How long does it take to apply for a credit card?

Provided with all the document(s) required, it should take approximately 6 days to get your credit card approved.

What are my obligations to hold a credit card?

The minimum amount due every month shall be higher of the following: (a) 5% of statement outstanding or (b) Sum total of all instalments billed, interest, fees, other charges, amount that is over limit and 1% of the principal or (c) Rs 250 In case you have an unpaid minimum amount due from the previous month, the same will be added to the minimum amount due for the current month (as calculated above).

Will I be charged anything extra if I use my card overseas?

All overseas transactions are levied with a 3.5% transaction fee. This includes charges paid out to Visa / Mastercard for converting overseas transactions into INR. Pl note: transactions at merchant establishments that are registered overseas even if the merchant is located in India attract a charge of 1% from Visa / Mastercard which is included as a part of the transaction amount in your statement.

How much is the annual Government Service Tax?

Goods and Services Tax (GST) will be levied at the applicable rates in force on all taxable supplies with effect from 1 July 2017.

₹ 0 for statement outstanding balance less than or equal to ₹ 100. ₹ 100 for statement outstanding balance between ₹ 101 and ₹ 500. ₹ 500 for statement outstanding balance between ₹ 501 and ₹ 5,000. ₹ 700 for statement outstanding balance between ₹ 5,001 and ₹ 10,000. ₹ 800 for statement outstanding balance between ₹ 10,000 and ₹ 25,000. ₹ 1200 for statement outstanding balance greater than ₹ 25,000. Example: In case there is an outstanding of ₹ 4,000 on your credit card and ₹ 15,000 in your Balance Transfer account and payment is not made by the Payment Due Date. There will be a Late Payment Charge of ₹ 500 in your credit card account and ₹ 800 on your Balance Transfer account. The example above is for illustrative purposes only. All cards and all instalment products such as Instabuy, Balance Transfer, Dial-a-Loan etc. will each attract Late Payment Charges if payment is not made by the Payment Due Date.

How much is the interest charges?

The monthly interest rate is annualized to arrive at the annualized percentage rate (APR). Monthly interest rate of 3.75% pm is annualized to arrive at an APR of 45.00% for all Standard Chartered Credit Cards including Visa Infinite and Emirates World credit cards. However, for all instant credit card variants, the monthly interest rate is 1.99% pm (APR of 23.88%). Cash transactions will also attract an interest rate of 3.75% pm (APR of 45.00%).

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