Minimum Amount Due (MAD) :
The minimum amount due every month shall be higher of the following (a) 5% of statement outstanding or (b) sum total of all installments billed, interest, fees, other charges, amount that is over limit and 1%of the principal or (c) Rs 250. Incase 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).
In case of default or if the statement balance is less than Rs 250 the entire outstanding amount may have to be paid. If you spend Rs 10,000 and pay back exactly the MAD every month, it will take approximately 6.5 years to pay back the complete amount. We therefore suggest that whenever your cash flow allows you, do pay back substantially more than your minimum payment due.
Annualised Percentage Rate (APR) :
The monthly interest rate is annualized to arrive at the annualized percentage rate (APR). Monthly interest rate of 3.49% pm is annualized to arrive at an APR of 41.88% for all Standard Chartered Credit Cards. However for all Visa Infinite and Emirates World credit cards, the monthly interest rate is 3.10% pm (APR of 37.20%); and for all instant credit card variants, the monthly interest rate is 1.99% pm (APR of 23.88%). Cash transactions will attract an interest rate of 3.49% pm (APR of 41.88%).
Interest-free (Grace) Period :
The Payment Due Date on your Card can be between 18 and 25 days after the Statement Date (Please check your statement for your exact Payment Due Date). Therefore, the interestfree credit period can range from 18-48 days to 25-55 days depending on your Payment Due Date. The interest-free period does not apply for cash advances and revolving balances. For these, interest is charged fromthe date of the transaction.We reserve the right to change this interest-free period by giving you notice.
Assume that your Statement Date is 2 Nov (covering transactions billed between 3 Oct and 2 Nov) and your Payment Due Date is 24 Nov. You have paid the total amount due by 24 Nov (making you eligible for interest-free period). In this case, the Payment Due Date is 22 days after the Statement Date and the interest-free period will range from 22-52 days.
For a transaction billed on 3 Oct, the interest-free period is 52 days (from3 Oct to 24 Nov)
For a transaction billed on 2 Nov, the interest-free period is 22 days (from2 Nov to 24 Nov)