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Important Changes in Late Payment Charges & Interest Rate effective from 1st May 2021

Late Payment Charges:

With effect from 1st May 2021, the Late Payment Charges (LPC) will be levied based on statement outstanding balance as mentioned below:

Statement Balance Existing LPC Revised LPC
Effective till 30th Apr 2021 Effective from 1st May 2021
(INR) (INR) (INR)
<100 0 0
101-500 100 100
>500-5,000 500 500
>5,000-10,000 700 700
>10,000-15,000 700 800
>15,000 – 25,000 800 800
>25,000 800 1,200

Example: In case there is an outstanding of ₹ 4,000 on your credit card and ₹ 12,000 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.

 

Interest Charges:

With effect from 1st May 2021, the monthly interest rate will be revised as mentioned below:

Standard Chartered Credit Card Variant Existing monthly interest rate
(Effective till 30th Apr 2021) 		 Revised monthly interest rate
(Effective from 1st May 2021) 
Visa Infinite, Emirates and Ultimate Credit Cards 3.10% 3.75%
All other card variants (excluding Secured Card issued against Fixed Deposit) 3.49% 3.75%

Cash transactions will also attract an interest rate of 3.75% pm.

Kindly refer to the ways to avoid late payment fee & interest charges here