sum total of all the transactions that you make after the statement is generated. You will find this unbilled credit card amount in your next credit card statement as the amount due.

What is statement amount in credit card?

Your statement balance is the amount you owe on your credit card as of the latest billing cycle. As a cardholder, you are responsible for paying your statement balance or a portion of it, to avoid any negative consequences.

Does EMI include GST?

GST is not applicable on your EMI payments. Before the introduction of GST, service taxes were levied on loans. The rate of service taxes were 15\%, whereas the rate of GST is 18\%.

How does HDFC foreclose credit card EMI?

The EMI scheme can be pre-closed by calling the 24-hour HDFC Bank Credit Cards customer service. ‘Preclosure Interest charges’ (as applicable) will apply. In case of preclosure, any payback offered by the merchant at the time of loan booking will be debited on a pro-rata basis.

Which transactions cannot be converted into EMI through HDFC Bank?

Transactions more than 60 days cannot be converted into EMI. For any Purchase Transaction through your HDFC Bank Credit Card, any Reward Points earned will be reversed if the transaction gets converted into SmartEMI.

What is Offus EMI on my HDFC credit card statement?

My HDFC Credit Card Statement is Showing me a Transection of 1665 in the name of Offus EMI. Offus EMI is an EMI aggregator when your Credit Card is used to purchase something big like an IPHONe costing around 70000 bucks wherein you have opted to repaythis sum in installments over 12/24/36 months.

Should you pay your credit card EMIS as and when due?

This can easily lead your credit card dues to pile up. Hence, it is always recommended to pay your credit card EMIs as and when due. Apart from this, GST rate of 18\% is also applicable on all fees and charges that the bank levies.

What is credit card EMI calculator tool?

Credit card EMI calculator tool lets you calculate the monthly repayment schedule for EMI purchases on your credit card & lets you know the total interest amount. To know more about the exclusive offers on HDFC Bank Credit Card, Click here